Opendoor Turns To Agents In The Hunt For Profitability

Although current housing market conditions are challenging, iBuyer Opendoor appears to be turning the corner after several rough years, even with its recent ride on the meme stock roller coaster.

During the second quarter of 2025, Opendoor recorded $1.6 billion in revenue, up 4% annually, and a net loss of $29 million, an improvement over its $92 million net loss record in Q2 2024. However, the quarter marked Opendoor’s first quarter of adjusted EBITDA profitability in three years, with an adjusted EBITDA profit of $23 million. 

These results come as Opendoor reports selling 4,299 homes during the quarter, up 5% annually, while its inventory of homes came in at 4,538 properties, down 32% year over year. Opendoor also purchased just 1,757 homes in Q2 2025, down 63% annually, which executives said was driven by meaningfully wider spreads and reduced marketing spend. 

These improved results come as Opendoor announces a “strategic shift,” which will see it move “from a single product to a distributed platform with multiple offerings delivered through agents.”

“Agents already come to us every single day for a cash offer. We’re simply changing the direction of traffic, putting the power of Opendoor into their hands so they can bring our products straight to the seller,” Carrie Wheeler, Opendoor’s CEO, said during the firm’s Q2 2025 earnings call with investors and analysts Tuesday night.

A differentiated product suite

As Wheeler sees it, Opendoor has two things other real estate companies don’t: “unparalleled lead quality,” and “a differentiated product suite.” 

“Sellers can choose the certainty of a cash offer, the upside potential of a market listing or a hybrid of both. This means sellers get more choice, more speed and more certainty,” she said. “Sellers win, agents win and Opendoor wins because we can serve far more sellers, monetize more leads and expand high-margin, capital-light revenue streams.”

Opendoor began launching a pilot of this new approach in “select markets” during Q2. The company said that the early results are promising, with twice as many customers reaching a final underwritten cash offer relative to the firm’s traditional operating flow. 

“We’re delivering offers faster with streamlined in-home agent assessments. Listing conversion rates are 5x higher, and we’re unlocking more capital-light earnings through our share of listing commissions,” Wheeler said. “On the strength of these results, we’ve gone from pilot to full rollout in record time. Today, partner agents are live in every market we operate.”

Looking ahead, Wheeler said Opendoor hopes to bring in more agents, while providing them with better tools and training. And while technology has been the name of the game for the iBuyer, it is now leaning into the more human side of the real estate transaction.

“Being in the home gives agents a chance to guide the seller through every option, and we believe that face-to-face trust will be a powerful driver of conversion,” she said. 

Putting cash in sellers’ hands

In addition to its traditional cash offer product, Opendoor also recently launched its Cash Plus product which provides sellers with immediate cash for their home, but also gives them the chance to obtain additional proceeds from the sale of their home on the open market after expenses are covered. 

“For Opendoor, it’s a better risk-adjusted product that uses less capital, protects our downside and aligns our incentives even more closely with the customers,” Wheeler said. 

She added that with this product, sellers gain more choices while Opendoor gains more opportunities to monetize leads, serve customers and expand higher margin revenue streams. 

“The more agents we enable, the more sellers we serve. The more transactions we handle, the stronger our platform gets,” Wheeler said. “Our marketing dollars become more efficient as we monetize more of the sellers who come to us. And as we grow transactions, we further leverage our cost structure. Value compounds for customers, agents and shareholders alike.”

Although things have been rough for the iBuyer over the past several years, Wheeler said Opendoor remains focused on building a company that is durable, relevant and ready to scale for the next decade. 

“We know exactly where we’re going, and we’re taking decisive steps to get there,” she said.