Spotlight

Spotlight

How a startup is leveraging tech to disrupt the Triangle real estate market

Posted May 20, 2019 5:00 a.m. EDT

This article was written for our sponsor, Opendoor.

There's a new trend in real estate that is making it easier than ever to sell a home: iBuyers.

These online homebuyers and re-sellers aim to boil the stressful real estate process down to just a few clicks of the mouse, and one startup is leading the way. San Francisco-based Opendoor launched in the Triangle just over a year and a half ago, and the concept has quickly caught on with local homeowners.

Their offering to buyers and sellers? Convenience, certainty and control.

Today, Opendoor has expanded operations to more than 20 cities, and last year alone, there were more than 800,000 visits to Opendoor homes nationwide, averaging approximately 2,000 home visits a day. In addition, the company added more than 800 employees to its growing pool of talent.

What does that growth look like in the Raleigh area? According to the company, thousands of homeowners have skipped the hassle of prepping, listing and waiting, and turned to this simpler way of buying and selling.

From Click to Sold

The selling process can be explained in a few steps.

  1. Visit Opendoor.com to request an offer. Complete a short questionnaire, telling them a bit about your home's features and any upgrades. The company leverages their proprietary technology, deep experience in residential real estate, and a thorough understanding of each market's comps, conditions, and trends to make an offer on eligible homes within 24 hours—no listing or showings required.
  2. Accept the offer and schedule an assessment. If you're happy with the offer, you can accept it with just a few clicks and schedule a free, in-person home assessment. If the assessment turns up needed repairs, Opendoor will provide you with an itemized list of the costs and you can either choose to handle the repairs yourself or the company will simply deduct the full amount at closing.
  3. Collect the money and move on. Choose a closing date between 14 and 60 days of signing the contract and Opendoor will send a notary to the house to get all the paperwork signed. Opendoor pays in cash, and you don't have to worry about buyer financing falling through.

The one-click ease applies to buyers, too. Home shoppers can download the Opendoor app and use it as their key to tour Opendoor homes at their convenience, from 6 a.m. to 9 p.m., daily. In Raleigh, Opendoor has close to 100 for-sale homes on the market.

What's the Data Showing?

As with most technology services aiming to reinvent a legacy industry, they have a wealth of data at their fingertips.

Of interest, as we head into what's traditionally the busy real estate season, is where those home shoppers are actually looking for their next home. The company is able to track buyer interest because everyone who visits a listed Opendoor home unlocks the front door with the app, which enables them to see the volume of visits in particular zip codes.

Opendoor was then able to crunch the numbers from the first few months of 2019, down to the zip code level, to show the areas that are seeing the highest interest with potential buyers.

Who's getting the most foot traffic? The Heritage area (27587) comes in at number one with potential buyers. Preston (27513), Summerdale (27526), Highland Creek (27616) and Wakefield (27614) round out the top five.

Opendoor : Spotlight : RDU Home Buying

Opendoor defines the top zip codes as those that saw the most interest and actual in-home visits from prospective buyers during the first three months of 2019, without adjusting for the size of the zip code.

This article was written for our sponsor, Opendoor.