Opendoor, founded in 2014, introduced the idea of iBuying to the world. First offering its services to customers in the Phoenix area, Opendoor has since expanded to dozens of markets in multiple states.
Today, the company offers a wide range of services that make it possible for customers to buy, sell, or even trade in their homes quickly and easily.
In addition to being able to sell a home to Opendoor directly, customers are also able to use the company’s services to list a home.
Buyers may purchase a home owned by the company or even a home that is not listed specifically with Opendoor.
Although not all services are available in every state, Opendoor does offer a range of services that are designed to streamline the entire home buying and selling process.
Among these services include Opendoor Home Loans, Opendoor Cash-Backed Offers, and Opendoor Complete.
The latter is geared towards customers who wish to buy and sell a home simultaneously. Opendoor Complete makes it possible to complete the entire process in a single transaction.
In the last few years, a number of competitors to Opendoor have popped up on the scene.
In this article we’ll go through a rundown of 13 companies like Opendoor which compete in the same real estate field of helping customers to sell or buy their dream home.
Please note that the list below is in no particular order.
Zillow operates in several states and works to streamline the home buying and selling process.
According to Zillow, the closing fees when selling a house is 6% in commissions and 2% to 4% additional fees of the sale price.
Previously, the firm provided a service known as Zillow Offers, which bought homes for cash.
This service eliminated the need for homeowners to stage or even show their properties when selling a home.
Near the end of 2021; however, Zillow announced they would be shutting down Zillow Offers.
Offerpad operates within nearly a dozen states. This iBuyer platform provides three primary services to home sellers and buyers.
Offerpad Express provides cash offers and works directly with sellers. This service also provides other perks, such as the ability of sellers to rent back their home for up to three months following the closing. This service also includes free local moving services.
Sellers can also opt to list their home through Offerpad, allowing the option to receive more offers on the open market.
Offerpad Flex allows sellers the opportunity to remove their open listing from the market and accept a cash offer from Offerpad.
The company lists purchased homes on its real estate website for perusal by interested buyers.
Compared to other similar companies, Orchard is relatively new to the scene. Initially launched under the name of Perch, the firm was rebranded in 2020 under the name Orchard.
Today, Orchard operates in several states. What sets Orchard apart from other companies are the incentives it provides.
Like Opendoor, Orchard is attempting to focus on homeowners who are interested in buying and selling a home at the same time.
Through Orchard’s services, customers are able to list their properties and receive a backup offer that is guaranteed by the company.
Another option is for clients to go ahead and purchase a new home using Orchard’s Move First service, which allows homeowners to tap into their current property’s equity.
More traditional home selling services are also available through Orchard.
Knock focuses on offering creative home loan products that make it easier for homebuyers to purchase a new home before they actually sell their existing properties using the Knock Home Swap.
Clients are even able to use their real estate agent of choice through Knock Home Swap.
Unlike other competitors, Knock is not actually an iBuyer. Instead, the company works directly with a client’s real estate agent or will even match clients with a local agent to ensure the client receives the best price while selling their home as quickly as possible.
Redfin offers clients the convenience of being able to sell their properties without the hassle of listing their homes.
The firm’s RedfinNow service will actually purchase a client’s home and give the client cash. The homeowner doesn’t have to worry about the expense and time associated with making repairs. Flexible closing dates up to 90 days are available after a client accepts a cash offer. Redfin will then sell the property.
Realtor.com offers clients a wealth of features through their real estate app, which is designed not only for customers who are looking to buy or sell a home but also for those who are interested in renting.
For instance, users can search for homes for sale or for rent anywhere in the United States using the app’s search feature.
Multiple filters make it possible for users to narrow their search. Results can be viewed as either a map or a list.
The company’s listings include not only information about the property but also the local neighborhood.
In some listings, it’s even possible for users to view 3D property tours. Users can then schedule a tour or save listings they like to a favorites list.
Realtor.com also boasts a wide selection of financial tools to help users calculate monthly costs, check mortgage rates, or even get preapproval for a loan.
We Buy Ugly Houses is a service specifically designed for property owners who need to sell their homes quickly and who do not have time or the inclination to go through the often burdensome process of listing their homes for sale on the open market.
The service often involves purchasing homes at prices significantly below their market value.
