Opendoor's Fiercest Competitor Just Became Its Biggest Fan
Real estate technology companies Opendoor Technologies (NASDAQ: OPEN) and Zillow Group (NASDAQ: ZG) recently made headlines when they announced a multi-year partnership to work together.
The two companies were former rivals in the iBuying space before Zillow pulled out of the race late last year. Wall Street seems skeptical of Opendoor's business, judging by the share price. Here is why Zillow is quietly betting big on the company's long-term future.
Both Opendoor and Zillow competed in iBuying, but the two companies are fundamentally different. There are two sides to a housing transaction: the buyer's side and the seller's side. Zillow has long ruled the buyer's side; the company's mobile apps and websites had a combined 234 million unique monthly active users just in the second quarter of 2022. Just about everyone has probably browsed homes on Zillow at some point.
Source Fool.com
