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Opendoor: We’re ‘built for’ post-settlement world

In a blog post, CEO Carrie Wheeler said the NAR deal and rule changes would be a boon for the company: “We’ve never been so optimistic about the future.”

In the wake of the recent NAR commissions settlement, industry reactions have been mixed, with many real estate professionals expressing concern or uncertainty. But some — like Opendoor CEO Carrie Wheeler — are optimistic about the future of residential real estate. 

In a recent blog post on the company's website, Wheeler shared her upbeat perspective on the settlement, asserting that the iBuying giant was "built for this" future.

What Opendoor had to say: In her blog post, Wheeler said the outcome of the commissions lawsuits and NAR settlement "could be great for consumers" in helping to "pave the way for greater access to homeownership in America." 

Additionally, she said that after compensation rule changes go into effect in July, the new residential real estate environment could provide an "opportunity for Opendoor to make tremendous strides in achieving our mission of powering life's progress, one move at a time" — or in other words, it could help boost the company's bottom line. 

"Selling and buying a home has been opaque, complex and riddled with uncertainties for too many consumers," Wheeler wrote. "We've never been so optimistic about the future. What's great for consumers is great for Opendoor and our partners in the industry."

Why is the settlement good for consumers? Wheeler said the rule changes coming out of the settlement — specifically the elimination of offers of compensation in the MLS — would be good for consumers.

"Going forward, consumers who are selling will have more flexibility to negotiate commission rates below the standard 6%," she wrote. "This is a seismic shift towards giving consumers more transparency and choice, principles central to how we've built our business and aligned with our values of providing consumers with certainty, simplicity and control."

Being able to negotiate compensation could ultimately mean cost-savings for sellers, she said, highlighting that "Americans pay some of the highest standard commissions in the world — roughly $100 billion annually."

How is the settlement good for Opendoor? Wheeler called out several potential benefits for Opendoor following the NAR deal.

She anticipates real estate transition costs will go down, freeing up more consumers to move — and potentially use Opendoor's services: "Opendoor will be at the center of this transition to a more liquid and lower-fee market," she wrote. 

And if transaction costs decline, she added, "Opendoor will be able to lower the spreads we charge and offer higher cash proceeds to sellers at the same margin." 

Additionally, Wheeler predicts the market will see more off-MLS deals where buyers and sellers transact directly. "Opendoor has been building this future for the last ten years, and we are perfectly positioned to capitalize on this change, including via our marketplace," she wrote.


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