See other companies on Otta

Opendoor

End-to-end online platform for selling and buying homes

1001+ employees
  • B2C
  • Property
  • Marketplace
  • Real Estate
1 Post St, Floor 11, San Francisco, California 94104

Company mission

To empower everyone with the freedom to move by giving people an easy way to buy, sell, and trade in their homes.

Insights

Top investors

Few candidates hear
back within 2 weeks

-19% employee growth in 12 months

Otta's take

Xav Kearney headshot

Xav Kearney

CTO of Otta

Opendoor makes selling homes easy and stress-free by cutting out the prolonged processing time usually involved with a sale. Sellers can offload a house quickly and easily to the company for cash and a 6-9% fee. Currently operating in a growing number of markets nationwide, Opendoor has chimed well with millennials who gel quickly with online businesses that offer solutions to problems they encounter.

This buying and selling model doesn't come without risk. The longer Opendoor keeps a property, the lower its profit margin. However, Opendoor's performance has been anything but disappointing; it went public in 2021, with its pre-SPAC merger presentation calling for $3.5 billion in revenue. Its actual revenue trounced it, coming in at $8 billion - more than double its estimate.

Opendoor's largest competitor Zillow dropped out of the space in late 2021 because it struggled to price the homes it acquired accurately. Opendoor's closest remaining competitor is Offerpad, which does just a fraction of the transaction volume that Opendoor does. With strong earnings coming out of 2022, if Opendoor can continue to ride on this success long term it will have an enormous lead on existing and future competitors, giving it a shot to become the overwhelming market leader.

Benefits

  • Full medical, dental, and vision with optional 85% coverage for dependents
  • Flexible vacation policy
  • Generous parental leave
  • Paid time off to volunteer

Company values

  • Start and End with the Customer: We invent, build, and execute to improve the lives of our customers. We put in the hard work when no one is looking to delight customers
  • Act from Ownership: When we see a problem, we roll up our sleeves and fix it. We hold ourselves accountable because it’s our home and it’s our responsibility to take care of it
  • Build Openness: We are open, honest, and direct about problems and seek the truth. We assume good intentions and treat feedback as a gift
  • 1% Better Every Day: We value a growth mindset and operate from a place of humility. We are energized by constantly improving
  • Startup Mentality: We move fast, operate with urgency, and bias towards action without sacrificing quality. We are relentlessly resourceful
  • One Team, One Dream: Our superpower is a diverse community that combines technology + operational excellence and talent + respect. We work through seams and we care for each other professionally and personally
  • Results Matter: We focus on outputs and outcomes and hold ourselves accountable to hitting ambitious goals. We have a high quality bar and pay attention to the pixels, words, and results
  • Celebrate Moments: We work tirelessly for our customers and teammates so we take the time to celebrate moments large and small

Funding (last 2 of 8 rounds)

Mar 2019

$300m

SERIES F

Sep 2018

$400m

SERIES F

$1.5bn

Total funding

This company has top investors

Founders

Eric Wu

(President)

Having studied at the University of Arizona, Eric founded the Real Estate Fund in 2002, before co-founding RentAdvisor.com and Movity.com. He served for 2 years as Head of Geo/Social Products at Trulia.com before co-founding Opendoor in April 2014.

Jobs (7)

All locations

Data

Sales & Account Management