Home sellers using Opendoor can now complete their indoor tour with uploaded videos and photos, according to a company release on Tuesday.
Thanks to the introduction of self-guided virtual tours in all 41 iBuyer stores, open-door salespeople now have another opportunity to complete their checkout sales inspections.
“A home inspection can take between two and four hours and requires the presence of the seller and buyer in addition to the inspector,” said Senior Director of Product Brian Tolkin in a blog post on Tuesday. “There is also added stress and uncertainty about potentially dealing with repairs or contracts that fail due to inspection accidents.”
“We decided to make the process better and faster while still having the confidence to sell to Opendoor,” he added.
After accepting a preliminary instant offer based on home sales, market trends and house details, home sellers have the option of planning a 30-minute video tour with an Opendoor representative or a self-guided virtual tour with photos and video.
Sellers who choose the self-guided option will be given step-by-step instructions on how to upload the necessary photos and videos of their home’s interior design. From there, an open door confirms the uploads and plans a personal assessment of the exterior of the house.
Within 72 hours, an Opendoor pricing expert reviews the self-guided virtual tour uploads and the notes from the external review to create a final cash offer. “Whether you go through with a representative or a self-guide, the pricing expert review process is the same,” Tolkin explained. “Also, unlike a traditional sale, you don’t sign a contract with us until your assessment is complete and you know the results.”
“And even if you did, you can always cancel before closing,” he added.
Over the past three quarters, Opendoor has taken several steps to streamline its home seller appraisal process and increase its home buying capacity as it moves closer to its 42 market target.
The iBuyer adjusted its purchase requirements in April to include more expensive and older houses as well as houses in age-restricted and closed residential complexes. They also posted tentative quotes, which cut the quotation time from 24 hours to three minutes.
“We have developed a system that combines the best of on-site human expertise and sophisticated machine know-how,” Amit Arora, senior director of Opendoor Investment Strategy, Operations, and Analytics, told Inman.
Opendoor will not slow down any time soon, as the company’s revenue growth of 59 percent in the second quarter of 2021 shows compared to the previous quarter. On a conference call, CEO Eric Wu said that home sellers “crave what we have to offer” and home buyers are quick to embrace the company’s buying services.
“[Our] The strong outperformance is further evidence of the seismic shift in consumer demand towards the modern real estate experience that we are pioneering, ”said Wu.
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