Why It's Disruptive
Opendoor wants to change the way people buy and sell their homes by removing the painful parts, like the hassle of home-showing and paperwork. When customers decide to sell with Opendoor, the company makes an offer, lets the homeowner choose a move-out date (up to 60 days after the offer is accepted), and buys the property. This eliminates the long waiting game owners typically experience when listing their homes and gives Opendoor inventory to sell to prospective buyers.
Opendoor has bought and sold more than 6,000 homes, which totals a transactional value of more than $1.5 billion. The company operates in Dallas, Las Vegas, and Phoenix, and it allows buyers to visit houses throughout the day using the mobile app, removing the hassle of arranging viewings. The company has plans to expand throughout the U.S. by launching services in a handful of other cities this year.
The biggest challenge for Opendoor is getting consumers to change some very entrenched habits. Opendoor publishes reviews on its site, connects customers with a local experience manager for support, and offers comparable home sales data in a seller's neighborhood. Still, buying or selling a home is one of the largest individual transactions a person can make in their lifetime, and the vast majority of people still go to traditional real estate agents. --Emily Canal