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pendoor is expanding its Key Connections referral program, which connects agents with sellers from the start of the sales journey. The company sees this as an opportunity to tap into a new revenue stream and provide value to both agents and consumers. Opendoor has also reintroduced and rebranded its agent partnership program as Key Agent.

    The expansion is designed to pair high-intent sellers with local agents at the start of their sales journey, allowing them to present and discuss all options, including Opendoor's cash offer or listing on the open market. This integrated experience aims to preserve optionality for customers and create a seamless comparison of all available choices.

    Opendoor has tested the Key Connections program in 16 markets since February and plans to take it nationwide later this year. The program is invite-only, prioritizing agents with strong market share, prior Opendoor partnership experience, and proven expertise. Interested agents can sign up for notifications on the program's expansion and updates.

    Opendoor will reward agents even if their seller decides to list traditionally, offering a fee structure that is still being refined. Agents who partner with Opendoor will also gain access to useful tools, including the company's proprietary tech used to provide cash offers on homes.

    The expansion of Opendoor's agent programs represents an opportunity for the company to convert more customers and tap into its large database of property owners. This move reflects the iBuying sector's evolution toward hybrid models, where companies like Offerpad are differentiating themselves by providing listing services in addition to referrals.

    Opendoor has remained optimistic despite posting significant losses over the past several years, reporting a slight uptick in revenue last quarter. Converting more customers would put the company on more solid financial footing and rebuild confidence with investors.