Will Opendoor's Agent Partnerships Strengthen Its Platform Model?

Opendoor Technologies Inc. (OPEN) is reshaping its business model through growing partnerships with real estate agents, marking a shift from a direct buyer to a platform-based operator. The company’s new distributed approach enables partner agents to bring Opendoor’s solutions — cash offers, market listings and hybrid options — directly to sellers. This structure broadens reach, improves conversion and reduces marketing intensity, creating a more scalable foundation for growth.During the second quarter of 2025 earnings call, the company highlighted that about one-fourth of acquisitions came through agents, reflecting the increasing relevance of this channel. The agent-led model was piloted in the first quarter of 2025, with strong early results. The pilot delivered twice as many sellers, reaching a final underwritten offer and listing conversions, rising fivefold compared with traditional flows. Encouraged by these outcomes, Opendoor rolled out the partner-led platform across all its operating markets in the second quarter.The company also introduced Cash Plus, a hybrid product that combines the certainty of a cash offer with potential resale upside through partner agents. This model lowers capital requirements, limits balance sheet exposure and generates high-margin, capital-light revenues from shared listing commissions. Management said the impact of the new agent-led platform will take time to reflect in financial results, likely becoming meaningful in 2026, with expectations of expanding high-margin, capital-light earnings over time.By deepening collaboration with partner agents and integrating digital tools such as the Key Agent app, Opendoor aims to strengthen its platform flywheel — enhancing efficiency, expanding seller reach and accelerating its evolution into a durable, capital-efficient real estate platform.OPEN Stock’s Price Performance, Valuation & EstimatesShares of Opendoor have rallied 221.8% in the past three months compared with the industry’s growth of 1.4%. In the same time frame, other industry players like Chegg, Inc. (CHGG), Exodus Movement, Inc. (EXOD) and EverCommerce Inc. (EVCM) have declined 20.6%, 24.8% and 2.2%, respectively.OPEN Three-Months Price PerformanceImage Source: Zacks Investment ResearchFrom a valuation standpoint, OPEN trades at a forward price-to-sales (P/S) multiple of 1.03X, significantly below the industry’s average of 5.52X. Conversely, industry players, such as Chegg, Exodus and EverCommerce have P/S multiples of 0.41X, 5.93X and 3.26X, respectively.Image Source: Zacks Investment ResearchThe Zacks Consensus Estimate for OPEN’s 2025 loss per share has remained unchanged in the past 30 days.Image Source: Zacks Investment ResearchThe company is likely to report strong earnings, with projections indicating a 35.1% rise in 2025. Conversely, industry players like Chegg and Exodus are likely to witness a fall of 114.7% and 52.2%, respectively, year over year in 2025 earnings. Meanwhile, EverCommerce’s earnings in 2025 are expected to surge 145.5% year over year. OPEN currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the favorite stock to gain +100% or more in the months ahead. They includeStock #1: A Disruptive Force with Notable Growth and ResilienceStock #2: Bullish Signs Signaling to Buy the DipStock #3: One of the Most Compelling Investments in the MarketStock #4: Leader In a Red-Hot Industry Poised for GrowthStock #5: Modern Omni-Channel Platform Coiled to SpringMost of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. While not all picks can be winners, previous recommendations have soared +171%, +209% and +232%.Download Atomic Opportunity: Nuclear Energy's Comeback free today.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Opendoor Technologies Inc. (OPEN): Free Stock Analysis Report Chegg, Inc. (CHGG): Free Stock Analysis Report EverCommerce Inc. (EVCM): Free Stock Analysis Report Exodus Movement, Inc. (EXOD): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks