This Black Man Says His New Venture ‘Opendoor’ Is The Uber Of Real Estate
By Ryan Velez
If you’ve spent time listening to business pitches, the title “Uber of” anything is more likely to elicit an eye roll than anything else. However, in real estate, where there are very real disparities between the options that Black people and other races have, anything that could provide a potential leg up could be of use. Akuansa Graham recently spoke with RollingOut about the Opendoor platform, and how it could change the way we think about real estate.
“The initial idea behind Opendoor came about more than a decade ago when Opendoor’s executive chairman, Keith Rabois, realized selling a home should be as easy as trading in a car. Rabois, pitched Opendoor CEO and real estate entrepreneur, Eric Wu, on the concept in 2010. Wu, who was running another company at the time, saw the potential to dramatically improve the home buying and selling experience by making it simple and instant. The two founded Opendoor in March of 2014,” he explains.
Perhaps the most appealing thing to many customers is how Opendoor can make selling a home easier. “Traditionally, it takes an average of 53 days to receive an offer on your home in Atlanta. With Opendoor, homeowners are able to receive a fair market value offer on their home within 24 hours. This eliminates the hassle of getting a home ready to sell and dealing with the inconvenience of countless home showings. Once the offer is accepted, Opendoor lets homeowners close on their schedule to allow them to line up the sale of their existing home with the timing of their next move,” Graham explains.
However, first-time homebuyers can benefit as well. “Buying a home can be overwhelming, especially as a first-time homebuyer. With Opendoor, we take the stress and pressure out of the process. To start, all Opendoor homes can be viewed all day, every day using our mobile app. This allows first-time homebuyers to easily view many homes in different neighborhoods at different times of day to get a sense of what is important to them in their first home. When purchasing an Opendoor home, buyers are also connected with a home advisor who will guide the buyer through every step of the process to ensure everything runs smoothly. First-time homebuyers also have the added assurance of our 30-day money-back guarantee,” says Graham.
He adds that it is this simplicity that will allow Opendoor to make the biggest impact on the real estate market. “Just like Uber has changed the way we get around and how Amazon changed the way we shop, Opendoor is bringing a simplicity and convenience to home buying and selling that will ultimately increase the number of homes we own in our lifetime. By making it easy to know the price you can sell your home for, and control the timing of when you sell it, the more people will move when they want to, not just when they need to.”