Opendoor Announced Cash Plus. Then Its CEO Stepped Down. 

Opendoor CEO Carrie Wheeler stepped down from her role on August 15, less than a month after the company unveiled its new program, Cash Plus. 

Wheeler, who had led the company since 2022, will remain on as an advisor to the board through the end of the year. 

Her departure follows weeks of stock volatility, with Opendoor’s shares spiking on meme-stock forums in July before plunging nearly 50% in hours. The company has since seen continued swings, drawing national attention from both investors and industry watchers.

Opendoor’s Cash Plus Launch

On July 24, Opendoor announced Cash Plus, a hybrid program that gives sellers access to a portion of their equity upfront while Opendoor prepares and lists the property for sale on the open market. The approach closely mirrors Zoodealio’s Cash+, which launched in 2019.

Zoodealio had already filed for a Cash+ trademark earlier this year, and reached out to then-Opendoor CEO Carrie Wheeler when they learned about the announcement. In an email response, Wheeler stated Opendoor would continue with their new offering as planned:

“We are not aware of any instances of actual confusion between our respective offerings…

“We respectfully do not believe that anyone has exclusive rights in the phrase ‘cash plus.’ We’ll be continuing with our Cash Plus product name.”

Zoodealio’s Cash+ Model

Zoodealio’s Cash+ model is an agent-first alternative. Here’s how it works:

• Sellers receive 75–85% of their equity upfront when Zoodealio purchases the property.
• The company then handles repairs and upgrades as needed.
• The seller’s agent lists the home on the open market. 
• If the home sells above the purchase price, the seller captures the upside. If it sells for less, adjustments are made from the equity previously set aside. 

Kala Laos, Zoodealio CEO, explains why the agent is imperative to the success of these transactions:

“Cash+ was built to give sellers speed and certainty without sacrificing the upside of the open market, and to do it with the agent at the heart of the transaction. We’ve proven this model works at scale. With today’s demand for convenience, we believe Cash+ will be a mainstream option for sellers.” 

Since its 2019 launch, Zoodealio has expanded to 48 states, onboarded more than 10,000 agents, and completed hundreds of Cash+ transactions.

Agent Partnership in the Spotlight

Right now, the role of agents in any transaction is under renewed scrutiny, and that applies to hybrid and iBuyer models as well. Zoodealio requires and compensates an agent in every Cash+ deal. 

Opendoor has historically treated agent involvement as optional, though its new Cash Plus program includes working with a local partner agent to list the home on the open market, a move that mirrors Zoodealio’s approach. However, not everyone sees this as the right strategy.

Last week, Opendoor co-founder Keith Rabois, now Managing Director at Khosla Ventures and CEO of OpenStore, posted a “fix Opendoor” plan on X:

Fix Opendoor:
1. Replace most of company G&A w AI; 2/ Innovate on buyers adoption w financing options (make every mortgage assumable or equivalent) 3/ Massively unlock supply of sellers via innovative value prop (won’t share product yet) 4/ kill agent partnership—aim to win…

— Keith Rabois (@rabois) August 13, 2025

Step four read:

“Kill agent partnership—aim to win instead of appeasement.” -Keith Rabois

Consumer Impact

Both Cash+ and Cash Plus highlight a growing trend: consumer demand for faster, lower-stress home sales that don’t forfeit potential upside. Hybrid models are increasingly positioned as a middle ground between traditional listings and all-cash iBuyer sales.

With leadership changes taking place, Opendoor’s next steps will be closely watched, not only by investors, but also by agents and sellers navigating a shifting landscape in real estate transactions.