Opendoor and eXp Realty officially launched their new partnership on Thursday, Inman first reported. This integration is making Opendoor cash-offer solutions available to eXp Realty’s nearly 90,000 agents.
Last October, the iBuyer announced that it was teaming up with eXp Realty to be the primary cash-offer solution powering eXp’s ExpressOffers platform. With this integration, eXp agents will be able to request a cash offer on qualifying homes on behalf of their clients directly through the eXp agent dashboard.
“Once I went into the portal and said that my clients had accepted the Opendoor offer, it was the smoothest, easiest process after that,” Ellen Pool, an eXp Realty agent in Houston, said in a statement. “The Opendoor option will be part of every single one of my listing presentations going forward. You never know what someone’s going to say yes to until you ask them.”
Through this partnership, agents will have a choice to either refer their sellers to Opendoor or represent them in deals with the iBuyer. While the statement made no mention of compensation, it specified that “when the transaction closes,” agents “will be eligible for a commission and Agent Access points for additional rewards.”
When the companies first announced the partnership, Opendoor said that eXp agents would benefit from Opendoor’s agent rewards program, making them eligible to receive a commission from Opendoor (in addition to any previously negotiated client commission) for every eligible transaction that originates and closes on their portal.
Both companies recently reported financial losses for 2023. Opendoor has significantly scaled back its home purchase business, trimming its net loss from $1.4 billion in 2022 to $275 million in 2023. eXP World Holdings, meanwhile, sustained a net loss of $9 million in 2023, compared to a net profit of $15.4 million in 2022.
