The move is an evolution out of a partnership that formed between the two companies in July 2020, when realtor.com launched its Seller’s Marketplace, where consumers could learn more information on different home sale options, like working with an iBuyer or sale-leaseback programs.
The Seller’s Marketplace also provides consumers with access to other similar companies that provide alternatives to the traditional transaction, including EasyKnock, HomeGo and WeBuyHouses.com, while simultaneously educating them about the pros and cons of going out on the open market.
Opendoor’s instant, preliminary offer that is now integrated with Realtor.com’s consumer-facing “My Home” dashboard will be available to users in the 44 U.S. markets where the iBuyer operates. The My Home dashboard also includes home value estimates from three sources (Collateral Analytics, CoreLogic and Quantarium), nearby sales data, local market trends and more.
“Consumers want more visibility into the value of their home, and more choice when deciding how to move forward with their home sale,” Marissa Mierow, vice president of product at realtor.com, said in a statement. “Opendoor has already helped us create an incredibly strong consumer experience within our Seller’s Marketplace. We’re excited to bring these offers to even more consumers through our My Home dashboard and offers on off-market properties.”
According to Opendoor, more than 60 percent of sellers also buy a new home and timing both transactions can be a challenge, which is where the iBuyer seeks to remove a pain point so that sellers have more control over those timelines.
“What we’ve been able to accomplish with our trusted partners at realtor.com is a new benefit to consumers,” Tom Willerer, chief product officer at Opendoor, wrote in a company blog post. “But it’s also another example of how Opendoor is modernizing the broader real estate ecosystem. Our purpose-built platform technology is highly adaptable to the needs of our partners and is helping us deliver innovative product experiences.”