If you just discovered $OPEN make sure to join us and 750+ in our Discord community!
This is the town square for crowdsourced iBuying and Opendoor news. Door's open. 🚪
$OPEN sold more homes on Sept 30th than ever before, and might be the record for most homes sold on a single day in US history.
While the housing market remains challenging nationwide, Opendoor continues to move inventory at positive gross margins.
Through the first six weeks of Q2, Opendoor has posted negative gross profit margins on only 1.1% of home sales.
This is a record low for the company.
$OPEN
Across the five metrics we estimated for Opendoor’s Q1 our mean error rate was 3.7%. Meanwhile the mean error for consensus estimates was 34.1%.
Datadoor was nearly 10X more accurate on average than Wall Street for the quarter.
Welcome to DaaS: Data-as-a-Superpower.
In the month of May '22, Opendoor listed as many homes on "Opendoor Exclusives" as the preceding three months combined (Feb - April).
Exclusives is Opendoor's off-market product, and it's scaling rapidly.
$OPEN
Based on this Linkedin post it looks like $OPEN will maybe finally talk about their institutional product 𝗢𝗽𝗲𝗻𝗱𝗼𝗼𝗿 𝗘𝗻𝘁𝗲𝗿𝗽𝗿𝗶𝘀𝗲 soon? 👀
It is a multi-billion dollar business hiding in plain sight. Let me explain:
Opendoor Enterprise and Open Exchange,
"What is the biggest misconception of $OPEN's business today?"
@rabois
discussing the current state of Opendoor on the newest episode of the
@loganbartshow
.
Opendoor's inventory holding time (buy-to-sale in days) continues to trend lower.
Holding time by month purchased:
Sept: 130 days
Oct: 120 days
Nov: 105 days
Dec: 85 days
$OPEN
Carrie Wheeler closing the year with a fantastic appearance at the UBS Conference today. $OPEN
* Impact of NARs lawsuit and buyer commission changes
* Partnership channels
* Market share and expansion
* Cohort trends
* Banking relationships and capacity
* 2024 Outlook 🚀
Zillow CEO
@Rich_Barton
talking with
@Jason
about iBuying and why they partnered with Opendoor $OPEN.
“We tried it for a while and decided… nah we are Software people. […] We are going to stop doing that and partner with the innovator in the space, Opendoor.”
In the week of June 12 Opendoor's holding time is the lowest it's been since August 2021 -- 79 days.
This is down sharply from a peak of 139 days at the end of February.
$OPEN 🤓
$OPEN is hiring for tour assistants in new markets indicating the launch of “Buy with Opendoor” in 7 new markets by the end of August!
Bringing the total to:
💸 54 Markets: Sell for a cash-offer to Opendoor
💰 46 Markets: Buy any home with Opendoor
All 7 new BwO markets:
*
Keith
@Rabois
sharing his current opinion on $OPEN on the
@TheFounderHour
podcast:
“The stock price is almost a tracking exercise in what people believe about the future of interest rates. When the FED says something positive about interest rates, the stock price goes up.”
“I
Today: Opendoor has listed a record number of homes for sale.
Roughly 70% of Opendoor's current listings were both purchased by the company AND listed in Q2. 💨💨
This is a stepwise improvement in inventory efficiency.
$OPEN
$OPEN David Benson, former President of Fannie Mae, joins the Opendoor Board of Directors.
Mr. Benson most recently served as President of Fannie Mae, the largest provider of mortgage credit in the United States with over $4 trillion assets, from August 2018 until his retirement
From Q2-2021 to Q2-2022 Opendoor doubled the metro regions it operates in.
Today, we track $OPEN sales in 89 metro areas, up from 43 at the same time last year.
Meanwhile they just announced hundreds of new zip codes today 🤓
$OPEN launching their 2024 growth year with a major SuperBowl ad.
“It’s only crazy until someone does it,” said Greg Hahn, co-founder and chief creative officer at Mischief, in a statement.
“We were drawn to the people at Opendoor because—like Mischief—they’re reinventing a
🏠
@Opendoor
, the real estate digital platform, is kicking off its major marketing year with the 2024
#SuperBowl
through a partnership with
@mischief_usa
as it looks to rewrite the perception of the housing market.
