Open Door - The Company That Is Scaring Many Real Estate Agents

Dated: 01/01/2019

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There is a new company in many real estate markets called Open Door. Lots of real estate agents are fearful of them and in my opinion, they should not be!

Open Door

Who does Open Door say they are? They consider themselves to be freedom company in the real estate world. Read their bio directly from their website below.

In 2014, we set out to reinvent life’s most important transaction with a new, radically simple way to buy and sell your home. Our mission is to empower everyone with the freedom to move, and we’ve served nearly 20,000 customers who have come to Opendoor to make that move easier. Whether it’s getting married, starting a family, or taking a new job, we help people get to their next step in one simple, seamless transaction.

Opendoor currently operates in eighteen cities, including Atlanta, Austin, Charlotte, Dallas-Fort Worth, Denver, Houston, Jacksonville, Las Vegas, Minneapolis-St.Paul, Nashville, Orlando, Phoenix, Portland, Raleigh-Durham, Riverside, Sacramento, San Antonio, and Tampa. We have been recognized as the most innovative company in real estate by Inman, the industry’s leading source of real estate information, for the past three years. We are headquartered in San Francisco and have over 700 employees across our markets. Open Door Website, (About Page on Website) 01/01/2019

Who is Open Door Really - Open Door is a just another way to sell your home. Their services for some people might be the best way to sell a home that do not want to get maximum equity from their house. They are not evil, they are a company who has lots of cash and they can buy homes and re-sell them and make a profit, that is capitalism, not evil.

Full Disclosure:  My wife and I are full time professional real estate agents since early 2013 and I have also been a professional home inspector with more than 3,000 home inspections under my belt since 2007.

I decided to check out Open Door personally - I went on their site and got a offer on my personal residence. Our home will sell right now in our local market for $210,000 to $199,000.

Their before  Offer before their "Repairs Inspection" was $179,200.00 their service fee was $11,648 or 6.5% and they want to charge us closing cost of $1991 or 1.1% before inspection deductions! They are offering $165,551.00,  below you can see the breakdown of all the fees.

Open Door Offer - Part 1

Open Door Offer - #2

If I listed my house with a professional real estate agent who knows how to market homes, I know my home would sell for right around $200,000.00, after paying 6% fees and some closing cost, I would net about $187,000.00 putting an additional $25,022 in my bank account!

Open Door Conclusion - Open Door's fees are high and their offers are low. That being said, that does not mean that there is not a market for this company. There are people who their services will be beneficial for.

Bottom Line For Home Owners: Do your research, learn all the different ways you can sell your home. Get references from local realtors that are multi million dollar producers who use professional photography, drone footage, find an agent knows how to prepare a home for sale and who know how to market homes on many social media plat forms. Make sure your REALTOR is your advocate and that they put your best interest above making a commission!

A professional real estate agent is still the best way to sell your home and make the most equity possible!

REAL ESTATE AGENTS AND BROKERS - Learn all you can about contracts, cost of home ownership, home construction, be a technolgy expert, and learn how to market on multiple social media platforms (It is the future), and always use a professional photographer with drone video.

Thats my experience with Open Door, I would love to hear your feedback and comments.

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Keith & Sheila Campbell

Why Trust Keith & Sheila Campbell To Sell or Buy Your Home? NOT ALL REALTORS ARE YOUR ADVOCATE... Hi, we’re Keith and Sheila! When it comes to buying and selling a home, you need an experienced r....

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