Opendoor has launched a partnership with the brokerage-owned real estate platform MoxiWorks in Austin, which is one of the iBuyer’s strongest markets. And the SoftBank Vision Fund-funded firm ($300 million or more) appears to be appealing to agents, rose in hand, stressing that iBuyers are a tool in the agent’s toolbox, not a replacement
“As technology transforms how people buy and sell homes, we believe it is also carving out an even stronger opportunity for agents to serve as true advisors to their clients. In the years to come, we see more agents incorporating iBuying into their business strategies, and empowering their clients with more certainty and choice,” said the iBuyer in a statement.
MoxiWorks is a real estate tech platform owned by a real estate brokerage. It includes a customer relationship management tool (CRE, used often in sales), transaction manage platform, marketing suite, websites and intranet among others. The platform enables agents to leverage a multitude of data to present dynamic listing presentations and present buyers with deep-dive selling options, often putting them a few steps ahead of agents not so well equipped. MoxiWorks-armed agents snagged more than 10% of the listings in the U.S. last year, says the company.
As of last September, MoxiWorks claimed to serve more than 80 brokerages, representing more than 130,000 agents nationwide accounting for 13 percent of real estate transactions. Opendoor now says MoxiWorks serves over 260 brokerages and 340,000 agents nationwide. Obviously, including Opendoor as a tool in the MoxiWorks platform exposes the iBuyer to even more agents and transactions. And now, for sellers with homes that fit Opendoor’s buying criteria, Opendoor can deliver an estimated cash offer range, along with the option for agents to present a competitive cash offer in their listing presentation. Agents can use the offer to walk their clients through the best options to fit their needs—whether it’s listing the home on the market or selling it to Opendoor.
“Equally important is empowering agents with tools and knowledge to present more options to their clients, including those who may not know that a cash offer from Opendoor could help them sell their home more quickly and with more certainty. In 2019, we paid $133 million in commissions and referral fees to other brokerages, up from $50 million in 2018. Contributing to this growth have been our investments in new tools and programs to help agents advise their clients and grow their businesses. And we’re hearing positive feedback from many agents who have incorporated Opendoor into their strategies,” said Opendoor in a press statement.
“Including an Opendoor cash offer in my listing presentations not only brings additional value to my presentations, but also shows the prospective sellers they have alternative options if a traditional sale doesn’t suit their needs. I am confident in soliciting offers for clients as I know the team at Opendoor puts the customer experience first, as well as offers a referral fee to agents. It’s a win for everyone involved!”
— Amanda Dockum, REALTOR® with Coldwell Banker Realty
“MoxiPresent has already helped agents win over 10% of the listings in the US last year, and adding Opendoor’s innovative technology will make it even better. MoxiWorks is about helping agents be great, and that means serving as a trusted advisor to clients as they contemplate the sale of their home. Opendoor allows the agent to offer choice, and help the consumer choose the path that gets them the best outcome for their situation.”
— York Baur, CEO, MoxiWorks
- Since our November 2018 launch, Opendoor has infused over $4M into the Austin small business community through our work with local contractors and tradespeople
- Agents in Austin have collectively made over $3M on commission when partnering with Opendoor since the iBuyer entered the market
- Last month, average market share in Austin was 1%
- Since launch, Opendoor Austin has served over 1,000 local buyers and sellers