Things are not always as they seem, it appears. At least, that’s what the Federal Trade Commission revealed. Opendoor Labs Inc., an online real estate business offering a potential alternative to the traditional home buying process, has agreed to a proposed administrative order to pay $62 million to the FTC for deceptive business practices . Opendoor marketed a process to create higher sales prices for homes sold on their platform. However, the evidence to support these claims wasn’t there. As such, the FTC ordered Opendoor to stop deceiving potential home sellers, and to stop making baseless claims.
We are certainly adapting to what feels like an ever-changing economic environment. As new alternatives continue to emerge in the market, it’s important to remain prepared. “It’s clear that while embracing technology, most still require the guidance of an agent to help them save time, keep them organized, and successfully take them through the closing process to get the best deal,” according to Daniel Maloney, head of sales at Owner.com. The ability to be transparent with the value you provide is important. The niche information about neighborhoods, the ability to negotiate favorable contracts, and the guidance through the closing all demonstrate a specific, tangible skill set. In the end, it’s the value the clients aren’t necessarily looking for that can create the level up over an online alternative. That’s the open door policy.