Opendoor launches agent referral program

Opendoor has launched a new referral program, Agent Access, in which the iBuyer will pay listing agents a referral fee equal to a 1 percent commission rate for sellers they refer to the company. To participate, agents make an Opendoor cash-offer request through the Agent Access portal and pay the referral when a sale closes. In addition, Opendoor incentivizes agents to participate by providing cash bonuses for the more listings (that lead to sales) they refer. A separate Opendoor referral program refers buyers and sellers to partner agents, who pay the iBuyer a 1 percent referral fee upon close. This new program represents another evolution in the iBuying business model as iBuyers look to expand their reach and revenue by partnering with agents to help expand their consumer base.