Opendoor’s rapid growth has enabled this iBuying company to expand its operations into more than 50 markets.
Opendoor Now Operating “Nationwide”
Tuesday, June 14 was a big day for announcements by real estate firms.
While Redfin and Compass were spreading the word about their respective layoffs, the iBuyer Opendoor was announcing its expansion into three additional markets.
These three new Opendoor markets include Boston, Cincinnati and Albuquerque.
An important question for you. Spring 2022 is here…have you completed your 2022 Real Estate Business and Lead Generation Plan? If not, no worries. We have done the hard work for you. Download your 2022 REAL ESTATE TREASURE MAP! Text HARRIS to 47372. It’s that simple and takes 3 seconds. Text HARRIS to 47372 and when you do we will instantly text you back with a link to download. BONUS: For a limited time when you text HARRIS to 47372 you will also receive a Coaching Call!
4 Msgs/Month. Reply STOP to cancel, HELP for help. Msg&data rates may apply. Terms & Privacy: slkt.io/JWQt
According to an Opendoor blog post on Tuesday the 14th, the eight-year-old iBuying company sees this three-city expansion as a “milestone” as its services are now available “nationwide” in 51 markets throughout the US. Also stated in this blog post and was the statement that Opendoor has “reached more than 160,000 transactions.”
Pattern of Rapid Expansion
Opendoor has been on an “expansion roll” during the last couple of months. Opendoor’s efforts in Boston proper will also include its surrounding suburbs. New operations in Cincinnati build upon Opendoor’s efforts in the Ohio cities of Cleveland and Columbus. The company’s move into Albuquerque will also include the New Mexico counties of Sandoval Bernalillo and Santa Fe.
In May, Opendoor began buying and selling homes in Detroit and in southwest Florida. And the month before in April, Opendoor set up shop in New Jersey and New York.
Profitability in Q1 2022
Along with Opendoor’s expansions, this iBuying company announced its first ever profitable quarter with a net income of $28M in Q1 2022.
Also, Opendoor debuted on the Fortune 500 list of the largest companies in the US.
All of this good news has come at a time of a shifting housing market. Though other iBuying companies or operations, most specifically ZillowNow, have crumbled in this shifting housing market, it appears that Opendoor, as it said in its most recent blog post on June 15, is “just getting started.”
URGENT! Exclusive Invite: Join Premier Coaching for FREE! You read that correctly, Premier Coaching for the first 30 days is 100%, no strings attached FREE. Here is what you get: DISC Personality Test, Seller and Buyer Scripts, Presentations, Lead Generation Systems, Market Shift Plan, Real Estate Treasure Map, Members Only Community Groups (and a ton more). The best part is you will have a DAILY Live Coaching Call with a Harris Certified Coach. Yep, you read that correctly….every weekday you will attend a semi-private coaching session with your coach. All of this is 100% FREE. Of course, you want to join Premier Coaching. There is Zero Risk and joining costs you nothing. This is the Real Estate Success system you need in this quickly changing market. Join Premier Coaching NOW.
Thanks to Inman.