Opendoor launches home shopping experience to buy, sell and tour a home 24/7
When a buyer wants to tour a home, waiting on an agent’s or homeowner’s schedule can become yet another hassle in the home buying experience. Opendoor, a residential marketplace that allows homeowners to instantly sell their home online, aims to change that.
Today the company launched four new self-serve home buying features in Phoenix designed to reduce the hassle and headaches of the home shopping experience and put the power of convenience into the palms of their customer.
I sat down with CEO Eric Wu and VP Product Evan Moore to discuss the latest.
With 90 percent of searches for houses being done online and 50 percent via mobile, the next step was to build out the mobile platform to view and buy a home at the customer’s convenience, Wu explained.
The company’s new 24/7 Open Houses feature is all about convenience to the buyer. A customer simply registers online to see a house, receives an entry code on their smartphone and begins their tour.
The company said they do take security measures with each visit, such as installing video cameras and alerts are sent to the company when a buyer enters and leaves the home.
With their Early Access program, customers will also have an opportunity to preview Opendoor homes before they hit the market.
For buyers who fall in love with a home right away and want to put in their offer on the spot, the company’s new Buy Direct feature is a simple, streamlined transaction process designed for instant offers and completing online contracts.
“Opendoor homes can be viewed, visited and purchased entirely with your mobile device,” Moore said.
Opendoor also wants to give customers the ability to personalize their home prior to moving in with their Move-in Ready program.
Wu said the company is very transparent with the customer about the cost of any renovation and wants their buyers to “avoid the hassle,” of this process.
As part of the buying experience, each home receives a 150 point inspection and comes with a “warranty [that] includes coverage across all essential systems and upgrades for two years,” Wu said.
After expanding to Phoenix five months ago, the company has gained traction through word-of-mouth and referrals, and received positive feedback, Wu said.
“Our initial customers are delighted by both the home quality and the Opendoor buying experience,” Wu said.
The average Opendoor home price around the Valley ranges from $250,000 to $275,000, Wu said.
In December 2014, Opendoor raised $20 million led by GGV Captial with the majority to be used for expansion efforts.
Wu said the company is continuing to grow the team and plans to expand into Dallas and Portland in the fall.
“We will be rapidly growing our customer experience and operations teams in Phoenix, “ Wu said.
Opendoor is currently buying two homes per day and project to sell at the same rate.
With buying and selling a home deemed as one of the most stressful events in one’s life. Through Opendoor’s home shopping platform, “I have the opportunity and vision to change that,” Wu said.
It’s time to exhale and go find your home.
Graphics courtesy of Opendoor