Real estate platforms: Opendoor vs. Apartments.com
Quick Verdict
Opendoor is suitable for sellers seeking a quick sale, while Apartments.com caters to renters and landlords.
- Opendoor provides a fast closing process but may offer less than market value.
- Apartments.com offers a wide range of rental options and property management tools.
- Both offer online platforms for managing real estate transactions.
Key features – Side-by-Side
| Attribute | Opendoor | Apartments.com |
|---|---|---|
| Property Valuation Accuracy | Algorithms and market data are used, but initial offers are often higher than final offers after inspection. | Offers rental comp reports using data from property listings to provide insights into the local market. |
| Offer Competitiveness | Aims to make competitive offers but typically pays less than market value (around 70-80% of fair market value). | Provides a platform for landlords to list properties and renters to compare options. |
| Closing Speed and Flexibility | Closes in as little as 14 days, with flexible closing dates (up to 60 days delay). | Streamlines the rental application process with online applications. Landlords can use Apartments.com Rental Tools to manage applications and create leases. |
| Service Fees and Transparency | Charges a service fee of around 5% of the sale price, with closing costs estimated at 1-3%. Repair deductions can reduce the final payout. | Renters can pay via checking account (ACH transfer) for free. Credit card, debit card, or Google Pay payments incur a 2.75% fee. Implementing measures for more transparent pricing, aiming to expose 'junk fees'. |
| Geographic Availability | Operates in 44 markets in the U.S. as of November 2021, focusing on specific metropolitan areas. | Wide geographic reach, listing properties across the United States. |
| Property Management Services | Opendoor provides property management services such as comprehensive property management, tenant screening, lease management, and maintenance coordination. | Offers a suite of tools for property management, including tenant screening, rent collection, and maintenance request management. |
Overall Comparison
Opendoor: Fast closing, lower offers; Apartments.com: Wide rental inventory, property management tools
Pros and Cons
Opendoor
Pros:
- Fast closing process (as little as 14 days)
- Flexible closing dates (options to delay closing for up to 60 days)
- Online platform for requesting offers and managing the selling process
- Property management services
Cons:
- Initial property valuation often higher than the final offer
- Offers may be lower than market value (70-80% of fair market value)
- Repair deductions can significantly reduce the final payout
- Some customers report a lack of transparency and difficulty in negotiations
Apartments.com
Pros:
- User-friendly website and app
- Extensive inventory of apartments for rent
- Streamlined rental application process with online applications
- Tools for property management, including tenant screening, rent collection, and maintenance request management
- Offers tools to create state-specific, customizable lease agreements
- Wide geographic reach across the United States
Cons:
- Customer service responsiveness can be an issue
- Service fees for credit card, debit card, or Google Pay payments (2.75%)
- Property valuation accuracy is not guaranteed
User Experiences and Feedback
Opendoor
What Users Love
- Transparency and simplicity of the selling process (according to some customers)
- Responsive experience partners (mentioned by some reviewers)
Common Complaints
- Initial property valuation was higher than the final offer
- Repair deductions and other fees often reduce the final amount
- Lack of transparency (reported by some customers)
- Difficulty in negotiations (reported by some customers)
Value Perception
- Offers are 70-80% of the fair market value
User Recommendations
- Many customers report that the initial property valuation was higher than the final offer.
- Opendoor typically charges a 5% service fee.
- Opendoor can close in as little as 14 days.
Apartments.com
What Users Love
- Easy to navigate platform
- Streamlined rental application process
Common Complaints
- Issues with customer service responsiveness
- Fees for certain payment methods
Value Perception
- Provides tools to assist with property valuation
- Offers a platform for comparing various rental options
- Streamlines the rental application process
- Provides tools to create lease agreements
- Offers property management tools
User Recommendations
- Some user reviews indicate issues with customer service responsiveness.