Companies like Opendoor: 4 Competitors You Should Consider

There are a few companies like Opendoor that offer similar services: Offerpad, Redfin Now, Orchard, and Knock.

The competitors in our list each overlap with some of Opendoor’s services, but Opendoor is unique because it’s the only company to offer three distinct real estate services under one brand name: ibuying, home trade-in, and all-cash offers for buyers.

• If you’re a home buyer, Knock and Orchard have services to help you make competitive, all-cash offers on your next home (power buying). » Read more.
• If you’re a home seller looking for fast, convenient sale, Offerpad and RedfinNow operate in many of the same markets as Opendoor (ibuying). » Read more.
• If you want to buy a new home before you sell your old one, Knock and Orchard have services that can help you finance your move (trade-in). » Read more.

Top 4 Opendoor competitors

Offerpad (iBuyer)

Offerpad is worth considering for a quick and easy sale. However, Offerpad charges a 1% cancellation fee and generally makes lower offers than Opendoor.

Here’s what you need to know about the similarities and differences between the two companies. 

🔑 Key similarities

• You can pick your closing date: You’ll have the freedom to move when you want to. 
• No showings are required: Both companies will schedule an inspection, and take care of repairs for you (with the cost of repairs deducted from the selling price). 
• Available in top iBuyer markets: Both buy homes in Phoenix, Atlanta, and Dallas.

🔑 Key differences

• Cancellation fees of up to 1% could apply: Opendoor does not charge a cancellation fee, while Offerpad charges a fee of 1% if you cancel outside of the four day period after an inspection has been completed.
• Offerpad has a more flexible closing time. In most locations, Offerpad can close in 8 days or extend your closing timeline up to 90 days. Opendoor, by comparison, only offers a range of 14—60 days.

Read our full Offerpad review.

RedfinNow (iBuyer)

You have a better chance of getting a legitimate offer for your home with Opendoor than with RedfinNow, judging by the number of houses each company purchases. In 2019 Opendoor bought and sold 32-times more homes than RedfinNow according to a 2020 report.

🔑 Key similarities

• No showings are required: You’ll have just a simple visit from Redfin Now to determine what, if any, repairs need to be made. 
• No cancellation fee: If you don’t sign the repair addendum with Redfin, you can cancel at any time and are under no obligation to sell your home to the broker. 
• A reliable cash offer: You don’t have to worry about financing falling through or other problems preventing your sale from getting to closing. 

🔑 Key differences

• Redfin Now buys higher priced properties in some markets: While Opendoor typically purchases homes valued between $100,000 and $600,000, Redfin Now buys homes priced up to $1.5 million in some markets
• Redfin Now is available in a more limited number of markets. Redfin now is available in just 31 markets, compared with Opendoor’s 45.

Read our full Redfin Now review.

Orchard (power buyer and trade-in service)

Orchard is very different than Opendoor as it is not an iBuyer and it does not guarantee your home’s sale. Instead, the goal of Orchard is to help you buy a new home before your old one sells.

Orchard estimates your home’s value, determines how much equity you can tap into, and then advances you the funds needed to sell your current home. Orchard’s Home Advisors then take care of listing the property for you. 

🔑 Key similarities

• You can avoid home showings: Orchard enables you to purchase and move to your new home before your old one is sold. This means you don’t have to live in your home during showings. Opendoor also allows you to avoid showings, but does so by purchasing your house directly. 
• You have more flexibility regarding when you move: Since Opendoor buys your house and lets you select your closing date, you can choose when you move to a new home. Orchard also makes it possible for you to pick your moving date, but it does this by enabling you to buy before you sell. 
• You don’t have to handle repairs: If you work with Orchard, you can opt for their Concierge Service. This would mean they recommend repairs for you and manage the process.

🔑 Key differences

• Opendoor guarantees your home will sell, Orchard doesn’t. With Orchard, you list you home on the openmarket, so there’s no guarantee that it will sell.
• Opendoor tells you your price up front, Orchard doesn’t. Orchard estimates what your home will sell for, but there’s no guarantee you’ll actually get that price. Opendoor, on the other hand, tells you exactly what it will pay for your home before you move forward. 
• Opendoor’s fees may be lower. Orchard charges 6% of your home’s value, while Orchard charges 5%. 

Read our full Orchard review.

Knock (power buyer and trade-in service)

Knock operates differently than Opendoor: it’s goal is to help you buy a new property before you’ve sold your old one. 

Knock’s Home Swap program helps you secure a home loan with a down payment advance so you can make a competitive non-contingent offer. It then works with you to list your home and advances you up to $25,000 for necessary repairs.

If your home sells on the open market, you’ll pay Knock back for the mortgage payments they made on your behalf, and the money you borrowed for repairs and keep what’s left. If your home doesn’t sell, you can take a backup offer Knock made at the start.

Knock charges a 1.25% convenience fee for this service.