BREAKING NEWS: $OPEN acquires Ownership Stake in Title Resources Group, one of the largest title insurers in the US.
“We are thrilled to have Opendoor, […] which is leading the title and escrow space in creating a truly differentiated customer experience.”
$OPEN Co-Founders Eric Wu & Keith Rabois are leading the $1.25M round in Roam.
Founded by ex-Opendoor employee
@raunaqsingh87
, Roam helps home buyers purchase a home with mortgage rates as low as 2% by making home loans transferable.
Former Fannie Mae CEO is an adviser.
In Q2 Opendoor has already sold > 100 homes in 21 markets, and > 200 homes in 11 markets.
Arizona and Georgia still represent 33% of total sales.
$OPEN
$OPEN CMO David Corns shared some interesting metrics on Opendoor’s marketing in 2023.
* 70% increase in address entries and 18% unit cost savings via direct mail.
* 48% improvement in search efficiency
* 50% YoY increase in repeat offers
2024 is coming 👀
Opendoor listed 3,940 homes for sale over the past month, a new high for the company.
This is 31% more listings than the previous high (the month prior).
This could translate into elevated sales volume over the next few months.
$OPEN
Opendoor is cruising towards its third straight week of 1k+ new home listings on .
Prior to this period $OPEN's highest weekly count was 842 in May.
Something's happening here 👀
Opendoor CEO Carrie Wheeler will be speaking at the Goldman Sachs Communacopia & Technology Conference on Thursday, September 7, 2023. $OPEN
First investor conference appearance in over 1y.
🚨Home sellers in AL, CA, NY-NJ, DC & VA: our selling solution w/
@Zillow
is now available to you! Easily compare selling options up front: a cash offer from Opendoor or selling w/ a Zillow Premier Agent partner on the open market.
🚨Home sellers in IN, MA, MI, MO, NM, OH, OK, OR & UT: our selling solution w/
@Zillow
is now available to you! Easily compare selling options up front: a cash offer from Opendoor or selling w/ a Zillow Premier Agent partner on the open market
We’re partnering with
@eXpRealty
to provide more certainty to millions of homeowners who move every year. eXp Realty agents will be able to request an Opendoor cash offer for their seller clients directly through eXp’s ExpressOffers platform
Today, our new selling solution in partnership w/
@Zillow
is live in 5 markets, including Dallas, Houston & PHX. Homeowners can compare selling options up front: a cash offer from Opendoor or selling w/ a Zillow Premier Agent partner on the open market
Opendoor Buy + Sell is now available in 16 new markets, bringing it’s coverage to 25 markets nationwide. $OPEN
“Buying or selling a home is complicated enough, but when you have to sell your current home to buy a new one, the need to coordinate multiple parties and timelines
Releasing a new article on Opendoor's marketshare growth on Monday, June 6, for all
@DatadoorIO
subscribers.
Analysis will cover both OG and newly launched markets.
We also look ahead to future $OPEN market primes.
Happy weekend!
Opendoor is reporting earnings today after close.
We provided $OPEN Q2'2024 estimates to Datadoor Atoms subscribers over 1m ago. Here are our finalized estimates for earnings day.
Make sure to join our Discord Server for a healthy discussion with the community after ER.
$OPEN CEO Carrie Wheeler at Goldman Sachs Communacopia + Technology Conference 2024
Topics covered:
* List with Opendoor rollout
* Partnership Channels
* Opendoor's acquisition strategy
* Current housing market
* Cost cutting & more
You can also find the full thing on Youtube.
In 2024, 28% of sellers in Opendoor’s $650B buy-box that went on to list or sell their homes, have entered their address on their website to receive an offer.
More than 1/4 of sellers come to $OPEN first.
Eric Feder, President at Lennar, joins Opendoor Board of Directors $OPEN
“Eric is a seasoned executive in residential real estate and will bring his deep industry and operating expertise to our team.
We look forward to leveraging his insights into the housing sector, capital
"Opendoor can demonstrate outsized growth over the coming decade simply by launching new geographies – where there exists no competition besides a broken, analog, offline experience."
$OPEN
In the current market home buyers expect move-in ready homes and avoid additional costs after purchase.
