Opendoor, the San Francisco-based digital platform for residential real estate transactions, announced this month its entrance into the Reno market to do business. According to a June 15 press release, Opendoor recently surpassed 100,000 transactions since its launch in 2014, a milestone that allowed the company to enter the Reno market and five others: South Florida (Miami, Fort Lauderdale, Palm Beach); Oklahoma City; Columbia, South Carolina; and the Tennessee metro areas of Knoxville and Chattanooga. “Reno is one of the hottest and most diverse markets in the country,” Opendoor Regional General Manager Andy Swanton said in a statement. “People are relocating from more expensive states, seeking lower taxes and better quality of life. Reno is a great market for Opendoor being just two hours away from a mature market like Sacramento, bringing operational efficiency to residents looking to call Reno home.” According to a June 15 article by real estate magazine The Real Deal, Opendoor is the largest of the three major players in the iBuyer sector (Offerpad and Zillow are the others), selling over 9,000 homes last year and generating $2.6 billion in revenue.
"The company’s business model hinges on making cash offers for homes and then reselling them, as well as ancillary business lines, such as providing homebuyers the capital upfront to land homes,” according to the article.
Per the June 15 release, the expansion increases Opendoor’s national footprint to 39 markets.