Opendoor, the online real estate marketplace, announced on Tuesday (Sept. 11) that it has acquired Open Listings, a platform for homebuyers.
In a press release, Opendoor said the acquisition of Open Listings, which operates a platform that aims to make it easier and lower-cost to find, tour and buy any home on the market, will enable it to create an end-to-end marketplace for the buying, selling and trading of homes. According to the company, 71 percent of home sellers are also looking to purchase a home.
With the acquisition, Opendoor customers will be able to line up a purchase of any home on the market via a trade-in transaction. Buyers who use Open Listings will get a discount on the home purchased through a commission rebate of up to 50 percent, the company said in the press release.
“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, in prepared remarks. “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, upsizing for a growing family or moving for a dream job.”
Via mobile phone or computer, customers can tour and submit an offer on any home on the market, get an offer on their existing home and align the timing of both transactions. By integrating Open Listings with Opendoor‘s mortgage, title and homes services, the company said conducting a real estate transaction will be as easy as booking a flight or making an online purchase.
The company said it has already started to integrate Open Listing services, which are now live in the Dallas-Fort Worth areas and will soon be rolled out across its other 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, in the same press release. “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.”