Opendoor aims to boost its core iBuying business by expanding its agent partnership program, Key Connections. This initiative connects real estate agents with home sellers, providing them alternatives to accepting cash offers. According to Nick Boniakowski, the program enhances seller conversion by presenting more options early in the selling process. Despite the potential for incremental revenue, the company faces challenges as both Opendoor and its competitor Offerpad report significant declines in stock prices and home purchasing rates since the pandemic's housing boom.
We attract thousands of sellers who are interested in getting our cash offer, but a cash offer may not be the right fit for them...this program Key Connections, allows us to increase conversion for those sellers.
Opendoor partners with agents to walk clients through the home-selling process as they would any lead, ensuring agents are incentivized whether the seller chooses a cash offer or not.
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