Opendoor’s AI Journey

From the very beginning, Opendoor’s quest to power the home selling journey with speed, simplicity, and certainty has required a deep investment in real estate data and insight. Through over 250k closed transactions and two million first offers, we’ve amassed a deep dataset across all phases of home sales. This goes beyond the basic things like home layout, neighborhood, or finish quality. It includes gritty details that make real estate work: quality and cost of drywall repair, unpleasant odors, and practical factors like how holiday timing impacts the repair and sale timeline. Each transaction is unique, offering a chance both to build our dataset and expand our expertise.

It’s this real-world experience and unique dataset that position us to drive the frontier of real estate AI, bringing together the best of human reasoning and data. This perspective accelerates our ability to build the AI needed to navigate the messy, unstructured, and uniquely human world of real estate. As we build a culture of fast-cycle product innovation – interacting more closely with agents and sellers – this new AI capability will play a central role. 

Powering a Better Real Estate Experience

The buying and selling of homes remains a distinctly analog experience, even as technology has profoundly changed virtually every other aspect of our lives. The real estate model of the past will be forever changed as AI is further embedded into the residential real estate industry, and placed into the hands of agents who are working harder than ever to connect with clients and guide them through an uncertain market. As we set out on our AI journey, we see our investments compounding step-by-step to achieve increasingly ambitious goals:

1. First, become the best place to sell by unlocking unprecedented speed, accuracy, scale, and value for our innovative Cash and Cash Plus offers. Our goal over the next year is to bring advances in generative AI into more aspects of our platform, from our core pricing engine, to marketing, to the in-home assessments that our Key Agents conduct – all for the purpose of increasing operational excellence. This improves offers, makes the process more seamless, and builds trust, thereby drawing more sellers to Opendoor as their first stop in the selling process.

2. Expand our reach and power life’s progress for buyers, sellers, and homeowners alike by bringing simplicity and certainty to stressful projects like renovations, repairs, and beyond. By leveraging AI, we can deliver personalized products at scale that create new revenue streams and serve more customers – wherever they are in their homeownership journey.

3. Looking even farther ahead, we believe the confluence of these capabilities will allow us to reinvent real estate through our platform centered around our Key Agent partners. Imagine a world where a seller doesn’t need to do bland, all-white renovations before listing. No staging and no endless open houses. Instead, our AI enables buyers to envision the home exactly how they want it, renovated to be turn-key for them right from day one. This is the ultimate win-win-win-win, all enabled by agents: Key Agents are empowered to provide an exclusive high-value service to both buyers and sellers; sellers get more money and certainty with a faster, targeted sale; buyers get a bespoke home with less friction and better value; and Opendoor takes on less balance sheet risk. This is the future: a powerful synergy between our expertise, our technology, and the invaluable guidance of our Key Agent partners.

In the past, we took the “build it and they will come” approach where we thought we would be able to win the market primarily by strengthening our pricing engine. Machine learning has been core to that backbone since day one, but now we must evolve. By taking a more product-led, human-centric approach powered by generative AI we are placing functional intelligence in the hands of Key Agents and empowering them to deliver better outcomes for home sellers. We believe this is just the first step as we seek to integrate technology into all facets of the buying, selling, and owning experience.

Pairing Opendoor’s Technology with Key Agent Insight

Our business is built upon a data engine with an expansive level of detail which we believe is beyond anything else in the industry. Our new strategy will enhance this advantage. Recent product changes, including the launch of the powerful combination of Key Agents and Cash Plus, have doubled the rate at which we get to see inside homes. In the hands of a skilled agent, the Key Agent app gathers data in all dimensions. Not only do we get table-stakes items like layout and condition, we’ll start learning through the critical commentary of someone who is intimately feeling the space just like a buyer would. Beyond that, we can see past the surface level details to identify what matters. How much usable cabinet space is there? Which walls likely have the plumbing that needs to be moved for a renovation? What are the details of the wear and tear on the trim and doors?

Our vision is that our AI tools are trained through the collective wisdom of agents across the country, and in return, agents are empowered by our data engine. This creates a flywheel where our AI becomes smarter and agents are able to deploy it with greater ease to generate more value. It is the best of both worlds: our AI and Key Agents compound each other’s abilities. 

