Top Opendoor Competitors in 2023

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  Written by Bailey Peterson

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  Edited by Andrew Whytock

Top 4 Opendoor competitors | What is Opendoor? | What makes Opendoor unique? | Apps like Opendoor | FAQ

Opendoor has several competitors, including Offerpad, Orchard, Knock, and We Buy Ugly Houses.

These companies overlap with some of Opendoor’s services. But Opendoor is unique because it offers three distinct services: iBuying, power buying, and home trade-in.

If you’re a home seller looking for a quick sale, we recommend comparing Opendoor to similar companies to make sure you get the best deal.

Clever Offers can help you decide which route to take. Clever matches you with a real estate agent who fields offers from iBuyers like Opendoor and other cash buyers. Your agent also estimates the value of your home, so you can compare the cash offers to what you could get on the open market. The service is free, with no obligation.

What is Opendoor?

Opendoor is the country’s largest iBuyer. iBuyers make near-instant cash offers on homes and can help you avoid the hassle of a traditional home sale. Although new competitors have entered the market, Opendoor still purchases nearly twice as many homes as its competitors. 

Opendoor has also expanded its services beyond iBuying. Opendoor can 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 is only an iBuyer. Orchard and Knock are trade-in services and power buyers, but not iBuyers.

Many real estate websites mistakenly identify Orchard and Knock as iBuyers. In reality, these companies will purchase your home only 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

Top 4 Opendoor competitors

1. Offerpad: Best alternative iBuyer

Offerpad is worth considering for a quick and easy sale. It beats Opendoor on flexible closing times, though Offerpad’s slightly higher fees and lower offers might not be as appealing.

Here’s how the two companies compare: 

🔑 Key similarities

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

🔑 Key differences

• Offerpad charges a 1% fee if you cancel more than four days after it completes an inspection. Opendoor doesn’t charge a cancellation fee.
• Offerpad has a more flexible closing timeline. In most locations, Offerpad can close in 8–60 days. Opendoor offers a range of 14–60 days.
• Offerpad generally makes slightly lower offers than Opendoor, according to this study.
• Offerpad’s service fee is higher. Offerpad charges 6%, while Opendoor charges 5%.

» READ: Our full Offerpad review

2. Orchard: Best power buyer and trade-in service overall

Orchard isn’t an iBuyer, and it doesn’t guarantee your home’s sale. Instead, it helps 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 advances the funds you need to sell your current home. Orchard’s Home Advisors then take care of listing the property for you.

🔑 Key similarities

• Your home sale is guaranteed. Orchard provides a backup offer in case your home doesn’t sell on the open market. Opendoor buys your house directly.
• Home showings won’t disrupt your schedule. With Orchard, you can move into your new home while showings happen at your old home. With Opendoor, you don’t need showings because the company is your buyer.
• You have flexibility on moving dates. Both Opendoor and Orchard allow you to choose when you move into your new home.
• You don’t have to make repairs yourself. Orchard’s Concierge Service recommends repairs for you, then manages the process. Opendoor deducts repair costs from the sale price.

🔑 Key differences

• Opendoor tells you a sale 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 tells you exactly what it will pay for your home.
• Opendoor’s service fee is lower. Orchard charges 6% of your home’s value, while Opendoor charges 5%.

» READ: Our full Orchard review

3. Knock: Runner-up power buyer and trade-in service

Like Orchard, Knock isn’t an iBuyer. Knock’s goal is to help you buy a new property before you sell 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 noncontingent 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 it made on your behalf and for the money you borrowed for repairs, and you’ll keep what’s left. If your home doesn’t sell, you can take a backup offer from Knock.

Here’s how it compares to Opendoor:

🔑 Key similarities

• Your home sale is guaranteed. Opendoor purchases your home directly. Knock helps you try to sell on the open market, but if it doesn’t sell, you can take Knock’s backup offer. 
• You have flexibility on moving dates. Knock and Opendoor let you choose your moving dates.
• You’ll get help with repairs. Knock advances you the money for repairs, while Opendoor deducts the cost of them from your offer. In both cases, you don’t have to come up with the money out of pocket. 

🔑 Key differences

• Opendoor tells you a sale price up front. Knock doesn’t. Knock can estimate what your home will sell for on the open market, but there’s no guarantee. Opendoor tells you what it will offer for your home.
• Knock’s fee structure works differently. With Knock, you pay a 2% 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.

» READ: Our full Knock review

4. We Buy Ugly Houses: Best for homes with major issues

We Buy Ugly Houses is a cash buyer franchise that buys homes with serious structural or cosmetic damages. Like an iBuyer, it makes quick offers and provides short closing timelines. 

You won’t get top dollar when you sell to We Buy Ugly Houses. In fact, you might get as little as half of your home’s true value. But for homeowners who want to sell a distressed or ugly house, the company can provide a quick solution. 

🔑 Key similarities

• Both companies make a quick offer. We Buy Ugly Houses sometimes makes offers the same day it inspects a home. Opendoor makes an offer within 24 hours of its evaluation.
• Both companies offer fast closing times. You can close in as little as two weeks with Opendoor and three weeks with We Buy Ugly Houses.
• Neither company requires you to organize inspections or make repairs. The trade-off is that both companies offer lower than market value so they can resell your home for a profit.

🔑 Key differences

• Opendoor doesn’t buy ugly houses. It has strict criteria and excludes most distressed or worn-down homes.
• Opendoor makes offers closer to market value. We Buy Ugly Houses typically offers a max of 70% of your home’s after repair value.
• We Buy Ugly Houses has wider coverage, with 800 franchises across 46 states. Opendoor helps homeowners in only 47 markets.

» READ: Our full We Buy Ugly Houses review

Apps like Opendoor

Opendoor offers a more convenient home selling and buying experience through its app.

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

All of these apps allow you to:

• Search homes across the U.S.
• Customize your search parameters
• Take virtual home tours
• Receive custom notifications about properties you’re interested in
• Connect with real estate agents

Here are some additional highlights on the most popular real estate apps that are similar to Opendoor’s.

Zillow app 

With Zillow’s app, you can also share homes of interest with friends and families. Zillow’s app is more focused on searching for properties and connecting with an agent, while Opendoor’s app also emphasizes its iBuyer feature. Some reviewers for Zillow’s app complain about problems with notifications.

Redfin app 

Redfin’s app updates its listings every five minutes. You can also tour a property via video chat. Like Zillow’s app, Redfin’s app is heavily focused on connecting you with an agent or helping you find a property to purchase. Reviewers for Redfin’s app complain about a recent update that routes them to a “feed page.” 

Realtor.com Real Estate app 

The Realtor.com Real Estate app also includes a mortgage calculator and some unique search tools such as a noise layer map. Some reviewers for Realtor’s app describe it as “glitchy.”

FAQ

Related reading

What Is an iBuyer? iBuyers offer cash payment for homes on a lightning-fast timeline. The trade-off is that instant offers may be 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, that’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 detail the differences between types of cash buyers, the process cash buyers use to purchase your home, and the pros and cons of selling to a cash buyer.