Seven years after its founding, Opendoor has finally reached a 100,000-transaction milestone, the company announced Tuesday. To celebrate, Opendoor announced its expansion into six new markets — the largest collection of markets the iBuying giant has launched at one time.
Megan Meyer Toolson | Credit: LinkedIn
“Seven years ago, Opendoor had a goal to simplify how people buy and sell a home, empowering everyone with the freedom to move,” Opendoor Chief Customer Officer Megan Meyer Toolson wrote in a blog post. “It was an idea to make buying and selling a home one-click, and an idea to transform a category and build a generational company.”
“Over the past seven years, we’ve turned these ideas into reality,” Meyer Toolson added. “And today, we are announcing two new milestones on that journey: reaching 100,000 transactions, helping our customers buy or sell homes with Opendoor, and launching a record of six new markets in a single month, increasing our national footprint to 39 cities. ”
Beginning Tuesday, consumers in Miami – including Fort Lauderdale and Palm Beach — Oklahoma City, Oklahoma; Columbia, South Carolina; Reno, Nevada; and Knoxville and Chattanooga, Tennessee can take advantage of Opendoor’s two homeselling services.
Homesellers can request an all-cash offer from Opendoor after providing their address and completing a questionnaire. After accepting the offer, homesellers will complete a video walkthrough to identify any necessary repairs.
Sellers can choose their own closing date and can decide to reject the offer any time before closing. They also have the option of listing their home on the open market through Opendoor, which includes a $10,000 interest-free advance for repairs and a 5 percent flat fee.
Opendoor said each of the new markets has a robust economy, fast-growing population and booming real estate market ripe with iBuying opportunities.
Jon Enberg | Credit: LinkedIn
“Oklahoma City’s culture and economy promises affordable housing options, creating a strong seller’s market and leading to trends like more homes being built in the area,” Regional General Manager Sharon Brown said of the decision to become one of the first iBuyers in Oklahoma’s capital city.
“South Carolina’s capital city is a fast-growing metro that offers a small-town feel and affordable cost of living. It also has a friendly culture, diverse economy, and incredible restaurants,” Regional General Manager Jon Enberg added of Columbia. “Opendoor is a great service for sellers in the area and is an amazing option for those in the military who need to relocate often.”
Today’s announcement places Opendoor three markets away from its 42-market goal for 2021. In March, Opendoor CEO Eric Wu told investors his company was in the prime position for rapid growth.
“Our operational systems, pricing models and launch playbook have been tested at scale and are underpinned by a technology platform that automates and centralizes the transaction,” Wu said. “Thus, we are positioned to rapidly and profitably expand nationwide.”