The Atlanta home market is on fire. But depending on where you’re located in the city, it may take more time than you want to spend to solidify and close an offer. For buyers, researching homes on multiple websites or through realtors also takes time. Real estate platform Opendoor is officially launching in Atlanta as its 5th market to provide a more convenient way to sell and buy a home.
The company’s research says the market is there — six out of 10 Atlanta homeowners describe the home buying or selling process as stressful, according to their recent survey.
“The survey results confirm exactly why Opendoor was created, to eliminate the stress and reduce the time it takes to move to the next chapter of your life,” says Akuansa Graham, Opendoor’s Atlanta General Manager. “The survey also reveals the need for a shift in real estate and Atlanta residents are ready for a change. Opendoor is simplifying and streamlining the entire process. We want to empower people with the freedom to move, and Opendoor gives them that confidence.”
Opendoor is currently buying homes at a rate of $1.3 billion a year in just four markets, according to Forbes.
Graham says the company has already began seeing success in this new market.
“Since we’ve entered Atlanta, we’ve averaged one home purchase a day,” says Graham. “That means that Opendoor is really resonating with home buyers and sellers, and we look forward to continuing on this trajectory and growing within the market.”
Since 2014, Opendoor has been using machine learning technology as well as data science analytics to accurately price homes and help consumers receive a competitive offer within 24 hours. Their algorithm allows it to bid for homes put on the platform by sellers, close on the deal in a few days, and flip it around to buyers. They take a service fee comparable to a standard real estate commission.
For home buyers, it’s as easy as opening the app. You can take a home tour of various properties through the platform. Once you select those of interest, you’ll receive directions to the selected properties; as you approach, a unique code pops up to help you access the home. Available homes are accessible 7 days a week between 6 a.m. and 9 p.m. and the home buyer (or realtor) can make an offer at any time with a 30-day money-back satisfaction and premium home warranty included.
For those hoping to sell their home quickly, you request an offer from Opendoor after entering details about your home. Within a few clicks, the homeowner receives a competitive offer in 24 hours, good for five days. Included in your offer is the price, comparable sales in your area, as well as other insights into the sale. You can select a closing date between 7 to 60 days, depending on your needs.
Operating also in Phoenix, Dallas-Fort Worth, and Las Vegas, Atlanta is the first outpost in the Southeast for the real estate startup. It also is planning expansion to other cities in the region, such as Raleigh and Orlando.
“Atlanta is a tech-savvy city and has a robust real estate market with knowledgeable and sophisticated sellers and buyers,” says Graham. “We knew that if we wanted to expand to the Southeast, Atlanta had to be first.”