Open Listings Hits $1 Billion in Homes Purchased

LOS ANGELES, July 25, 2018 /PRNewswire/ -- Open Listings announced today that it eclipsed $1B in homes bought on its all-in-one homebuying platform, resulting in over $8M in savings passed along to its customers since the company launched in 2015. As millennials continue to dominate the homebuying market, tech-savvy and first-time homebuyers are opting for Open Listings' tech-enabled, streamlined buying process. Through using the Open Listings website and mobile app, homebuyers have received an average historical refund of $9,390.

"For almost a decade, it's been easy to shop for homes online, but the buying process has remained cumbersome and outdated," said Judd Schoenholtz, Co-Founder and CEO of Open Listings. "Our software is making an overly complicated process easier and more affordable for millions of customers ? even first-time homebuyers. Then, the best agents take homebuyers through the last mile of closing, which makes it possible to give our buyers back half the agent commission as a refund."

By utilizing the Open Listings homebuying platform, customers can make a personalized real-time feed of listings, schedule house tours on demand, and create offers on any home through the Open Listings website or app. Buyers then get paired with a top-rated, local real estate agent dedicated to getting their offer accepted and closed. In using a network of on-demand local agents, homebuyers receive an industry leading 50% refund on their agent's commission.

Among the early adopters of Open Listings was Reddit co-founder Alexis Ohanian. After turning to Open Listings in 2015 to buy his San Francisco home,  he was so impressed with the service's efficiency, he became an investor.

"The entire process of buying my home through Open Listings was so seamless and digital, that I naturally loved it," noted Ohanian. "Over 95 percent of homes in the U.S. are still sold via the traditional buyer and seller agent model. I believe Open Listings offers a service that is better, cheaper, and faster."

The growth in tech-savvy homebuyers like Ohanian has illustrated that Open Listings is not only for discount-minded buyers. In fact, over 24 percent of Open Listings home transactions have been over $1M during the last quarter. In April, Open Listings set a record on the platform with a $13.7M transaction, which resulted in a refund of $136,500 for the buyer.

Open Listings started its services in California, expanded to the Seattle-area of Washington in 2017, and since the beginning of 2018, launched in Austin, Chicago, and Dallas.

About Open Listings

Open Listings is the all-in-one homebuying platform that makes buying a home simple and more affordable. House hunt 24/7, get pressure-free advice from expert agents, create offers online, and save an average of $8,500+ with their 50% commission refund. Since launching in 2015 out of Y Combinator with the mission of making buying a home simple and affordable, the Los Angeles-based company has raised a series-A round with notable investors such as Matrix Partners, Initialized Capital, & Arena Ventures. Open Listings is headquartered in Los Angeles with 45 full-time employees, and over 150 local top-rated real estate agents.

Contact: Angeline Vuong, 800-501-2077, [email protected]

SOURCE Open Listings