Opendoor, Knock and OfferPad: Growth in new markets

  • Dallas, Opendoor’s second market, is doing remarkably well, while its Las Vegas market is off to a slow start.
  • Knock, Opendoor’s Atlanta-based competitor, has yet to ramp up in any significant fashion.

Faster. Better. Together.
Inman Connect San Francisco, Jul 16-20, 2018

Last December we conducted a wide-ranging analysis of Opendoor, the real estate startup that purchases homes directly from sellers. A look at thousands of MLS records formed the basis of that piece, showing trends and extrapolating insights from the data. At the time there were a number of unanswered questions we wanted to dig into: How much money does Opendoor make per transaction; how big could the model really get in the U.S.; and does Opendoor have a sustainable competitive advantage against competitors? Four months later I’m once again looking at the data, with these questions on my mind: What does Opendoor’s traction look like in its (relatively) new markets, Dallas and Las Vegas? Are there any notable changes in Opendoor’s fundamental business operations and metrics? Opendoor has two well-funded competitors in the market, Knock and OfferPad. How are they doing? After looking at the data, there are three main observations: Dallas, Opendoor’s secon...