The world of iBuying has had its ups and downs, but it’s an undeniable part of modern real estate. An iBuyer is a company that uses technology to almost instantly buy (hence “i- + buy”) homes. The data and algorithms behind it are complex, but the experience for the home seller is extremely simple.
What We See Right Now
There are a few players who dominate this space: Opendoor, Offerpad and RedfinNow are the biggest (RIP Zillow Offers), followed by Keller Offers, ExpressOffers and RealSure. We can’t help but notice the similarities in these names. They’re all either a composite name (a name comprised of two real words pushed together) or a light twist on their parent company’s name — and some check both boxes. Opendoor and Offerpad are weirdly similar for being direct competitors: composite names, starting with O, with the same cadence and number of syllables.
Start-up competitors in the iBuying space offer a bit more variety in their names — likely in part to distinguish themselves from the behemoths. A couple of them are cut from the same cloth as Opendoor and Offerpad. (We’re looking at you, Offerdepot and now-defunct Abodewell.)
Fello highlights a people-centered approach to iBuying (full disclosure: we named Fello!). The humanity in their name takes a stand in a tech-driven space. Orchard and Knock convey quite different messages from Fello, but their style and short length suggest that they share a desire to stand out from companies like RedfinNow and Offerpad.
If eyes are the window to your soul, your name is the window to your brand. Not-so-exciting names like RedfinNow and Keller Offers work because they are so closely tied to their already-successful parent brands.
Opendoor is a solid name, but when it’s essentially imitated by Offerpad—and they’re both then imitated by Offerdepot and Abodewell—you have to wonder about each of their brands. What is unique about them? Is there anything unique about them, or are they all just duplicates of Opendoor?
Carving out your own space is important. A name should differentiate you from your competitors and give people a glimpse into what your brand is all about.
Jill Stanewick is a director of naming & strategy at Tanj.