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| - I live next door to a home owned by Opendoor, and I've seen the whole process, viewed the house myself, and even have the same model that's being sold. And my general sentiment is that they're just opportunists.
They say that they keep their profit margins low, but when you jack the price up so high that hardly anyone even comes over to take a look at it for months on end, during the peak of the real estate season, in a market that appreciated over 5% in the last year alone, of course your margins are going to be low! Granted, they did put a little work in - the roof for sure was replaced, but the house is small so it probably wasn't more than $10k-$15k. Some ugly old paint on the back porch was scraped off, they cut a dead little peach tree down (didn't remove the stump), and the carpet looks new too, so maybe another $2k for those. But at the end of the day, they mostly just cleaned, and asked for 12% more. And then the house sat. And sat. And sat. Finally, they started easing it down, $1000 by $1000, until finally someone took the bait, 8 re-listings later.
So you might as well just do a little bit of basic cleaning and functional upgrading yourself, and then list for 3% more than the average market appreciation in your city the year before, which is what OpenDoor eventually got. I hate that these guys are making all that money because at the end of the day, they were lousy neighbors.
The whole reason I'm writing this is because this morning was the last straw for me -- they called people to start a massive air compressor up at 7AM, 10 ft from my house, waking up my teething infant daughter. They chose the most asinine contractor they could find who wouldn't even relocate his excessively noisy work indoors and save the part right next to my house for the end, an hour and a half later. Their contractors have been cut-rate, 3-star companies, some not even real companies at all, but migrants who don't speak English who they can pay nothing. I don't care who their contractors are, I just wish they'd have a little human decency to consider the proximity a house is to the houses next door before they schedule noisy work.
These guys winning means realtors are out of jobs. Granted, I don't really love realtors as much as the next person, but companies like this just contribute to no one being able to find any work. The only possible convenience these guys add is not having people walk through your house at inopportune times. Is that really worth 8% of your house's value?
Also, I called the office to complain about the noise. There's nothing they can do about it now except not do this kind of thing again to the next neighbor. So if you see more complaints like mine from neighbors, you'll know how big of a crap they give.
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