'iBuyer' Service Alters Selling Process, Cuts Some Requirements
By Andrea Riquier
Discount real-estate brokerage Redfin will partner with Opendoor, one of the leading home-buying services, allowing homeowners to get an instant offer when they want to sell with Redfin RDFN, -0.75% , the firms announced Thursday.
The tie-up is the latest sign of the increasingly fuzzy lines between traditional ways of transacting residential real estate and the increasing popularity of new tech-enabled disruptors. Companies like Opendoor, known as “iBuyers,” buy homes from consumers directly, allowing them to skip the hassle of open houses, repairs and renovations, and uncertain closing schedules.
At a moment when consumers increasingly expect more bespoke and favorable experiences for less cost, the two companies say their initiative “gives homeowners more options for selling their home in a simple and convenient way.”