Last month, Open Listings, a real estate site that offers homebuyers a 50% refund on the fees their real estate agent would have received, announced that it raised $6.5 million to expand its operations.
And expand its operations it has.
The company announced Wednesday that it is officially rolling out its service in Seattle.
Previously, the company operated only in California, although the company said last month that it plans to add two more states beyond California and Washington this year.
In a release, the company said that it currently has more than 400,000 active buyers using the platform in California and completed its first sale in Seattle last week.
The company’s inaugural sale in Seattle was a $495,000 home purchase, in which the buyer saved $7,425 by using the service.
Open Listings offers buyers a 50% refund on the buying agent commission for using its service.
Basically, buyers who use Open Listings find, tour, and buy homes through the platform. Real estate agents only come into the process when it’s time to make an offer on the home.
Therefore, the company can offer a rebate on the buying agent commission.
“Open Listings' aim is to fundamentally improve and simplify home buying by making the process more efficient,” the company said in a release.
“Traditional agents normally spend 80% of their time looking for new clients, but since buyers come to Open Listings directly and browse homes on their own time, their agents can focus completely on getting offers accepted,” the company continued. “This allows them to provide a better, more responsive experience to buyers and sellers while passing along the savings.”
And now, homebuyers in Seattle can use the service, too.