Open Listings was a discount real estate brokerage that offered reduced rebates to buyers who purchased a home through their platform. Open Listings was owned by one corporate entity and does not operate franchises in the US.
Buyers and sellers worked with Open Listings to buy their home. Opoen Listings provided technology and access to agents for buyers.
Open Listings charged a traditional buyer's agent commission and then provided a rebate of up to 50%.
Open Listings primarily generated revenue through real estate commissions from buyers on a successful home purchase or sale.
Open Listings was acquired by Opendoor in September of 2018. Open Listings has since been integrated into Opendoor and no longer operates independently.
Open Listings employed agents as full-time employees. As a result, agents were paid a salary and smaller sales commission by the brokerage rather than being paid entirely based on sharing commissions via a traditional commission split.
Open Listings employed agents as full-time employees rather than independent contractors.