Opendoor

The plan for Opendoor? Vertical integration and more

Opendoor CEO Eric Wu shares his vision for the startup, which includes 'title, mortgage, home service and so on.'

Opendoor's future involves vertical integration, international expansion and maybe an IPO, CEO Eric Wu said in an interview earlier this month. Wu shared some insights into his fast-growing company in a Facebook Live interview with Inman moderated by RealScout CEO Andrew Flachner. Wu founded Opendoor in 2014 and has raised $320 million in funding for the company since then. The startup added $100 million in debt financing to its coffers last month. The iBuyer lets consumers buy and sell real estate online, simplifying the search process and freeing up sellers to buy before receiving equity from their old property in exchange for a slightly higher fee than an agent would take (an average of 6.7 percent but up to 12 percent, depending on Opendoor's analysis). "They way you can hail an Uber or a Lyft with one click, the way Amazon's really automated a lot of the e-commerce experience, we think there's an opportunity to really build a best-in-class experience around buying a proper...