What’s The Deal With Opendoor?

So this happened: Opendoor was fined 62 million dollars by the FTC for deceptive marketing.

For years, Opendoor has claimed that homeowners who sold to Opendoor make more money than those that sold their homes through the traditional means (using a Real Estate Professional).

There are a plethora of opinions on this topic, and not just around Opendoor – there are plenty of discount brokerages or “cash for homes” entities out there who make claims that selling your home to them for cash is soooo much easier and stress free than using a Real Estate Professional, and to be honest, in some instances they are correct.

For example, let’s say you inherit a home, or you find yourself having to relocate immediately, and/or you simply just don’t care about how much you net on the sale of the home you just want it gone, then I would say that one of these companies would serve you well.  You get quick cash and don’t look back – done deal, easy peasy lemon squeezy… you get the idea 🙂

Let’s be honest though, are businesses in business to lose money? Do you really think that a company is going to give you market value in cash for anything, knowing that they are going to resell whatever it is for little to no profit? Not likely.

In my conversations with sellers, I usually have to go into the 100 reasons why they should list with me versus another Agent, or a discount brokerage, or even selling it on their own (For Sale by Owner).  I can now add reason number 101, the FTC/Opendoor decision, to that list.

Unfortunately, there are those who will never believe that anyone in my profession adds any value to a transaction. I see the results of that mindset almost daily, especially when I start collecting data to provide someone with my thoughts on pricing their home for sale, and I see homes that have recently sold for under market value. I can almost guarantee that when I look deeper, it was sold through a discount or internet brokerage or by owner. It has an impact on future pricing for sure, and can lower a current valuation in some instances.

But, I shall keep plodding forward!  For every naysayer out there, there are many more that understand the importance of using a Real Estate Professional…. I just have to keep the faith.

If your curious, and would like a copy of the 101 reasons, or if  you have a Real Estate topic that you would like me to talk about in my next blog?  Email me here:

mary.marciante@cbrealty.com   and mention ‘Blog Topic’ or ‘101 Reasons’ in the subject, so that I am sure to see it.

Thanks for stopping by !

M3