It seems like nearly all customers won’t be happy with offers on their homes. We ll bring you a quick cash offer ” with a offensive supply If you couple “’s advertising message, it appears that customers receive, well, offended.
What are some of these misconceptions? Mostly that they overlook ’t provide competitive supplies. In their ad:
“After we decided to attempt [Opendoor], it was with low expectations. They would never make a fair market value supply. Wrong. Their deal was completely honest. A gazillion bucks on repairs would cost us. Wrong. They didn’t nickel and dime usand they made it effortless to know just what to repair. They would cost us too much to buy it. Incorrect…
It definitely seems Opendoor is defensively addressing this and like there ’ s been a few customer backlash:
I’m also a endless skeptic of estate disrupters”. I feel that Redfin along with the other discount brokerages choose in the 5% margin of sellers who’d preferably save 1% than have a great experience selling their houses . The enormous boom of iBuyers appear to pick at the other end of the spectrum plus cater to sellers who would rather give their houses apart than put in some effort to sell at FMV (significantly less 6.5-7.5percent in closing prices ) Because iBuyers are relatively brand new, we don’t know just what that market share is all, but my stomach is that it’s less than 5 percent. (Opendoor continues to be in Dallas for a few years and has ~2% of the industry there.) So…it seems that these disrupters are fighting more than ~10 percent of this marketplace.
Around 2 months past, negative reviews started trickling in. Roughly 50 percent of their latest reviews are 1 celebrity and can be read here.
Napkin math indicates that homes can be purchased by iBuyers in a 15-20% discount. Marketing this frankly doesn’t sell. “Click here to get a free offer 15-20% below market” will have a conversion rate that is bad. So, iBuyers market for decades! ” “Instant offer! ” etc (providing money and time certainty)… From that point, the consumer receives an offer price and then service charges tacked on so as to soften the blow. It’s a bit of a bait & switch.
Review.io is a third party review site that’s relatively simple to astroturf. Reviews were posted. They tended to appear like this:
As a savvy real estate veteran, I’m surprised by this in any manner. I ve been interested how customers would respond to it. After turning my Adblocker off a month or two before, I’ve ve appeared through their own ads. A complete set of advertisements are available for review .
There were TONS of opinions on this specific advertisement . Many were consumers, although A whole lot of the remarks were clearly from agents. 90% angrily addressed. One commenter inquired why Opendoor removed reviews from their FB page and Opendoor responded that they were transferred to https://www.reviews.io/company-reviews/store/opendoor-com.