SAN FRANCISCO--(BUSINESS WIRE)--Sep 11, 2018--Opendoor, the nation’s fastest-growing online real estate marketplace — which radically simplifies the way people buy and sell homes — announced it has acquired Open Listings, a platform for homebuyers that makes it easier and lower-cost to find, tour, and buy any home on the market.

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Eric Wu, Opendoor CEO and co-founder and Judd Schoenholtz, Open Listings CEO and co-founder (Photo: Business Wire)

The acquisition will enable Opendoor to create the first end-to-end marketplace for buying, selling, and trading-in homes – equipping people with the ability to move in just a few clicks.

Seventy-one percent of home sellers are also looking to buy a home, according to a 2017 industry report on consumer housing trends. Opendoor gives them the certainty of an offer on their existing home, removing the sale contingency and added stress of listing a home while looking for a new one. With the acquisition, Opendoor customers will be able to line up their home sale with the purchase of any home on the market in a simple, trade-in transaction. Buyers who use Open Listings will also receive a discount on the home purchased through a commission rebate of up to 50 percent.

“Opendoor modernized how people sell their homes by making it simple and instant and we are excited to now bring that same simplicity to buying a home,” said Eric Wu, founder and CEO of Opendoor. “By integrating Open Listings’ online buying experience with Opendoor, we’re putting customers in control of the entire process so they can buy, sell or trade-in their home seamlessly be it for retirement, up-sizing for a growing family or moving for a dream job.”

Using a mobile phone or computer, customers will be able to tour and submit an offer on any home on the market, secure an offer on their existing home, and align the timing of both. By integrating Open Listings with Opendoor’s mortgage, title and home services, the company will make it as easy to buy, sell or trade-in a home as it is to hail a ride, book a flight, or shop online.

Opendoor has already begun integrating Open Listings services, which are live in Dallas-Fort Worth today and will soon be rolled out across Opendoor’s markets.

“We share Opendoor’s vision that buying and selling a home should be radically simplified and on-demand,” said Judd Schoenholtz, CEO of Open Listings. “Joining forces with Opendoor will make it possible for customers to buy and sell a home with a simple, online process while giving customers a true competitive advantage over other buyers by having an Opendoor offer in their back pocket. Together, we’re eliminating double moves, added expenses, and months of headaches — which have all made moving a chore rather than the exciting life moment it should be.”

Los Angeles-based Open Listings launched in 2015 out of Y Combinator with the mission of making buying a home simple and more affordable. The company developed a proprietary self-service platform that puts the buyer in control of the entire process from search to offer-creation to close. Customers use Open Listings to manage the process and are connected with on-demand agents as needed and receive cost savings of up to 50 percent of the agent commission. Open Listings has 45 full-time employees and currently operates throughout California, Seattle, Chicago, Austin, and Dallas-Fort Worth. Backed by notable investors such as Matrix Partners, Initialized Capital, Alexis Ohanian and Joe Montana, to date Open Listings has refunded over $8M to customers who have purchased over $1B in homes on the platform.

About Opendoor

Opendoor’s mission is to empower everyone with the freedom to move. Since its founding in 2014, Opendoor has reinvented home buying and selling to make it online, instant and

stress-free, and to date has served more than 20,000 customers. A signature feature is Opendoor’s on-demand, self-guided open house functionality, allowing home buyers to instantly unlock and tour homes on their own schedule. The company expects to be in 50 cities by the end of 2020, currently operating in thirteen: Atlanta, Charlotte, Dallas-Fort Worth, Houston, Las Vegas, Minneapolis, Nashville, Orlando, Phoenix, Raleigh-Durham, Sacramento, San Antonio and Tampa. Headquartered in San Francisco, Opendoor has over 900 employees.

For more information, please visit www.opendoor.com

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CONTACT: for Opendoor

Kaylin Deutscher, 415-844-6234

kaylind@accesstheagency.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT INTERNET SOFTWARE CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE

SOURCE: Opendoor

Copyright Business Wire 2018.

PUB: 09/11/2018 09:00 AM/DISC: 09/11/2018 09:01 AM

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