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Opendoor Technologies : Introducing the most convenient, fastest way to complete your home assessment

08/24/2021 | 09:04am EST

At Opendoor, we believe the entire home selling experience should be certain, convenient and on your terms. While home inspections are a critical part of the process, they are often dreaded. Why?

A home inspection can take between two to four hours, and can require the seller, and buyer, in addition to the inspector, to be present. Plus, there's added stress and uncertainty of potentially dealing with repairs or contracts falling through due to inspection contingencies.

We decided to make the process better and faster, while maintaining the certainty of selling to Opendoor. Today, customers in all 41 of our markets nationwide have the option to conduct interior home assessments in a more efficient way: introducing self-guided home walkthroughs.

With self-guided home walkthroughs, sellers can take videos and photos using their smartphone, computer or regular camera, highlighting what they think is unique about the home. The entire experience is digital-first and asynchronous, allowing customers to skip scheduling and in-person interactions altogether, completing the process on their timeline.

On-demand, at your fingertips
Over the past year, we adjusted our interior home assessment experience to be a virtual one-using video to make it easier and safer for customers, while preserving the quality of our assessments. That process involved a virtual home walkthrough with an Opendoor representative and typically took less than 30 minutes.

But today, we're announcing that we've taken it one step further to even better serve our customers. With self-guided home walkthroughs, we have drastically reduced the hassle and time typically associated with in-person inspections. Our new assessment experience can be done in about 10 minutes, compared to a two hour inspection, and allows customers to complete it entirely on their own time.

Here's how it works:

  • After receiving an instant preliminary home offer, customers can choose how they'd like to conduct their home assessment: walkthrough their home with an Opendoor representative over live video or record video and take photos on their time when it's convenient.
  • Customers who choose the self-guided option receive step-by-step guidance, what to expect and what information Opendoor needs to complete the process.
  • The customer takes videos and photos of their home and uploads them to their seller dashboard. Our pricing experts then use that information to finalize an Opendoor offer. Regardless of whether you walkthrough with a representative or self-guide, the pricing expert review process is the same.
  • Plus, unlike a traditional sale, you don't sign a contract with us until your assessment is done and you know the results. And, even once you do, you can still cancel any time before closing.

Flexible for anyone's lifestyle
When Michael Senk decided to sell his home in Florida, he knew he wanted it to be hassle-free. He's bought and sold many homes in the past and is all too familiar with the stresses and headaches that can come with listing on the open market.

'I appreciated the fact that it was a flawless experience from start to finish. And I loved that I could do the interior assessment on my own terms.' Michael said. 'I have a busy schedule and needed a solution that was simple. And this was that. I walked around the house after work snapping pictures and taking videos before uploading them to my seller dashboard in minutes.'

More choice and convenience
We believe the future of buying and selling a home is on-demand, online, and digital-first. Every update we make, every product we launch at Opendoor, however big or small, is to bring us a little closer to making that future a reality now.

'I loved that I could sell my home fully online! Everything was extremely well organized and fast, making me feel comfortable moving forward,' Michael said.

From grocery stores and ATMs to hotels and libraries, consumers are more accustomed to self-service options. In fact, it has become so important that 70% of customers now expect a company's website to include a self-service application, and 40% of consumers prefer self-service over human contact.

By making this update and offering self-guided home walkthroughs, we are giving homeowners like Michael more choice and convenience to move when they want and how they want, in a much faster way.

Selling your home? Request an offer here and see how we can help you move your way.

Brian Tolkin is a Senior Director of Product at Opendoor.


Opendoor Technologies Inc. published this content on 24 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 August 2021 13:03:01 UTC.

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Sales 2021 7 353 M - -
Net income 2021 -603 M - -
Net Debt 2021 4 407 M - -
P/E ratio 2021 -9,16x
Yield 2021 -
Capitalization 5 734 M 5 734 M -
EV / Sales 2021 1,38x
EV / Sales 2022 0,80x
Nbr of Employees 1 048
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Technical analysis trends OPENDOOR TECHNOLOGIES INC.
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Eric Wu Chairman & Chief Executive Officer
Andrew Low Ah Kee President
Carrie Ann Wheeler Chief Financial Officer
Ian Wong Chief Technology Officer
Daniel Morillo Chief Investment Officer