Opendoor and Redfin Partner to Provide More Options to Home Sellers

Program gives home sellers the ability to request an Opendoor offer through Redfin

SAN FRANCISCO and SEATTLE, July 11, 2019 -- Opendoor and Redfin, two of the nation's largest technology-powered real estate companies, today announced home sellers in Phoenix and Atlanta can now request an Opendoor offer through Redfin's site and mobile apps. By coming together, Opendoor and Redfin are giving homeowners more options for selling their home in a simple and convenient way. Redfin will also continue to expand RedfinNow, its own instant offer service.

With this partnership, home sellers will have the opportunity to compare listing their home on the open market with a full-service Redfin agent to receiving an instant offer from Opendoor and skipping the process of listing altogether. By presenting a complete set of selling options, Opendoor and Redfin are empowering homeowners to make the best decision based on their needs and situation. The partnership is currently live in the Phoenix and Atlanta markets, and the companies will evaluate expanding to additional markets.

"Every homeowner should have a choice between putting a home on the market via a Redfin agent, or taking an instant cash offer," said Redfin CEO Glenn Kelman. "No matter how fast RedfinNow expands, there will always be homes we can't buy, because it's so hard to match our capabilities and capital with the market's ups and downs. Just as traditional agents are our partner for brokered sales our own agents can't handle, Opendoor is our partner for giving customers reliable, competitive offers on homes we ourselves can't buy."

"Redfin and Opendoor are bringing together the reach of the most visited online brokerage with the scale of the largest iBuyer service to deliver a comprehensive service for more customers," said Eric Wu, founder and CEO of Opendoor. "Both companies are focused on making the experience of buying and selling a home simple and hassle-free. By working together, we can amplify our efforts and give customers more choice when making one of the biggest financial decisions of their lives."

Providing Redfin Customers with an Opendoor Offer

Phoenix and Atlanta homeowners who visit Redfin's website or mobile apps will be able to request an instant offer from Opendoor as part of their homesale inquiry. When the Redfin agent meets with the homeowner, the agent will advise her on the home selling process, what her home is likely worth on the open market, and will present her with Opendoor's offer. The homeowner can choose to sell to Opendoor to maximize convenience and control, or work with a full-service Redfin agent to list the home on the open market for a 1.5 percent listing fee. If the homeowner does not want to meet with a Redfin agent, she can choose to receive only the Opendoor offer. Redfin will receive a referral fee for each customer who decides to sell to Opendoor.

Expanding Access to Opendoor's Home Listings

Redfin will also market Opendoor's home listings on Redfin.com and Redfin's mobile apps and promote Opendoor's all-day Open House, where buyers can unlock the home on-demand from their phone and self-tour.

About Opendoor

Opendoor's mission is to empower everyone with the freedom to move. Since 2014, Opendoor has provided people across the US with a radically simple way to buy, sell or trade-in a home. Opendoor currently operates in 20 markets in the US and expects to be in 50 cities by the end of 2020. Headquartered in San Francisco, Opendoor has over 1,300 employees. For more information, please visit www.opendoor.com.

About Redfin

Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 90 major metro areas across the U.S. and Canada. The company has helped customers buy or sell homes worth more than $85 billion. For more information or to contact a local Redfin real estate agent, visit www.redfin.com.