Opendoor Technologies Inc. is a technology-driven real estate company that provides a convenient and streamlined process for buying and selling homes. The company was founded in 2014 by Eric Wu, Ian Wong, Justin Ross, and Keith Rabois, with the aim of revolutionizing the real estate industry through technology. Opendoor is headquartered in San Francisco, California, and operates in several major markets across the United States.
Opendoor's primary offering is its online platform, which allows homeowners to sell their properties directly to Opendoor. Through the platform, homeowners can request an instant offer by providing details about their home. Opendoor uses proprietary algorithms and market data to generate competitive cash offers, typically within 24 hours. If the homeowner accepts the offer, Opendoor handles the entire transaction process, including inspections, repairs, and closing, allowing for a quick and hassle-free sale.
Opendoor also offers a home-buying service, allowing buyers to browse and purchase homes listed on its platform. The company provides detailed property information, including 3D virtual tours and transparent pricing. Buyers can request tours, make offers, and complete the purchase online, simplifying the home-buying experience.
In terms of listing, Opendoor went public through a merger with a special purpose acquisition company (SPAC) called Social Capital Hedosophia Holdings Corp. II in December 2020. As a result of the merger, Opendoor became listed on the NASDAQ stock exchange under the ticker symbol "OPEN."