Dear Real Estate Agents,
From one transaction to thousands, Charlotte to San Diego, pre-pandemic to post, our partnership has grown— and today marks yet another milestone in our journey together.
We are announcing new ways for agents to benefit from Opendoor’s products with the expansion of our Agent Access loyalty program and the establishment of a referral offering.
But first, we want to say thank you.
Feedback is a Gift
We created Opendoor for Agents so you have a simpler and more efficient way to service clients. Or as Nick Shivers, a leading agent in Portland, Oregon says more eloquently, “When it comes to real estate, there’s something beautiful about the connection between technology, efficiency, and a trusted advisor.”
Over the years our team has traveled the country to meet you and hear your ideas about how to improve the experience for the homebuyer and seller. From independent agents to large brokerages, you encouraged us to be a reliable partner and work alongside you. As a result, we’ve brainstormed with agents in boutique operations and mega-teams from Atlanta to Minneapolis who want more efficiency in their transaction process to serve a greater number of clients. We’ve also shaken hands and shared meals with agents who had misconceptions about our intentions.
Through it all, we found that your entrepreneurial spirit is energizing and your feedback is invaluable. Those are strong motivators for us to continue making improvements to help you. Our partnership supports the evolution of the real estate industry, which we believe will provide a more simple and certain way for consumers to move.
Here are the details on our latest program improvements.
Expanded Agent Access Loyalty Program
Our rewards program, Agent Access, was established to acknowledge that an agent’s time and expertise is valuable. The Agent Access commissions you earn are a part of the more than $750 million we’ve paid to agents since Opendoor was founded. We are thrilled that many of you recognize this and have made Opendoor a regular part of your business. This is demonstrated by the number of agents representing multiple sellers in Opendoor transactions: a nearly 9X increase in just four years (2019-2023).
Until now, Agent Access has focused on the listing side of your business. But a holistic partnership means that we also recognize your value on the buying side too. As of today, when you represent a buyer purchasing an Opendoor-owned home, you will be eligible to receive Agent Access loyalty points which can earn bonus payments, in addition to buyer’s broker commissions.
By participating in Opendoor’s Agent Access program, Nick in Portland has seen tangible results in his business. “We did a significant number of transactions with Opendoor in 2022 because it was the right fit for the clients and what the market was doing at the time,” he said. “Today, having that give-and-take relationship between agents and Opendoor is going to be even more important because of uncertain market conditions.”
Opendoor for Agents’ Referral Offering
We heard something else during our conversations with you: that it’s important to compensate agents not just for representing a client but referring them to Opendoor as well. A referral offering is not a new business model, but since ours is a nationwide offering, we believe most agents are well positioned to benefit from it. Across our 50+ markets, agents can monetize their relationship with Opendoor while providing their client with a simple and certain cash offer.
Here’s how it works: When you want to request a free offer from Opendoor on behalf of your client, go through the usual request process at Opendoor.com/agents. If the home fits the current eligibility criteria, you can select “Refer seller to Opendoor”, then enter the seller’s email address. After the seller accepts your referral, we will send them their preliminary offer to review. No representation agreement is required.
Another prerequisite we heard when listening to agents across the country was “transparency.” That’s why at every step you will receive an email notification of where the seller is in the Opendoor offer process. No action is needed on your part; when an eligible deal closes with Opendoor, you’ll receive a referral fee.
Nick says the referral offering is a win-win for him and his clients. “The more options that not only a consumer has, but that an agent has to solve a problem, the greater the chances are of solving it,” he said. “The addition of the referral program is another tool. Equally important, it’s an opportunity to prove that you are putting our clients first by showing them all of their options up front.”
The Collaboration Continues
To the thousands of agents who have trusted us, grown with us, and solved problems with us, we’re excited for this next chapter. To those who may still be hesitant, we’d like to hear from you. The program has worked for thousands of agents over the years – and we’re just getting started.
If you’re not currently participating in our Agent Access program, you can review the benefits and eligibility requirements HERE.
If you’d like to speak with a member of the Opendoor agent program team, connect with us HERE.
Thank you for your support,
Will Holmes is Opendoor’s Head of Agent Growth