Comparing OpenDoor to iList is like comparing an Apple to an Onion. Yes, you can eat both but one sure leaves a bad after taste……
OpenDoor – opendoor.com Great company with an unusual concept. First and foremost, they do not help you sell your home, they buy it so they can sell it. So yes, while it is fast – what price to you pay for this and how do they differ from any buyer with lots of cash knocking on your door with a discount offer?
- OpenDoor -will pay market value for your home. Yes this is true.
- OpenDoor -Charges you a 6 -12% market variance fee – meaning you pay them 6% to 12% of your home value for them to buy it. Yes this is true.
- OpenDoor -will then put your house back on the market for sale at a price comparable to what you could of sold it at. Yes This is true.
- OpenDoor -typical time frame is 5-14 days.
How does OpenDoor make money? Remember the 6% to 12% market variance fee above, well that is how OpenDoor makes money. So instead of selling your home for market value and paying real estate commissions, they advertise a fast and easy sale with no commissions- that’s because they remove the word and call them fees. http://www.realestatedecoded.com/opendoor-alternative-real-estate-review/
The process is still fast and easy, but on a 300k house, you are paying $30,000 in “Fees” https://www.opendoor.com/faq/seller/the-opendoor-offer-seller
iList – Great company with a consumer-friendly portal that enables home sellers the Value, Market and Sell their homes. This is more of a typical transaction meaning the home is listed on the MLS (Multiple Listing Service) to encourage all offers, typical state contracts and closes at a typical title company. So what is the iList Difference? https://ilisthomes.com/whyilist
- iList – The consumer is in control with the tools and platform of a real estate agent.
- iList – The home is placed on the MLS for all offers – typically multiple offers
- iList – Built in instant offer notification and offer management tools
- iList – interactive closing calendar guides consumes through the process
- iList –Typical time of transaction is 43 days from start to finish.
- iList – has a listing fee of ½ of 1% and typical buyer agent fee of 2.5% for a total of 3% cost
The Difference – $21,000 which is $700 per Day in Savings
Take the same 300k House. With iList you have tools to value, market and sell your home and you do so in 43 days and have a cost of 9k in commissions. Now take the same house with OpenDoor. They buy it from you in 12 days with a cost of $30,000.
For a 30 day difference on average, is it worth $21,000? That is $700 dollars per day you are giving up when you have a buyer buy your house vs you choosing to Sell your house.
Don’t take our Word – hear from actual users on why they chose iList – https://ilisthomes.com/#savers_i
Totally impressed in every way by iList. We valued our home at 219K using the I Valuation tool, and it was on the MLS within 24 hours with the photos we wanted to use. We received and accepted a full price offer the SAME day! It was easy, fast, and we saved over 6 thousand dollars in commission!” Tidmore Family, TX Amount Saved $6,000
We thought our house was worth about 320k. iList helped us establish a price of 339k. We listed our house with ilist on the MLS and sold our house in 2 days at 335k. Not only did we price it 19k higher than we thought, but we also saved over 10k by using iList. I dont understand why anyone would pay full commissions to sell their home if they can use iList.
– Shelton Family, TX Amount Saved $10,000