“That’s 0.2% market share, but that’s national, and none of the iBuyers are national yet.” An important qualification in a market that is organically local with an iBuyer model that is organically heavy.
One of the only house-flipping enterprises that was able to gain “national” scale thus far is HomeVestors (We buy ugly houses)
HomeVestors operates about 1,000 local franchisees who buy and rehab investment properties for flipping or renting. With iBuyers failing to gain scale, despite mega-rounds, Opendoor is now turning itself into a Referral Fee Network — ripe for #disruption by an Open Real Estate Marketplace.
0% referral fees process topples this route for lead generation. When the seller does not receive an acceptable “instant offer,” Opendoor takes her information to be “sold as leads” for referral fees. Instead, the uses an Open Marketplace that allows her to negotiate excellent rates with local agents, something no Referral Fee Network can offer. #transparency #startups #realestate #proptech #homeselling #consumer