The Opendoor, Zillow, Knock, and Upnest, and iBuyer business model is relatively straightforward:
Opendoor, Zillow, Knock, and Upnest
buys houses and owns them, acting as a middleman (as opposed to a matchmaker) in residential real estate transactions.
won’t buy every house -- qualifying properties include single-family homes built after 1969 (est.) with a value between $125,000 and $800,000 (est.).
makes money in two ways: from the service fees it charges, and from any difference between what it buys houses for and what it sells them for.
Opendoor, Zillow, Knock, Upnest
works with real estate agents, offering to pay buyer commissions, as well as seller commissions if a sale comes from an agent.
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