added by sari · updated 2y ago
Knock Knock. Who's There? Opendoor.
- Opendoor sends an inspector to confirm the condition and price repairs (and collect data to feed back into the model), before settling on a final price.
from Knock Knock. Who's There? Opendoor. by Packy McCormick
sari added 3y ago
- Zillow uses agents and Opendoor sells homes itself. Because of that, Zillow has structurally higher costs, and it can’t collect the kind of data that Opendoor can, like how many visits it takes to sell a house in a particular microneighborhood.
from Knock Knock. Who's There? Opendoor. by Packy McCormick
sari added 3y ago
- Residential real estate is a massive market ($1.6 trillion annually) with low customer satisfaction and an inconsistent experience (28% of realtors do the job part time). Opendoor’s model has five tailwinds at its back:
from Knock Knock. Who's There? Opendoor. by Packy McCormick
sari added 3y ago
- Customers are uncertain in a downturn. When customers are uncertain, they should be more willing to pay a premium for certainty.
from Knock Knock. Who's There? Opendoor. by Packy McCormick
sari added 3y ago
- Here’s how it works:
from Knock Knock. Who's There? Opendoor. by Packy McCormick
sari added 3y ago
- Medium-term, Opendoor will add services beyond the home sale transaction. It has announced plans for moving, but I wouldn’t be surprised if it started offering ongoing home repairs and maintenance, painting, lawn care, cleaning, and anything else related to the home
from Knock Knock. Who's There? Opendoor. by Packy McCormick
sari added 3y ago
- The startup graveyard is filled with companies led by entrepreneurs who realized that the way we buy and sell homes sucks, but couldn’t ultimately figure out how to change it. They weren’t thinking big or long-term enough. The companies that have made the biggest impact, like Zillow and Redfin, make it easier to search for houses, but then kick buy... See more
from Knock Knock. Who's There? Opendoor. by Packy McCormick
sari added 3y ago
- The Zillow threat is overblown. Opendoor has a range of advantages over Zillow in iBuying, which are borne out by the numbers.
from Knock Knock. Who's There? Opendoor. by Packy McCormick
sari added 3y ago
- Opendoor only holds houses for an average of 88 days, so their exposure is limited.
from Knock Knock. Who's There? Opendoor. by Packy McCormick
sari added 3y ago