The two companies’ integrated technology will streamline the process of delivering Opendoor cash offers to eXp’s tens of thousands of agents.
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Nearly five months later, Opendoor and eXp Realty revealed Thursday that their new partnership is now live and available to tens of thousands of agents.
The partnership will provide Opendoor cash offers to eXp agents representing home sellers. Agents can enter a seller’s address into eXp’s ExpressOffers platform and answer a few additional questions, according to statements from both companies. They will then receive a “preliminary quote” from Opendoor within the platform. If they want to continue, they will be directed to the iBuyer to continue the process.
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The statement added that agents can refer sellers to Opendoor or conduct transactions with iBuyers on their behalf. The statement did not reveal how much Opendoor will pay, but did note that “within a few days of closing” agents “will be eligible for commissions and agent access points for additional incentives.”
The two companies first announced their partnership in early October. At the time, eXp revealed that the move represented a focus for ExpressOffers to focus on one partner company. When the platform first launched in 2019, it attracted multiple offers from iBuyers. However, major players in the space such as Redfin and Zillow have exited, leaving Opendoor and rival Offerpad as the remaining major iBuyers.
The filtering out of the iBuyer space reflects the relatively difficult times the industry has endured. While fast, tech-enabled cash offers were once hailed as the future of real estate, higher interest rates, slower price growth and lower inventory in 2022 and 2023 have fueled debate within the industry about the future of iBuying.
The economic downturn of the past two years has prompted iBuyers to become more creative, including focusing on partnerships such as eXp.
Opendoor, for its part, reported earnings earlier this month and revealed that it lost $91 million in the fourth quarter of 2023. That was a significant improvement from the $399 million loss a year ago.
In a statement on Thursday, the companies revealed that the launch of the partnership will “formally provide cash benefits to eXp Realty’s nearly 90,000 agents.”
Ellen Poole
The companies also cited eXp agent Ellen Pool, who said in a statement, “Once I entered the portal and indicated my client accepted the Opendoor offer, it was the smoothest and easiest process ever.
“The Opendoor option will be part of every listing I make going forward,” Poole added. “You never know what someone will say yes to until you ask.”
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