Open Door does not operate in my market yet. They are an interesting, tech driven company, that has created a somewhat successful buying algorithm. They are a sophisticated version of "we buy your home for cash" investors, whom we receive postcards in the mail all the time. They have some legitimacy because they are backed by solid capital and they have professional marketing.

Perhaps they will be successful, but I imagine they are fufilling a niche. They are taking away transactions listing transactions from the real estate brokerage community. They are a type of competitor.

Jan 15, 2019 06:21 PM

Jerry Murphy, CRS, SRES

Yeah, what I'm trying to expose here Brian is that these outfits like Open Door and Offer Pad are not the prince on the white horse here to rescue sellers like they try to paint themselves to be. In EVERY instance where I requested an offer from Open Door or Offer Pad on a listing of mine their offer was SUBSTANTIALLY less than what we eventually sold the home for. Sellers need to be made aware of this. I've taken it on to MAKE sellers aware of this fact. If sellers are willing to leave $25,000, $30,000, $40,000 on the table for sake of convenience, well, more power to them. But I don't think most sellers are willing to do that. I think they're being duped into thinking they're getting "market value" for their home. But if they thought about it for just one moment they would realize that there's no way these companies could stay in business trying to flip homes if they were TRULY offering market value for these homes.

Jan 16, 2019 07:42 AM

Sheila Anderson

Referral Group Incorporated - East Brunswick, NJ

The Real Estate Whisperer Who Listens 732-715-1133

Good morning Jerry and bravo. I was a constant 7% person, sometimes even 8%.

Jan 16, 2019 05:36 AM