In 2022, Opendoor faced significant challenges and recorded a net loss of $1.4 billion despite selling over 39,000 homes. However, in 2023, the iBuyer returned to profitability in its second quarter. A pivotal move was partnering with Zillow after the latter ceased its iBuying program. This partnership expanded Opendoor’s reach, with 40% of their total acquisition contracts in Q2 coming from such collaborations. Additionally, Opendoor is doubling down on relationships with real estate agents, increasing incentives and strengthening its brand marketing efforts.
Opendoor’s strategic shifts and renewed emphasis on partnerships can offer brokerages, agents and team’s insights into evolving market dynamics and potential collaboration opportunities in the iBuying space.