Trade Opendoor Technologies Inc - OPEN CFD

Opendoor Technologies Inc. Company profile

Opendoor Technologies Inc. (OPEN) is a digital platform specialising in residential real estate. Founded in 2014 and headquartered in San Francisco, California, the company enables consumers to buy and sell properties online along with title insurance and escrow services.

The Opendoor platform allows buyers to submit an offer directly or through a real estate agent, but the buyer needs to be pre-approved for financing from a mortgage lender before submitting an offer. 

When selling a house on Opendoor, sellers can negotiate the final sale price of the property and the cost of repairs. The platform charges a non-negotiable 5% service fee to ensure that the company profits from each purchase. 

Opendoor focuses on middle-market homes, the prices of which are more predictable than luxury or distressed houses. The platformenables buyers to get a preview of a house using its mobile application and provides a detailed explanation of how the final selling price was arrived at. 

The platform gauges the qualities of the house, the neighbourhood and the prices of neighbouring properties over time to decide on pricing. Its machine-learning algorithm accounts for minor details such as marble countertops, real hardwood flooring, patio space and other features, which is followed by the final physical inspection. 

Opendoor went public through a merger with a special purpose acquisition company (SPAC) Social Capital Hedosophia Holdings II in December 2020. It is listed on the NASDAQ under the ticker symbol ‘OPEN’.