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I ran Opendoor's pricing unit for the years leading up to IPO. I can say that this designer has a fundamental misunderstanding of the housing market and the Sel
by jchonphoenix 5y ago
I ran Opendoor's pricing unit for the years leading up to IPO. I can say that this designer has a fundamental misunderstanding of the housing market and the Seller mindset which is likely why leadership ignored him.
In housing, EVERY OWNER BELIEVES THEIR HOME IS WORTH MORE THAN IT IS, and will be offended by a fair offer. Period. The failure of their lead designer to realize this after all these years is just one signal into why Zillow couldn't succeed where Opendoor did.
- wil421 5y agoEvery owner who sells their house obviously thinks they have a fair offer other wise they wouldn’t have sold in the first place. In my area OpenDoor bought the same quirky weird homes as Zillow that were ugly, had shoddy repair work done, or were in a very weird lot. The reason these sellers sold to OpenDoor or Zillow at slightly below asking was because it was an easy quick sale without all the questions a homeowner would ask themselves before buying.
- mint2 5y ago> Every owner who sells their house obviously thinks they have a fair offer other wise they wouldn’t have sold in the first place. Because no one ever has a deadline to sell or any of a thousand other reasons one might take a lowball offer?
- jchonphoenix 5y agoThe genius of Eric Wu is that he created a premium product for home sellers wanting convenience. Even when we give you an offer, we tell you up front to go test the market with an agent if you want to price optimize.