iBuyer will make referrals when a customer’s home is ‘outside of its buying criteria.’ Agents pay referral fee only if the customer closes on a transaction
Opendoor has announced a new initiative, the Opendoor Agent Partner Program, which pairs buyers and sellers with highly-rated real estate agents when it is the customer’s best option. As a culmination of Opendoor’s work with agents over the past four-plus years, the program will provide a new way for local agents across Florida markets (Orlando, Tampa, and Jacksonville) to build their businesses with high-intent, high-converting leads. To start, when someone requests an offer on their home from Opendoor but it’s outside of its buying criteria — either by home location, condition or price point — it will refer the customer to one of these vetted agent partners.
Opendoor says it has worked closely with a small group of agents over the past year to develop the program. Agents in Orlando, Tampa and Jacksonville will be able to apply to join. What’s new and notable about the program is that Opendoor doesn’t require agent partners to pay upfront for the referrals and Opendoor is able to pass savings on to local homeowners by offering a $1500 credit to agent partner clients who sell to Opendoor.
How does it work?
- Real estate agents keep their license at their current brokerage and can continue to build their own book of business and work with clients outside of the Opendoor network. This is not a solicitation for employment, and permission from the agent’s existing brokerage is required in order to join.
- Opendoor’s brokerage will refer the partnering agent to buyers and sellers who request guidance from a top-rated local agent. The partnering agent is required to make contact with all referred customers within 4 business hours of receipt, and provide weekly status updates on referred customers to Opendoor.
- There’s no upfront cost for referrals, and agent partners only pay a referral fee to the Opendoor brokerage if they close on a transaction with a referred seller or buyer.
- Full-time REALTOR® with active license at local brokerage
- 10+ listing or buying transactions in the last year
- 3+ years experience in the current market area
- Positive reviews and ratings from previous clients
- Strong track record of converting broker-to-broker referrals
- Agreeable to terms and conditions of program