jdross

15 ms·

151.
by jdross 9y ago
Our average purchase price is in the low 200,000's. We work with the middle 80% of homeowners. Huge Ben Thompson fan, and waking up to his analysis that morning was a joy and big surprise. Rob Hahn has also done some solid analysis on
152.
by jdross 9y ago
Many brokerages get nothing except a flat fee per transaction and a "desk fee". Some take nothing at all if you're a top producer and refer your clients to their title and mortgage operations. HomeSmart is the largest, I beli
153.
by jdross 9y ago
Having completed thousands of home sales at Opendoor, I believe a system will works better for most home sales, but local expertise works better for high-end homes. An agent always make you feel like their differentiation matters. Redfin ad
154.
by jdross 9y ago
I challenge you to come to Opendoor and beat the algorithm over a large set of homes :)
155.
by jdross 9y ago
Roughly 5% median absolute error. 90% within 20% nationwide.
156.
by jdross 9y ago
At Opendoor we go a step further and actually purchase and sell the homes based on the prices our algorithms produce
157.
by jdross 9y ago
It's significantly more complicated, but at Opendoor we act as a market maker for real estate by doing this. We sell our homes far faster than the market in Phoenix, without sacrificing on price.
158.
by jdross 10y ago
Always appreciate the feedback. Like most companies, we used an agency and gave them a brief containing benefits we want to convey, which they turn into a script and produce. We learned that getting closer to the ads is quite important. We
159.
by jdross 10y ago
We purchase and sell the homes, including the inventory management (repairs, renovations, security, utilities), home visits, pricing & negotiation, mortgages, title & escrow... real estate is quite involved and the largest and most
160.
by jdross 10y ago
I am sorry about that ad. We cut it after two weeks, and modified it after the first week to be less intrusive. I'll take fault for letting that through review; I got your email the first time it went live. I learned a lot from it, as
161.
by jdross 10y ago
Our average fee is below 8% total, so a 1-2% premium for selling vs a broker and we'll continue to push it lower. If you consider holding costs of a home, prepping to sell, etc Opendoor is often at or below cost parity for a segment of
162.
by jdross 10y ago
I have the signed copy, which has a very small signature on the 3rd or 4th page of the book. I would probably go for the unsigned copy. The book is phenomenal
163.
by jdross 10y ago
If we're speaking literally, yes it has. Average salary in US 1957 was just under $5,000. If you're adjusting for inflation, it's hard to quantify our quality of life difference. We have comforts and luxuries that were hardly
164.
by jdross 10y ago
For starters, there's no (planned) presidential election in 10 years. There's one in 4 years, 8 years, and 12 years But he might be making a prediction/silly joke that Trump will destroy the US or something.
165.
by jdross 10y ago
Twilio (SMS and voice infra and APIs) is not related to Fog Creek. Trello (project management) and Stack Overflow were spun off from Fog Creek parent company, but are not run by Fog Creek.
166.
by jdross 10y ago
It's not just that it's how it's worked out in the past, but it's that it continues to work out that way every month in the present. Roughly 24% of jobs are permanently replaced in the US every year (which I found very s
167.
by jdross 10y ago
I'm describing data from '07-'10 across markets, not how I believe things might play out. Don't troll, show data otherwise.
168.
by jdross 10y ago
Ideally, 0 days. In practice, getting 4 turns per year would be a great tablestakes place to end up. We price for annualized ROE, which takes all of that into account.
169.
by jdross 10y ago
Having the homes be vacant makes it hard, and we optimize heavily for turnaround time, but maybe there's a non-linear innovation we're missing! Open to ideas. Maybe we could do "sleepover trials" for potential buyers!
170.
by jdross 10y ago
Depends on your credit, it's not too common and they're also quite expensive. And if your sale falls through, you're pretty screwed
171.
by jdross 10y ago
real estate doesn't really crash, like the stock market. It kind of... slides as liquidity dried up for higher price points. All of this takes many months, with many early leading indicators if you know where to look and have the right
172.
by jdross 10y ago
There's a lot to unpack here, but I'll try to take it point by point. Macro-level, nobody builds a lasting company by screwing people. You have to provide a fair and loved service because all of your dirty laundry gets aired event
173.
by jdross 10y ago
Our pricing model is (mostly) an AVM we built. Internally it's called Opendoor Valuation Model (OVM) and it has a number of variants.
174.
by jdross 10y ago
Nat'l avg is 5.5% and trending up. In most tier 2 markets, the vast majority pay 6%.
175.
by jdross 10y ago
Getting to the "range" for a home isn't too too hard, it's figuring out where in that range that matters. We use upgrade data and other smarter heuristics to accurately place a home vs its comps so we can try to avoid th
176.
by jdross 10y ago
1) We're building a business, so we do what's best for the company and customers and don't pay much attention to vanity-based things like winning our home market. SF is a hard market for this business, so we simple don't
177.
by jdross 10y ago
They're a franchise with a network of flippers offering 65 cents on the dollar to people with major issues who are desperate. We offer 98 cents on the dollar to people with normal homes to sell on their timeline so they can move once w
178.
by jdross 10y ago
I am personally a big fan of this and want to ship it but resource constrained right now on engineering. So yes, let's do that coffee?
179.
by jdross 10y ago
So ironically that's a feature my cofounder/CEO at Opendoor Eric Wu launched while he was at Trulia after they acquired his last company.
180.
by jdross 10y ago
Certainly. Conversion skyrockets when we get fees to price parity for the least risky homes. Over time I hope we can get there for all homes

More ›