eXp agents can request cash offers via Opendoor integration
The companies announced a partnership that will allow listing agents to get offers on behalf of their sellers directly through eXp's agent dashboard.
- The Opendoor integration will give eXp agents and their clients a more streamlined way to get a cash offer on a home.
- For Opendoor, the partnership provides access "to a whole new segment" of consumers.
- The iBuyer has been making a big push to form partnerships, which in Q2 accounted for a significant number of acquisitions.
Opendoor and eXp have announced a new partnership that could help Opendoor bulk up its housing inventory while giving eXp agents and their clients an avenue for a quick sale.
The companies said Opendoor will soon be integrated into eXp's ExpressOffers platform, which will allow agents to request a cash offer on qualifying properties directly through an agent's eXp dashboard.
eXp said the partnership is "a huge win" for the brokerage's agents and their sellers.
"Our focus is always squarely on our agents and making it easier for them to drive their business forward. The ability to offer their clients this seamless solution quickly and easily is a significant differentiator," Leo Pareja, eXp's chief strategy officer, said in the announcement.
The tool is expected to be available to eXp agents "in the coming months," the companies said.
The new partnership is also about exposure for Opendoor and "meeting the customer where they are," Nick Boniakowski, head of agent partnerships at Opendoor, told Real Estate News.
"Many of our customers have a trusted agent in their lives," he said. "And this partnership — as well as our effort to grow our agent partnerships channel — is just recognition that we can serve these customers making sure that these agents have our cash offer solution, which we know customers want. Being able to reach customers through their trusted agent gives us a way to reach a whole new segment."
Boniakowski said that agents will make 1% commission on every seller they bring to Opendoor, "plus any commission that they're getting from their own client." He added that agents can also participate in the iBuyer's loyalty program, which provides bonuses for additional transactions completed.
The eXp deal is the latest in a series of partnerships Opendoor has been pursuing. The company, which has struggled with declining revenue over the past year, emphasized the importance of those partnerships in its Q2 earnings release, noting that they accounted for 40% of acquisition contracts that quarter.
The company had previously formed partnerships with Zillow, Redfin and Realtor.com, and this week, Zillow announced that its cash offer program with Opendoor has now expanded to 34 markets.