In spring 2017, home builder Lennar Corp and listing site Opendoor tested a new homebuying and selling program in Las Vegas. The companies now want to offer the service in every Opendoor market.
Bloomberg reports that Opendoor's program is an attempt to "simplify homebuying and selling by having sellers fill out an online form, and then using algorithms and market data to put together an offer within 48 hours. If the homeowner accepts, the firm sends an inspector, who confirms or adjusts the offer. Opendoor then buys the home, makes repairs and puts the property back on the market." Opendoor's fee is typically between 1 to 1.5 percent, in addition to the 6 percent average commission from real estate agents.
“Trading in a car is second nature to Americans, but no one thinks about that relative to a home,” said Jon Jaffe, chief operating officer of Miami-based Lennar. “What we’ve found is that the customers love it. It’s something that they didn’t think about as a possibility because it didn’t exist before.”
Advertisement
Related Stories
Sales + Marketing
7 Sales and Marketing Trends to Watch (and Learn From)
These award-winning campaigns from NAHB's 2024 National Sales and Marketing Awards showcase next-level strategies and stellar results
Sales + Marketing
New-Home Sales and Navigating the 3 D’s: Death, Divorce, and Downsizing
Here’s how home sales experts manage challenging lifestyle changes with and for their buyers
Sales + Marketing
Q+A With Jenny Laible: The Keys to a Community Lifestyle Program
The National Association of Home Builders' 2024 Lifestyle Director of the Year talks about authenticity, knowing your neighbors, and her chill approach to social media