Opendoor, one of the first iBuyers to place a stake in transactions, has acquired Open Listings, another online player in the space, for an undisclosed sum. According to an announcement by CEO Eric Wu, the move is “a perfect marriage,” with Opendoor “transforming how people can sell a home” and Open Listings “doing the same for home-buying.” With the acquisition, a buyer can now buy a home listed on Open Listings, and “trade in” their current home through Opendoor simultaneously.
“Open Listings has built a great experience that radically improves how people discover, search, visit, offer and close on the home of their dreams—all from a mobile phone,” wrote Wu. “Beyond the serendipity of our ‘Open’ company names, we both believe that redefining real estate involves giving people certainty, convenience and control.”
The goal of the merger is a seamless transaction, Wu wrote.
Open Listings boasts a 50 percent commission refund, in addition to agent matching and property search, among other offerings, and is headquartered in Los Angeles. Both companies were founded in 2014.
Opendoor is in the company of other “disruptors” in the marketplace, including Redfin and Zillow. Redfin’s Chelsea Goyer and Zillow Group’s TG Gallaudet were recently on hand at RISMedia’s 2018 Real Estate CEO Exchange to address the difference between disruption and innovation, and their goals as individual organizations in the space.