The Role AI Plays Today

Our newly launched RiskAI tool is a perfect example of how we’re using AI to help price homes. RiskAI is able to pinpoint complex unstructured factors and incorporate them into detailed competitive market analyses. Being able to identify a beautiful tree on property is one thing, but determining that it blocks light to the living room, will drive up lawn care costs, and make the yard unusable for a game of catch adds real value. Developing a deep understanding of these types of nuances will let us provide clear guidance to sellers and agents alike, and ultimately stronger offers that fully recognize the uniqueness of an individual home.

To bring greater certainty and accuracy in preparing homes for market, our Repair Co-Pilot crawls on-site imagery and video to highlight the key, otherwise easy-to-miss details of needed repairs. The difference between needing some spackle & paint, and a full drywall patch, tape, sand, and paint job can add days of delay and hundreds of dollars in cost. Our AI helps ensure that customers get maximum value with minimal surprises. This is just one illustrative example of the many different details which go into a successful home sale that AI can simplify.

The Road Ahead

We're only just beginning to unlock the full potential of Opendoor's AI, but the progress we've made is already enhancing the value of our platform to the industry. Our work underpins our ability to reach more customers with innovative products like Cash Plus and empower our Key Agent network to provide an unparalleled service. The iteration and refinement cycle on our data and intelligence engine is accelerating. We are energized by the potential AI has to revolutionize how people buy, sell, and own homes – bringing unprecedented speed, simplicity, and certainty to life's most significant transactions.

Follow along for more updates as we build the AI that powers real estate.

Forward Looking Statements

This blog post contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this blog post that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our ability to achieve our goal of becoming the best place to sell by unlocking unprecedented speed, accuracy, scale, and value for our Cash and Cash Plus offers, partially through leveraging our AI capabilities; whether we are able to leverage AI to virtually plan home improvement projects, create new revenue streams, and serve more customers; whether our Key Agent and Cash Plus offerings, along with our future AI capabilities, enable us to generate more value for buyers; and our business strategy and plans, including plans to continue to invest in and enhance our products. These forward-looking statements generally are identified by the words “anticipate”, “believe”, “contemplate”, “continue”, “could”, “estimate”, “expect”, “forecast”, “future”, “guidance”, “intend”, “may”, “might”, “opportunity”, “outlook”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strategy”, “strive”, “target”, “vision”, “will”, or “would”, any negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. The factors that could cause or contribute to actual future events to differ materially from the forward-looking statements in this blog post include but are not limited to: the current and future health and stability of the economy, financial conditions and residential housing market, including any extended downturns or slowdowns; changes in general economic and financial conditions (including federal monetary policy, the imposition of tariffs and price or exchange controls, interest rates, inflation, actual or anticipated recession, home price fluctuations, and housing inventory), as well as the probability of such changes occurring, that impact demand for our products and services, lower our profitability or reduce our access to future financings; actual or anticipated fluctuations in our financial condition and results of operations; changes in projected operational and financial results; our real estate assets and increased competition in the U.S. residential real estate industry; our ability to operate and grow our core business products, including the ability to obtain sufficient financing and resell purchased homes; investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive to customers and/or partners or that do not allow us to compete successfully; our ability to acquire and resell homes profitably; our ability to grow market share in our existing markets or any new markets we may enter; our ability to manage our growth effectively; our ability to expeditiously sell and appropriately price our inventory; our ability to access sources of capital, including debt financing and securitization funding to finance our real estate inventories and other sources of capital to finance operations and growth; our ability to maintain and enhance our products and brand, and to attract customers; our ability to manage, develop and refine our digital platform, including our automated pricing and valuation technology; our ability to realize expected benefits from our restructuring and cost reduction efforts; our ability to comply with multiple listing service rules and requirements to access and use listing data, and to maintain or establish relationships with listings and data providers; our ability to obtain or maintain licenses and permits to support our current and future business operations; acquisitions, strategic partnerships, joint ventures, capital-raising activities or other corporate transactions or commitments by us or our competitors; actual or anticipated changes in technology, products, markets or services by us or our competitors; our ability to protect our brand and intellectual property; our success in retaining or recruiting, or changes required in, our officers, key employees and/or directors; the impact of the regulatory environment and potential regulatory instability within our industry and complexities with compliance related to such environment; any future impact of pandemics, epidemics, or other public health crises on our ability to operate, demand for our products and services, or general economic conditions; our ability to maintain our listing on the Nasdaq Global Select Market; changes in laws or government regulation affecting our business; the impact of pending or future litigation or regulatory actions; and the volatility in the price of our common stock. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2025, as updated by our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 and other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations.