Opendoor’s recently launched Agent Access program aims to help you feather your nest.
Last week, I had the opportunity to sit down with Will Holmes, the General Manager of Opendoor’s Agent Growth, to discuss their newest REALTOR-focused program and the purpose behind it.
Opendoor Agent Access is a reward program for agents across the country. With REALTOR and consumer confidence growing in iBuyers, the program aims to capitalize on the momentum by incentivizing and educating willing real estate agents.
Opendoor’s commission structure has evolved over the years. Their newest program offers the most lucrative commission structure of any iBuyer.
Prior to the launch of Agent Access, real estate agents were welcome to negotiate commissions paid directly by their clients. They also received a 1% commission paid by Opendoor.
Agent Access leaves the existing pay structure in place and adds the possibility of higher attainment through bonuses.
(Photo Courtesy of Opendoor.com)
Agent Access’ tiered bonus structure is organized into four categories: Member, Silver, Gold, and Platinum.
A Member is a REALTOR who completes 1 to 2 transactions per calendar year with Opendoor. There is no bonus paid at this level, just the 1% mentioned earlier. The bonuses kick in once an agent completes three transactions.
At the Silver level, agents will receive a $5,000 bonus on their third transaction. On their 4th through 9th transactions, a $1,000 bonus is paid per deal.
Gold attainers earn a second $5,000 bonus when they close their 10th transaction with Opendoor during a single calendar year. The level’s second bonus is $1,500, which is paid on transactions 11-19.
Finally, Platinum agents will receive a $10,000 bonus on their 20th transaction.
Keep in mind that though Opendoor has rolled out this program mid-year, all previously completed transactions will retroactively count toward an agent’s attainment. Several agents in our iRep community have already passed into bonus territory.
Let’s talk numbers. If you charge a 3% listing fee to your seller and introduce them to Opendoor, you now earn 4% (3% from your seller and 1% from Opendoor) on the first two listings you send their way.
On your third transaction with Opendoor, you will receive 4% plus a $5,000 bonus.
Let’s say those three transactions were valued at $1,000,000. That’s an additional $35,000 in your pocket plus the unquantified value of the time you’ve saved by sharing your workload with Opendoor and creating trust with your client by presenting all possibilities that are available to them.
During our conversation, Will shared that the new bonus structure recognizes the vital role agents play in helping their customers.
”Agent Access is recognition of agent’s work and hustle.”
It’s unquestionably a “put your money where your mouth is” moment for the iBuyer. And yes, Opendoor is fully funding the agent bonuses.
When asked if the bonuses would impact sellers, Will assured us they would not. Your seller will net the same amount as they would if they reached out to Opendoor directly.
The key takeaway for REALTORS is that Opendoor is investing in you. They want you to be involved in the process. They want to pay you, educate you, and work with you. They want to help you feel comfortable and confident in positioning Opendoor as a solution to your clients.