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pendoor is shifting its focus to partnerships with real estate agents, aiming to build referrals and reduce losses. Despite a 2% decline in revenue to $1.2 billion, the company's net loss eased to $85 million from $109 million in the same period last year. Opendoor's CEO, Carrie Wheeler, emphasized the benefits of connecting sellers with trusted agent partners, citing improved conversion rates and speed.

    Wheeler noted that a significant portion of their business already comes from agents who bring cash offers to clients seeking choice. While Opendoor will continue to offer direct-to-consumer services on a one-to-one basis, its focus is now on expanding partnerships with agents.

    The company's Opendoor Exclusives marketplace, currently operating in three cities, may be reevaluated due to the current housing market conditions. Wheeler believes that the new partnership channel offers a more immediate path to serving customers and monetizing their funnel.

    Key numbers for Opendoor include:

    * Revenue: $1.2 billion (down 2% year-over-year)

    * Cash and cash equivalents: $559 million

    * Net loss: $85 million (improved from $109 million in Q1 2024)

    * Adjusted EBITDA: A loss of $30 million

    In contrast, Offerpad saw a 44% decline in revenue to $160.7 million but reduced its losses by 14% to $15.1 million. The company is focused on building a strong foundation through customer experience enhancements and scaling programs like Renovate and its Agent Partnership Program.