House-flipper Opendoor will begin working more closely with real estate agents. The startup announced plans to connect potential homebuyers with ‘traditional agents’ to assist those who can’t navigate the process on their own.
The backdrop: While 90 percent of sellers on the platform use an agent, the majority of buyers do not, according to the WSJ. As competition continues to heat up from the likes of Zillow and Redfin, OpenDoor has recognized the need to work within the confines of traditional brokerage to gain access to more listings.
Not eBay: The startup recently removed the ‘Buy it Now’ option from its website. This is a departure from its stated goal to completely disintermediate the process.