From the Desk of Dan Amdur, CEO, Moving Station/QuickBuy®

Dear Partners,

On August 2nd, Opendoor announced their “Opendoor Exclusives” in Austin, Houston, and Dallas-Fort Worth markets (https://www.opendoor.com/exclusives).  After painting a picture of stress, complexity, and hassle to buy a home the “traditional way” through the MLS and an agent, they equate Opendoor Exclusives akin to no haggle car shopping or making travel reservations. For the first two weeks an Opendoor owned property is available for sale, they will market the home on the “Opendoor ecosystem” where “…they are offered at a price that’s less than what we’ll list the home for. As they later build critical mass of inventory homes in a market (547 on their Opendoor Exclusives site in Austin, Houston, and Dallas) they will offer a presale environment excluding Real Estate Agents from the inventory to save on commissions; but also to identify home buyers and sellers early on in their process, competing with the agent for the consumer.

If you don’t work in one of the three markets in Texas, don’t write this off as “not in my backyard” because these are just their testing grounds. Opendoor has been buying homes across the country and has plans to be national. If this is successful down south, it may be coming your way soon. Opendoor has stated many times they are trying to be the hub for transacting real estate. Looking at their website, they Sell (ibuy and traditional listing), Buy, and Finance real estate all under one roof. They even incentivize the consumer to do multiple transactions within their company. 

Additionally, it appears Opendoor is openly discouraging their buyers from using your agents by forcing buyers to pay for their agent’s commission if they use one: “If you prefer to work with an agent, you can do so. However, any commissions paid to your agent would be your responsibility.”

QuickBuy supports the value of an agent. A local agent’s knowledge and insight is clear when comparing the accuracy of a CMA to an AVM; but that is just half the virtues of a local agent. There is no substitute to the social aspect an agent brings to a family during this transition. Relocation is stressful and there are many family dynamics around buying or selling real estate. A local agent provides a literal hand on the shoulder of the customer to support their needs through this journey. They see firsthand reactions/desires/needs of the entire family in supporting them with their real estate needs; not just what they hear from the person on the other end of the phone.  

The QuickBuy Program supports brokerages by keeping your agent forefront and expanding their discovery conversations with the consumer (early on in their relocation cycle). With QuickBuy, you can offer and explore home sale solutions for their unique situation. 

Thank you,     

Dan Amdur