Opendoor

Opendoor pioneered iBuying—using algorithms and capital to make instant cash offers on homes, buy them, make renovations, and resell them. The model promised to simplify and speed up real estate transactions for sellers. Opendoor went public via SPAC merger in December 2020. The company faced significant headwinds during the 2022 real estate correction but has restructured its operations around lower risk thresholds. It competes with Offerpad and traditional real estate.