Connect with us

Hi, what are you looking for?

The Real DailyThe Real Daily

Real Estate Search

Instantly buy and sell homes with a few clicks?

OpenDoor has launched to help consumers sell their homes faster, but what on Earth does that even mean?

opendoor

Investor and entrepreneur, Keith Rabois says he has plans to help people sell homes fast with the help of the Internet and minimal human interaction. According to VentureBeat, Rabois’ plans are “simple.” Rabois states, “we have to value the home, sight unseen. [Users will] put in their address and we will tell them what it’s worth instantly. And we’ll want to buy it from you for that price.”

This startup platform was initially developed under the codename “HomeRun,” but the website which plans to launch in July 2014, will be called OpenDoor.

bar
Rabois says that he and his friend Peter Thiel, PayPal and Palantir cofounder, have developed OpenDoor from an idea to innovate residential real estate.

Rabois told VentureBeat, “it’s the largest part of the economy unaffected by the Internet. And that was definitely true then, and even with things like Trulia and Zillow, it’s fundamentally true today. But the process [of selling a home] hasn’t been transformed by technology;” and Rabois and his team want to change it.

OpenDoor will work with sellers directly to purchase homes, as mentioned above, by inputting their data, but it will also work with local partners in an effort to rehab, maintain, and improve their portfolio of properties. They also hope to partner with local brokers and Realtors to market, list (via multiple listing service), and resell to retail buyers and investors, according to the OpenDoor site. It is unclear at this stage exactly how these relationships will work, but it is certainly an interesting concept.

OpenDoor will analyze a great deal of data, obviously, if they are buying site unseen, but again, it is unclear, as of now, exactly how this will work. Also, for now, they are focusing only on U.S. properties, as it would be more complicated to launch worldwide; however, they have not ruled out the possibility of expansion.

Jennifer Walpole is a Senior Staff Writer at The American Genius and holds a Master's degree in English from the University of Oklahoma. She is a science fiction fanatic and enjoys writing way more than she should. She dreams of being a screenwriter and seeing her work on the big screen in Hollywood one day.

Advertisement

The Daily Intel
in your inbox

Subscribe and get news and EXCLUSIVE content to your email inbox.

Advertisement

KEEP READING!

Professionalism

Meeting weekly is rarely something a team looks forward to, but there are ways for brokers to improve attendance easily.

Real Estate Corporate

Is Opendoor and Zillow's simple team up worth any of the hype or critique it's getting? Let's examine the partnership.

Real Estate Corporate

Opendoor has been fined millions for their claims of "more accurate offers and lower costs." The FTC says the opposite is true.

Real Estate Corporate

(REAL ESTATE) You may ask what some tool who claims he invented coworking has to do with the real estate tech world, but it...

Advertisement

The Real Daily is honest, up to the minute real estate industry news crafted for industry practitioners - we cut through the pay-to-play news fluff to bring you what's happening behind closed doors, what's meaningful to your practice, and what to expect in the future. We're your competitive advantage. The American Genius, LLC Copyright © 2005-2023