After pausing home acquisitions via its iBuying product in late March, Opendoor has announced that it’s getting back in the game.
The company, which laid off almost a third of its staff in March due to COVID-19, announced on Monday that it would resume operations in Phoenix this week, and its Raleigh-Durham market next week.
The company said it has plans to reopen in more than 20 additional markets in the coming months, and self-touring will be available in Phoenix, Los Angeles, Dallas and Riverside, California, with additional cities in the coming weeks.
“We gathered as a company, and worked to develop new solutions, new products, and new experiences for consumers,” Opendoor Chief Executive Officer Eric Wu said in a statement. “We talked about a safe, on-demand, and fully-digital experience to buy and sell a home because we knew Opendoor was one of the few companies that could deliver on this. And we believed this experience was needed now more than ever.”
Now, the iBuyer has released three fully-digital, contact-free experiences to help their customers purchase homes while coinciding with social distancing guidelines.
Sell Direct is Opendoor’s solution for home sellers to sell homes instantly and contact-free to the company. This gives homeowners the certainty of a home sale without worrying about listings, open houses and repairs. The difference between this and the iBuying program Opendoor previously offered is that Sell Direct includes a virtual interior home assessment, eliminating in-person contact.
Home Reserve is an option Opendoor is unveiling for homeowners to move into their new home while Opendoor lists their current one. Via Home Reserve, Opendoor will purchase and reserve a customer’s next home on their behalf, all-cash — all while listing their current, empty home, allowing them to move into the new home.
Lastly, Opendoor has created a self-touring feature which also complies with social distancing guidelines.
Through the Opendoor app, homebuyers can see homes virtually through a live video tour, and unlock and visit vacant homes at their convenience. Once a homebuyer finds a home, the offer and purchase process is handled completely online.
“We believe this is the future of how people will buy and sell a home,” Wu continued. “We are energized this is happening sooner than we expected. So as of today, I am thankful for that feeling that we are going to change an industry and deliver on our mission.”
