I'm hesitant to even post, but what the heck. I'm a long time Bigger Pockets member, been a realtor since 2006, done flips, rentals, mobile homes, and last November took a position with Opendoor in Denver. So, I'll give you my perspective (I've met a large percentage of the sellers in the Denver market). And this is strictly my opinion, not a company opinion, posted because I like the BP community.
First, ignore a big chunk of what's been posted by people who haven't actually been through the process or really researched it. Every day, every week we work to get the margin (and the cost to the seller) as low as possible. The service fee (similar to a listing fee for a Realtor) covers the broker co-ops (our biggest expense), some overhead costs, and a predicted holding cost. Appreciating market like Denver = lower fee, flat or depreciating market = higher fee (but not that 12% plus 7% or whatever someone quoted earlier). Denver is running 6-9% I think currently.
The repair estimates are incredibly detailed as noted. In general, these are repairs that you would be doing before going on the market to get your home to a similar condition to the comps sold, and much of the time are deferred maintenance or DIY project items. And, it's pretty straightforward stuff, we're not making major changes like a true flip. And, the homeowner can do the repairs or OD can (with a caveat for work require a license). Generally, it's more cost effective for OD to do it unless you're a professional with crews/negotiated rates. And, you can walk at any time if you change your mind.
At the end of the day, you should check with OD, with a Realtor, with the others trying to get into the space, etc. Compare the bottom line from the start - whatever you're needing to do to get your home ready for sale, time on market, holding costs, transaction costs, title costs, really run the numbers and be honest with yourself. Most sellers I speak with have done that and OD works for them (of course if it didn't I probably wouldn't be talking with them). Some are represented by Realtors, a few are Realtors, a few are flippers (post flip), most are people relieved about not having to get and keep a house show ready or worry about a deal falling through at the 11th hour.
The one thing I would say is every seller I have dealt with in our market has been pretty dang happy, with the biggest worry being "when will the other shoe drop? This is too easy". Generally it just works in our market, thanks to a lot of people each doing what they do well.
@Account Closed - I'm not sure what you were seeing with the Huawei? In Denver we don't use systems like you described (but we do have security in place in the homes), and generally you just go to the house with the Opendoor App. It sees where you are and will unlock the door right from the app.
I was skeptical myself and ran a couple of my properties through the system, and one I thought was a little high and one a little low. Both definitely in what I would say was the range of a possible listing price. I don't think this will get rid of Realtors, but it will (and should) give people a true idea of their home value and let them have options depending on their scenario.
Sorry for the long post, but I live this day in and day out. Again, my opinions only and they do not represent OD opinions.
John