Depending on the local market, the purchase price may sometimes be higher if there is a reason to believe that the home can be flipped quickly with a minimal amount of investment and work.
After a consumer contacts “We Buy Ugly Houses”, a company representative will inspect the home in order to make an evaluation regarding the repair costs required to prepare the home for sale at full market value.
An offer is then made to the homeowner. Deals can typically be closed within about a month.
In some cases, some deals may be closed faster. We Buy Ugly Homes typically focuses on purchasing distressed properties that either need major repairs or need updating.
Clever Real Estate operates nationwide and works to match clients with local real estate agents.
The goal is to help clients sell their homes quickly while saving thousands of dollars in commission fees.
With the firm’s services, clients are able to compare their real estate agent options and select the agent that best meets their needs.
Not only do clients of Clever receive the full service they need to sell their home but they receive those services at a flat listing fee rather than the typically much-higher percentage commission fee.
Additionally, clients may be able to qualify to receive a portion of their home’s purchase price back following the sale closing.
There are no hidden fees or upfront costs with Clever. Homeowners have the peace of mind in knowing they will only pay a fee if their home sells. Buyers are never responsible for paying any fees.
UpNest is a completely free service that connects users with local real estate agents who can help them with buying or selling a home.
Services offered through UpNest are completely no obligation. Many agents who work with UpNest provide discounted rates or even provide buyers with rebates as a way of making their services more appealing.
It should be understood; however, that savings are never guaranteed through UpNest.
In order to take advantage of UpNest’s services, clients sign up through the company’s website and provide some basic information.
This information typically includes whether the client is looking to buy a home, sell a home, or both.
Other required information may include the client’s timeline, the type of property the client is buying or selling, property address when selling, and contact information. Interested agents may then send proposals to UpNest clients.
Compass offers a variety of innovative technology to make the home buying and selling process easier.
Along with acting as a real estate brokerage, Compass also provides a concierge service. Through this service, a client’s select agent can assist with renovating a property with an eye toward selling for the best price possible.
Such renovations might include landscaping, roof repairs, electrical work, or bathroom updates.
The service is structured so that clients do not have to worry about paying upfront fees or interest.
Flyhomes operates in multiple states. The firm not only offers listing services at a discounted fee to sellers but also provides commission refunds for homebuyers.
In addition, the firm provides a Cash Offers program. Through this program, the firm will buy a property and then resell it to a buyer for an additional service fee or assure the offer of the buyer.
The Flyhomes Guarantee for Buyers provides clients with an avenue for moving out of a home within a year of buying the property.
With this service, Flyhomes will list the property and actually waive their own commission.
The seller will still be responsible for paying the fee to the buyer’s agent at the time the property sells, along with any relevant seller closing costs.
Ultimately, the idea is to help ease potential anxieties amongst buyers when purchasing in a market in which homes tend to sell fast.
The goal of this firm is to assist homeowners in obtaining the most money possible for their homes.
This includes properties that might need a little tender loving care prior to being sold. Sundae is not like many companies that buy homes for cash; however.
For instance, Sundae does not actually offer the seller money for their property. Instead, Sundae provides a real estate marketplace platform that works to connect sellers to local investors who have been previously vetted.
With many other iBuyers, sellers might only receive one offer for their properties. In many cases, that offer might even be non-negotiable.
In order to receive multiple offers, sellers would usually need to go to multiple companies and then compare the offers. Sundae provides sellers with the opportunity to receive multiple competitive offers in one place.
HomeLight provides a variety of tech tools to match home buyers and sellers with real estate agents through the firm’s innovative use of data and algorithms.
Homebuyers and sellers go to the company’s website and answer questions. HomeLight will then contact the consumer to obtain more information and provide recommendations for the real estate agents that will best match their needs.
Following a successful sale, agents then pay HomeLight a referral fee that comes directly from their commissions.
- Some Pros and Cons of Using a Real Estate Agent (for Sellers or Buyers)
- 7 Companies Like Divvy Homes (Alternatives) for Rent-to-Own a Property
- The Most Important Factors for Real Estate Investing
- What You Need to Know About Luxury Apartments in 2022
- 38 Interesting Real Estate Fun Facts and Statistics You Should Know
- 15 Different Types of Jobs in Real Estate Industry – Some Very Lucrative Positions