American iBuyer Opendoor has announced a new partnership with eXp Realty.
In the coming months, Opendoor will be the first integrated API tool and primary cash offer solution to power eXp’s ExpressOffers platform.
The partnership will give eXp Realty’s 90,000 agents the ability to request cash offers for qualifying properties on behalf of their clients, directly from their eXp dashboard.
They will also be able to present Opendoor offers alongside the option of listing the client's home on the market—providing sellers with an option to choose how they move.
eXp's agents can also participate in the 'Opendoor for Agents' rewards program, which makes them eligible to receive a commission from Opendoor—on top of any previously negotiated client commission—for every eligible transaction that originates and closes on their portal.
While Zillow went through a high-profile exit from the iBuying space in November 2021, Opendoor has persevered with iBuying and has steadily widened its reach by partnering up with the likes of Redfin and Zillow itself.
But the firm felt compelled to lay off 22% of its workforce in April this year when 560 people lost their jobs as Opendoor moved to recover from losses in excess of $1.4Bn in 2022.
Opendoor is owned by real estate veteran Eric Wu, who resigned as CEO in 2022 to be replaced by then-CFO Carrie Wheeler.