Opendoor has made no secret that it wants to dominate the entire real estate industry. In fact, just last month founder Eric Wu told Inc. that he believes the five-year-old company will “build the largest marketplace of homes.”
And while the company is on pace to purchase $5 billion in homes this year, other companies are joining the fray — even the more “traditional” brokerages like Keller Williams offer it in select cities (including Dallas), and even locally, JP & Associates announced the launch of an iBuyer program for its agents this year.
The iBuyer may represent barely a percentage of the overall real estate ecosystem currently, but it’s clear that it’s disruptive enough to spur even bigger outfits like Realogy’s Coldwell Banker into getting their feet wet.
But Wu told Inc. he had a plan, and it seems that as of 8 a.m. this morning, the rest of the world knows part of it — a new, all-in-one buyer service, which enables prospective buyers in DFW to browse, tour, and buy any MLS-listed home on the market through Opendoor.
“If we can vertically integrate the category, rebuild every component from the ground up, automate a lot of the steps, and make it one click to buy, sell, or trade,” he told Kevin J. Ryan, “we believe that we will build the largest marketplace of homes. We’ll have eliminated all the friction. That may take 10, 20, 30 years.” (more…)