To all the agents in the house,
Opendoor is selling a way to be more agent friendly, but how many of you are buying it?
The ibuying company, also a registered real estate brokerage, last week announced a program called Agent Access.
"Since our first partnership with agents over two years ago, we've been listening, learning and building better relationships so that we can provide the best possible experience for agents and their clients," an Opendoor blog post reads.
Agent Access adds incentives to Opendoor's existing program where agents typically get a 1% commission for persuading homesellers to have Opendoor purchase their home (following an inspection and offer price) instead of showing it to interested buyers.
Under Agent Access, agents get a $5,000 bonus on top of their 1% commission for the third home sold to Opendoor. Agents then receive a $1,000 bonus for subsequent homes that Opendoor purchases for up to the 10th such transaction. At that point, the company sweetens the pot with another $5,000 bonus, and a $1,500 bonus per each following transaction.
Given the high-demand housing market, I'm surprised an agent would relinquish their ability to sell a property. But Opendoor's blog post tackles this head on, claiming that their instant offer can ease the "headache of contingent sales," in which a seller is unable to move on purchasing a new property because the deal on their present abode hasn't closed. With Opendoor, the company notes, you have a buyer immediately closing on your property.
Agents, is any of this persuasive to you? Might you be willing to work with Opendoor Agent Access? Are some of you already working with Opendoor?
Also, does it seem to you that Opendoor is really warming to agents?
I reported in May that some agents based in the Atlanta area said dealing with Opendoor was a "pain in the neck." In that article, Opendoor's Chief Customer Officer Megan Meyer Toolson called for more automation in home sales, comparing it to trends in "retail, auto, and ecommerce."
Do you feel that as Opendoor and other ibuyers mature they will form a mutually beneficial relationship with agents? Or are ibuyers a threat to your bottom line?
Please email me anonymously at mblake@housingwire.com
Sincerely,
Matthew Blake
Senior Real Estate Reporter
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