$OPEN published an article describing how they upgraded their repair and renovation program using computer-vision and machine learning allowing them to optimize spend on
$OPEN renovated over 2,500 of their long-held inventory since Q4. They are now hiring more Home Designers to "pursue residential real estate design solutions with creativity, while balancing speed an efficiency".
Is Opendoor getting closer to the ultimate real estate e-commerce
Today we launched a first-of-its-kind partnership with
@mystatemls
that gives their agent members an easier way to service their clients + gives consumers more choice and control in their selling journey.
Read more: 🔗
Opendoor is spinning out “Open Exchange”, their institutional SFR platform as aN independent company called “Mainstay”. Backed by Khosla Ventures. $OPEN
@BahamaBen9
Just so you know, Opendoor made $6,635k on this house. (5% fee on $446,700 means they bought it for $424,365).
You need to learn how to accurately examine the business before you post things like this!
$OPEN
🚪$OPEN is hiring to launch "Buy with Opendoor" in 5 new markets:
* Columbia, SC
* Greensboro/Winston-Salem, NC
* Minneapolish-St.Paul, MN
* Nashville, TN
* Salt Lake City, UT
Tomorrow is the last day of Q2 2022.
Per tradition, we will be sharing access to our detailed estimates of Opendoor's Q2 earnings to Datadoor Atoms subscribers.
Q2 estimates go live at 7 AM ET tomorrow.
$OPEN
UBS initiated covering of $OPEN with a neutral rating.
> With a projection of 27,100 homes sold in 2025 and a 6.5% contribution margin, the company can achieve positive adjusted net income, UBS said.
> Opendoor is likely to meet its target volumes and contribution margins by
🎧 We are back with a new episode of the Front Porch Podcast discussing all things $OPEN.
🚀Opendoor's pending sales skyrocketing
🏡 Is the housing market stabilizing?
👀 TaxProper Acquisition
Now available on YouTube 🍿
Recording of Opendoor CEO Carrie Wheeler's appearance at today's Goldman Sachs Communacopia & Technology Conference $OPEN
Carrie: I actually was sitting in this meeting with one of the major brokerages in the country and they said something that was amazing, which is as
Since launching 10 days ago we have seen incredible demand for a community of Opendoor investors. So far:
-10k views
-800 user accounts
-3,200 unique visitors
-From 60 countries
We will continue to build this into the town square for $OPEN content.
$OPEN launches Buy + Sell in 7 New Markets.
As we discovered through job listings by us earlier this year, today Opendoor launches Buy + Sell in:
Columbia
South Carolina
Greensboro-Winston Salem
North Carolina
Indianapolis, Indiana
Las Vegas, Nevada
Minneapolis-St.Paul,
Opendoor rolled out a new redesigned seller page for their Exclusives Marketplace in Texas. $OPEN
Get a higher offer from pre-qualified buyers in 30 days, or we'll increase your Opendoor cash offer by $5,000.
Today marks changes for the Real Estate industry in America. For us, things stay exactly as they’ve always been: putting the consumer first.
That's why we're dedicated to removing the complexity and uncertainty of buying or selling a home. Read more below.
$OPEN is reporting earnings next week Thursday. Record losses and layoffs. Is iBuying dead?
The data says otherwise: Opendoor has sold or contracted 90% of it's catastrophic Q2 purchases.
Read more about it in our final Q1'2023 estimates.👇🏻
Access to the Datadoor dashboard rolls out 8 AM PT tomorrow for the first 600 emails on the waitlist. More every day after.
We will also email out finalized Opendoor Q1 estimates Wednesday night 🤓
$OPEN
Opendoor dropped a newly updated investor presentation deck on their IR website yesterday. Some real gems in there. $OPEN
👀We’ll do a deep-dive thread later this week.
$OPEN filed it’s proxy statement for the upcoming shareholder vote including changes to executive compensation:
- Cash bonuses for reaching Adjusted Net Income positive in 2024
- Performance-Based RSUs based on homes sold and acquired.
Hello Boston, Cincy and Albuquerque! We’re now available in your neck of the woods and in 50+ markets across the country. Looking to move? Buying, selling and moving with Opendoor is simple, certain and fast.
🧵 The most interesting charts from $OPEN Q3 shareholder letter.
1/ Total shareholder equity staying relatively stable with a lot of runway to get to cash-flow breakeven in 2024.