Knock Knock. Who's There? Opendoor.

Sellers enter their address, answer some questions, and receive an offer instantly.

Start with the least price sensitive customers → use them to improve accuracy and lower costs → attract slightly more price sensitive customers → use them to improve accuracy and lower costs → launch new markets with least price sensitive customers → rinse, wash, repeat

It is capturing meaningful market share in one of the world’s largest markets -- residential real estate.

People grasp its downside much better than they grasp its upside. But grasping the upside is what we’re all about here at Not Boring, so here it is:

Here’s how it works:

Opendoor is executing impressively and intelligently on its original plan.

Opendoor faces opposition from the realtors who still control the vast majority of the housing market and competition from Zillow, a company I respect tremendously that has a massive demand generation advantage.

Centralized pricing gives it the best pulse on the market of anyone in it.

It has positive and improving unit economics.