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How does Opendoor make money?

October 17, 2017 — Written by Robbie Bernal

Some of the most frequently asked questions we get are, “What is your business model?” and “How does Opendoor make money?” This article will shed some light on those questions and help customers understand our exactly how our pricing and business model work.

At Opendoor, we provide a radically simplified experience for selling and buying homes. For sellers, we aim to offer fair market value for your home and take a service charge that enables us to provide world-class service from offer to closing.

The charge averages around 6.5% and goes no higher than 13%. It varies based on how long we predict it’ll take to sell the home, and helps us cover costs like maintenance, utilities, and taxes. In other words, we take on the risks and holding costs of the home so you don’t have to.

Every Opendoor offer is backed by decades of local real estate expertise, recent nearby sales, and the most current market data. Our offer comes with no obligation and breaks down the total amount, our service charge, and an estimate of the customer’s net proceeds.

We also provide sellers with a free home assessment and a fair cost estimate of any repairs a buyer is likely to request. This allows sellers to skip the work and move on.

We strive to keep our fees as low as possible and we’re always looking for ways to pass savings on to our customers. If a seller isn’t happy with their offer, they can walk away at any time.

Once we’ve purchased a home, we take on the maintenance, make any necessary repairs, and find a buyer. Home shoppers can choose from hundreds of Opendoor homes and tour them from 6am to 9pm daily, no appointment needed. Once they find the right home for them, they can purchase it from us directly or with a buyer’s agent.

We’re here to empower every homeowner to move the minute they’re ready, and we’re working hard to provide our service to buyers and sellers across the country. If you have more questions, you can learn more on our pricing page, or get in touch with us.

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