Opendoor – Global SERS

“The revolutionary way to buy and sell your home”

Founded: 2014 in California, USA

Category: Real Estate

Primary office: San Francisco, California (USA)

Core technical team: San Francisco, California (USA)

Status: Private

Employees: 1800

Amount raised:

$1.5 billion (8 rounds – March 2019).

$3 billion in debt financing

OVERVIEW

Provides an online marketplace for simplified, hassle-free home buying and home selling.
Enable homeowners to request and receive immediate offers on their home or property, eliminating the risks and challenges associated with the traditional home sale process
Provides a seamless on-demand process to access a wide range of properties, enable buyers then to schedule a self-tour and place an immediate offer (with options for highly competitive cash offers) on a desired property

PERFORMANCE METRICS

ACHIEVEMENTS

Marketplace to buy/sell homes with less friction and a greater payout than traditional home sales
Realtors are a component of the marketplace with payments for buying/selling to Opendoor and for referrals

Online and Mobile user-friendly Interface
Partnership with over 2,000 home builders and commercial home sellers
Partnership with local vendors and artisans in property management providing easy access to such services
Partnership with realtors – $130M+ in commissions and referrals; 15,000+ agents transacted with Opendoor in 2019; Opendoor purchased a house every 28-minutes

Founder-led management team
Data modelling, Artificial Intelligence, Machine learning
Data modelling to identify opportunities and gaps in the home market and to identify optimal pricing

Assets

Hassle-free and transparent costing and pricing for all players
Large real estate and property management ecosystem – partners with various vendors and artisans (home cleaners, repair workers, electrical services, landscaping, etc.)
Presence in 21 cities in USA and fast growing.
$3 billion in debt financing to buy properties

Processes

Online & Mobile enabled platforms
Provides immediate competitive cash offers on properties for both buyers and sellers
90-day company buy-back option for dissatisfied buyers on Opendoor-owned properties
Free in-person home assessment

Priorities

Increase IT capability – improve AI algorithm or price modelling, improve user interface
Diversify product offerings – include mortgage tools, post-purchase contract development tools,
Drive market expansion within and outside USA.

Develop and sell products that address a problem, job to be done or a need that is shared by a large and growing number of individuals and organizations in various regions to increase sales.
Increase demand by using scientific and technological advances to develop innovative products and services
Increase value by arranging and directing a community comprised of groups that are external and internal to the company and connect everything needed to scale.
Increase sales by offering a variety of products and services to each market
Increase demand of products and services by combining two or more resources in a way that the value created from them exceeds the sum of the value created from each resource separately
Arrange and apply differently the company’s existing resources to increase sales