Hard on the heels of its partnership announcement with Zillow and its $62 million FTC fine, Opendoor is banking on advertising to restore its brand reputation.

Are you receiving Inman’s Broker EdgeMake sure you’re subscribed here.

This post has been republished with permission from Mike DelPrete.

Opendoor’s advertising spend has skyrocketed this year, higher during the first six months of 2022 than all of last year.

Why it matters: Even in a slowing market, Opendoor’s foot is firmly on the accelerator, growing the business and educating consumers at a scale never seen before.

  • In addition to key partnerships, Opendoor is taking its message of a quick, instant sale directly to consumers in a big way.

Opendoor’s increased advertising spend is driving an increase in home purchases; it’s already purchased nearly twice as many homes in the first six months of 2022 compared to the same time last year.

Opendoor is becoming a real estate advertising juggernaut as it strives to become a leading consumer brand.

  • Compared to the same time last year, Zillow spent $12 million less on advertising (largely due to its exit from iBuying), while Opendoor’s ad spend surged $71 million.
  • At its current rate, Opendoor could eclipse Zillow’s ad spend in 2022.

The bottom line: At a time when other real estate companies are slowing down and cutting expenses, Opendoor is accelerating.

  • It’s notable that Opendoor hasn’t enacted layoffs, isn’t unilaterally cancelling purchase contracts, and has increased its advertising spend.
  • With a strong balance sheet, Opendoor is taking a long-term view of the business and enthusiastically investing now for future growth.

Mike DelPrete is a strategic adviser and global expert in real estate tech, including Zavvie, an iBuyer offer aggregator. Connect with him on LinkedIn.

Opendoor
Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×