🔑 Key similarities

• You can be confident your home will sell: Opendoor will purchase your home directly after you receive an offer. Knock helps you try to sell on the open market,  but you have the option to take a back-up offer. In either case, you’ll know for sure your home will sell. 
• You have flexibility regarding when you purchase a new home: You don’t have to wait and hope to find a buyer before purchasing your new home. Knock makes it possible to move forward by securing you a loan to buy a new home before selling.
• You’ll get help with repairs. Knock advances you the money for repairs while Opendoor deducts the cost of them from your offer. But, in both cases, you don’t have to come up with the money out of pocket. 

🔑 Key differences

• Knock’s fee structure works differently. With Knock, you pay a 1.25% convenience fee, as well as real estate commission. With Opendoor, you pay a 5% service fee but you don’t have to pay realtor commissions.
• Knock probably won’t purchase your home. If Knock can’t sell your home on the, you can accept Knock’s backup offer to purchase your home. However, Knock pays less than fair market value and only purchases houses as a last resort.

Read our full Knock review.

What is Opendoor?

Opendoor is the country’s largest iBuyer — a company that makes near-instant cash offers and can help you avoid the hassle of a traditional home sale on the open market. Although new competitors have entered the market, Opendoor still completes nearly twice as many home purchases as all other companies in the space. 

Opendoor has also expanded its services beyond iBuying. Opendoor can also help you make a competitive all-cash offer if you’re ready to buy your next home, or it can help you trade in your current home to avoid juggling two mortgages and closing dates.

» READ: Everything you need to know about Opendoor.

What makes Opendoor unique?

Opendoor is the only company to combine three new real estate services — iBuying, power buying, and home trade-in — under one brand name.

Offerpad and RedfinNow are only iBuyers — companies that make near-instant cash offers on houses. Orchard and Knock are trade-in services and power buyers, but not iBuyers: they can help you make an all-cash offer to purchase a house, or help you buy your next house before you sell your old one.

There’s a lot of confusion about what each of these companies do because they’re new options for home buyers and sellers. Many real estate websites mistakenly identify Orchard and Knock as iBuyers, when in reality these companies will only purchase your home as a last resort if they’re unable to sell it for you on the open market.

» MORE: Check out our list of the best iBuyers in 2022.

Apps like Opendoor

One of the ways that Opendoor offers a more convenient home selling process is by providing a mobile-optimized home buying and selling experience with their app.

However Opendoor isn’t the only real estate tech company that offers a mobile experience. Zillow, Redfin, and Realtor.com have apps that are similar to Opendoor’s.

Below, we’ve highlighted some of the most popular real estate apps that’re similar to Opendoor.

Zillow App 

Zillow’s app provides similar functionality to Opendoor’s app. You can:

• Search homes across the U.S.
• Refine your search by area or with other customized search criteria
• Receive notifications when new homes become available that meet your criteria
• Share homes of interest with friends and families
• Schedule showings or view a video tour
• Connect with an agent to ask questions about buying or selling

Zillow’s app is more focused on searching for properties and connecting with an agent, while Opendoor’s app also emphasizes its iBuyer feature. Zillow’s app also receives higher ratings, earning a 4.8 out of 5 at the App Store and a 4.5 at Google Play. However, some reviewers complained of problems with notifications. 

Redfin App 

Redfin’s app also works in a similar way to Zillow and Opendoor’s. You can:

• Search homes listed across the U.S., which are updated every five minutes
• Refine your search by area or using other filters
• Sign up for alerts when new homes of interest become available
• View a virtual tour or tour a property via video chat
• Connect with a Redfin agent to get questions answered or schedule a showing

Again, the app is more heavily focused on connecting you with an agent or helping you find a property to purchase, rather than on the iBuyer feature. This distinguishes it from Opendoor’s app, which highlights its iBuyer service predominantly.  Redfin’s app received a 4.8 out of 5 on the App store, and a 4.7 on Google’s Play store. Reviewers complain about a recent update that routes them to a “feed page,” though.  

Real Estate App by Realtor 

Real Estate App offers the same features as the other apps on the list, allowing you to:

• Search homes in the U.S.
• Customize your search parameters
• Take virtual home tours
• Receive custom notifications about properties of interest
• Connect with real estate agents

Realtor’s app also includes a mortgage calculator and some unique search tools such as a noise layer map. It received a 4.7 on Apple’s App Store 4.6 on Google Play. Some reviewers, however, describe it as “glitchy.”

FAQs

Related reading

What is an iBuyer?: iBuyers offer cash payment on a lightning-fast timeline. The tradeoff is that you may find that instant offers are less than what you’d get on the open market.

How to Sell Your House Fast: On average, it takes a little shorter than a month for a home to go under contract once it’s listed for sale. However, thats’s not the end of the process. It could take another month for the sale to close. Read on for tips to streamline this process and sell fast.

We Buy Houses For Cash Companies: In this guide to “We Buy Houses for Cash” companies, we’ll detail the differences between types of cash buyers, the process cash buyers actually use to purchase your home, and the pros and cons of going the cash buyer route.