Opendoor Acquires Open Listings to Simplify Home Buying

SAN FRANCISCO–([1])–Opendoor, the nation’s fastest-growing online real estate marketplace —
which radically simplifies the way people buy and sell homes — announced
it has acquired Open Listings, a platform for homebuyers that makes it
easier and lower-cost to find, tour, and buy any home on the market.

The acquisition will enable Opendoor to create the first end-to-end
marketplace for buying, selling, and trading-in homes – equipping people
with the ability to move in just a few clicks.

Seventy-one percent of home sellers are also looking to buy a home,
according to a 2017 industry report on consumer housing trends. Opendoor
gives them the certainty of an offer on their existing home, removing
the sale contingency and added stress of listing a home while looking
for a new one. With the acquisition, Opendoor customers will be able to
line up their home sale with the purchase of any home on the market in a
simple, trade-in transaction. Buyers who use Open Listings will also
receive a discount on the home purchased through a commission rebate of
up to 50 percent.

“Opendoor modernized how people sell their homes by making it simple and
instant and we are excited to now bring that same simplicity to buying a
home,” said Eric Wu, founder and CEO of Opendoor. “By integrating Open
Listings’ online buying experience with Opendoor, we’re putting
customers in control of the entire process so they can buy, sell or
trade-in their home seamlessly be it for retirement, up-sizing for a
growing family or moving for a dream job.”

Using a mobile phone or computer, customers will be able to tour and
submit an offer on any home on the market, secure an offer on their
existing home, and align the timing of both. By integrating Open
Listings with Opendoor’s mortgage, title and home services, the company
will make it as easy to buy, sell or trade-in a home as it is to hail a
ride, book a flight, or shop online.

Opendoor has already begun integrating Open Listings services, which are
live in Dallas-Fort Worth today and will soon be rolled out across
Opendoor’s markets.

“We share Opendoor’s vision that buying and selling a home should be
radically simplified and on-demand,” said Judd Schoenholtz, CEO of Open
Listings. “Joining forces with Opendoor will make it possible for
customers to buy and sell a home with a simple, online process while
giving customers a true competitive advantage over other buyers by
having an Opendoor offer in their back pocket. Together, we’re
eliminating double moves, added expenses, and months of headaches —
which have all made moving a chore rather than the exciting life moment
it should be.”

Los Angeles-based Open Listings launched in 2015 out of Y Combinator
with the mission of making buying a home simple and more affordable. The
company developed a proprietary self-service platform that puts the
buyer in control of the entire process from search to offer-creation to
close. Customers use Open Listings to manage the process and are
connected with on-demand agents as needed and receive cost savings of up
to 50 percent of the agent commission. Open Listings has 45 full-time
employees and currently operates throughout California, Seattle,
Chicago, Austin, and Dallas-Fort Worth. Backed by notable investors such
as Matrix Partners, Initialized Capital, Alexis Ohanian and Joe Montana,
to date Open Listings has refunded over $8M to customers who have
purchased over $1B in homes on the platform.

About Opendoor

Opendoor’s mission is to empower everyone with the freedom to move.
Since its founding in 2014, Opendoor has reinvented home buying and
selling to make it online, instant and

stress-free, and to date has served more than 20,000 customers. A
signature feature is Opendoor’s on-demand, self-guided open house
functionality, allowing home buyers to instantly unlock and tour homes
on their own schedule. The company expects to be in 50 cities by the end
of 2020, currently operating in thirteen: Atlanta, Charlotte,
Dallas-Fort Worth, Houston, Las Vegas, Minneapolis, Nashville, Orlando,
Phoenix, Raleigh-Durham, Sacramento, San Antonio and Tampa.
Headquartered in San Francisco, Opendoor has over 900 employees.

For more information, please visit www.opendoor.com[2]

References

  1. ^ (www.businesswire.com)
  2. ^ www.opendoor.com (cts.businesswire.com)

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