Opendoor : sell your home the minute you’re ready
Opendoor is an online platform where property owners can bid to sell their properties. When a bid is accepted, Opendoor purchases the property as-is. For that, they charge a fee comparable to the commissions real estate agents collect, in return for the convenience of closing a sale quickly without home showings.
Aiming to shake up the real estate market, Opendoor relies above all on data modeling to pinpoint opportunities. This allows the company to take advantage of gaps in the market and to price the properties correctly. As a result, that increases the predictability of selling properties the startup acquires and protects it during downturns.
Opendoor’s business model is unique because the company has developed a platform offering owners the option of buying their property before they take care of reselling.
One of the key elements of its operation is the use and continous improvement of its algorithm. This one takes indeed into account data from differents sources (for instance real estate agencies, transport prices, neighborhood safety, quality of schools) and information provided by owners. Consequently, it allows to establish a price quickly, without a professional visit.