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Opendoor is teaming up with Birdie, a cash-gifting platform, to launch the Opendoor Cash Registry, according to an announcement on Tuesday.
Opendoor says this new product is a way for homebuyers to create home cash funds for all sorts of life transitions and moving needs. Additionally, Opendoor sees this product launch as part of its goal to build a platform that supports consumers at every stage of their homeownership journey. The company believes this will help it reach more buyers and keep them engaged with Opendoor over time.
“At Opendoor, we’re all about simplifying consumers’ lives,” Lauren West, Opendoor’s head of creative marketing, said in a statement “By using technology to modernize the real estate process, we can help more consumers achieve their homeownership aspirations.”
Homebuyers across the country are currently struggling with affordability, which Opendoor says has caused many prospective buyers to turn to cash registries to help raise funds for things like a down payment or major property renovations.
The iBuyer’s cash registry product has four options for consumers to choose from, including a “First Home Fund,” a “Home Improvement Fund,” a “Room to Grow Fund,” and a “Work from Home Fund.” Users may select one of these pre-set registries or create their own. They can then send out a personalized registry link to friends and family. Raised funds can be transferred into a user’s bank account via an ACH transfer, according to the release.
“We’re excited to partner with Opendoor to help bring their bold vision to life,” Candace and Andrew Ravan, the co-founders of Birdie, said in a statement. “The data is clear — today’s consumers overwhelmingly prefer cash gifts to fund major life goals like buying a home.”
