Opendoor partners with eXp Realty

By Real Estate News

A little over a year after announcing its collaboration with Zillow, Opendoor is back at it with a new partner. The iBuyer announced that it was teaming up with eXp Realty on Tuesday.

Through the partnership, Opendoor will be the primary cash offer solution powering eXp’s ExpressOffers platform and will provide integrated API tools.

With this integration, eXp agents will be able to request a cash offer on qualifying homes on behalf of their clients directly through their eXp agent dashboard.

“Empowering the nearly 90,000 trusted eXp Realty agents at America’s largest independent brokerage with on-demand, integrated access to an Opendoor cash offer will empower their millions of clients,” Nick Boniakowski, Opendoor’s head of agent partnerships, said in a statement.

He continued: “This partnership gives sellers a simple and certain option, supported by their eXp Realty agent and backed by an Opendoor cash offer. It’s also the first step of a broader relationship that gives us a trusted partner for future opportunities to better serve our customers.”

Additionally, eXp agents will have access to Opendoor’s agent rewards program, which includes the opportunity to receive a commission from Opendoor on top of any previously negotiated client commission for every eligible transaction that originates and closes on their portal.  

“This is a huge win for our agents and their clients,” Leo Pareja, eXp Realty’s chief strategy officer, said in a statement. “Our focus is always squarely on our agents and making it easier for them to drive their business forward. The ability to offer their clients this seamless solution quickly and easily is a significant differentiator.”  

According to the release, the two firms plan to launch the partnerships in the coming months with the goal of serving customers nationwide.

In 2022, eXp Realty agents closed 397,138 transaction sides, earning it the top spot for transaction sides in the 2023 RealTrends 500 brokerage rankings.

Despite its high-profile partnership with Zillow, Opendoor has struggled over the past year as the housing market has slowed. However, the firm did manage to generate a $23 million net income in Q2 2023, even as its revenue for the quarter dropped 37% year-over-year to $2 billion.