Real estate in 2022: When the #@!$ finally hit the fan
Soaring mortgage rates, slagging sales, thousands and thousands of layoffs: The past 12 months have offered a jarring reminder that what goes up must come down
by Jim Dalrymple II Dec 19
Expect more high-profile executive shakeups — and golden parachutes
Opinion
This month, Coldwell Banker CEO M. Ryan Gorman and Opendoor CEO Eric Wu relinquished their chief executive posts. Inman founder Brad Inman envisions a cold winter ahead
by Brad Inman Dec 12
Opendoor faces 'existential' crisis as iBuying fights for survival
The company recently reported a nearly billion-dollar loss and has now dramatically rearranged its executive lineup as the cash-buying sector contends with a slowing market
Matthew Gardner, Jason Oppenheim, Mike DelPrete: Inman's Top 5 stories of the week, Nov. 25 - Dec. 1, 2022
Catch up on the most-read stories of the week, as determined by Inman readers. Here's Inman Top 5 for Nov. 25 - Dec. 1, 2022
by Dani Vanderboegh Dec 2
Here's what you need to know about Opendoor Exclusives
The iBuyer has launched a new marketplace to connect homebuyers and sellers. The move comes as the housing market continues to slow and as iBuyers face gathering headwinds
by Jim Dalrymple II Nov 18
'Panicked' sellers are turning to Opendoor later in the game: Exec
Opendoor Director of Strategic Partnership William Holmes said at Connect Now on Thursday that sellers are increasingly requesting offers from the iBuyer after listings hit the market
by Taylor Anderson Nov 17
Billions in losses, a brutal market and more from Q3 earnings season
A slowing market is taking a toll on big real estate companies, though not every firm is suffering equally. A look back on the past 3 dramatic weeks of third-quarter wins, losses and draws
by Jim Dalrymple II Nov 14
The end of iBuying and what you need to know: The Real Word
Opinion
Byron Lazine and Nicole White discuss pet rent and Opendoor, along with 3 hot-button issues on midterm ballots this year — marijuana, gambling, and taxing the rich
by Byron Lazine Nov 11
It's the disruption, stupid! Redfin Now and the end of iBuying as we know it
Opinion
As Redfin winds down its operations, Opendoor and Offerpad are the last ones left for the most part — and they're both struggling. Was iBuying a flash in the pan or is everyone simply looking in the wrong direction?
by Troy Palmquist Nov 10
Opendoor is where Zillow Offers was a year ago: Mike DelPrete
A year ago, Zillow Offers was in a similar position to where Opendoor now finds itself, and Zillow shut down its iBuying operations. Here's why the path forward might be different this time
by Mike DelPrete Nov 7
Opendoor lost nearly $1B in Q3 in 'once-in-40-years market transition'
In total, Opendoor suffered a net loss of $928M between July and September, according to an earnings report Thursday. That's up from a loss of just $57M during the third quarter of 2021
by Jim Dalrymple II Nov 3
Opendoor lays off 18% of workforce ahead of Q3 earnings call this week
The cuts affect approximately 550 people, Opendoor CEO Eric Wu said in a blog post Wednesday, and come amid a worsening housing market that has forced layoffs across the real estate industry
by Jim Dalrymple II Nov 2
Real estate companies are about to tell us just how bad the downturn is
Many of the industry's big companies are about to report their third-quarter earnings. The reports will offer the first in-depth look at how firms coped with a rapidly cooling market
by Jim Dalrymple II Nov 2
hunt, predator, prey, hunter
Cash is king. In today's market, a company’s cash flow determines if it is in control of its own destiny
by Mike DelPrete Oct 24
Opendoor, Offerpad, Redfin shares hit all-time lows on Wall Street
Shares in Opendoor, Offerpad and Redfin all just hit all-time low prices. The milestones come after months of declines for companies across the real estate space
by Jim Dalrymple II Oct 7
Two men exchanging business cards
Calling it a 'kickback scheme,' HomeOpenly owner Dmitry Shkipin told the FHFA to ban referral fees charged by online brokerages — including Zillow — that don't actually buy and sell property
Opendoor expands rapid preapproval app to 3 new states
Once only available in California, the expansion will see the Opendoor Finance App available in Texas, Arizona and Georgia, promising consumers preapproval letters in 60 seconds or less
by Jim Dalrymple II Sep 28
Why is Opendoor selling homes at a loss? The Real Word
Opinion
Byron Lazine and Nicole White began this week’s episode by discussing Opendoor selling at a loss, the Zillow lawsuits, the next Fed meeting and inflation’s impact on the midterm elections
by Byron Lazine Sep 23
For the first time, Opendoor is selling homes at a loss: DelPrete
Opinion
After outpacing the competition, market conditions have finally caught up with the iBuyer, forcing it to prove that its model still works — even in a downturn
by Mike DelPrete Sep 19
These are the 15 best real estate companies to work for in 2022
Last week, 'Fortune' and Great Place to Work released a list of the 35 Best Workplaces in Real Estate in 2022. Zillow, Opendoor and Pacaso were all near the top of the list
by Lillian Dickerson Sep 12
Opendoor's buyer agent commission advantage: DelPrete
Opinion
Opendoor is deftly turning its super-skimpy buyer commissions into a competitive advantage to optimize its business model
by Mike DelPrete Sep 9
Opendoor promotes Amazon exec to serve as technology chief
Raji Subramanian previously led teams at Amazon and Yahoo and went to Opendoor after a 2021 acquisition. She brings a wealth of knowledge, experience and leadership, the company says
by Jim Dalrymple II Aug 24
Opendoor doubles down on ad spending: DelPrete
Opinion
Hard on the heels of its partnership announcement with Zillow and its $62M FTC fine, Opendoor is banking on advertising to restore its brand reputation
by Mike DelPrete Aug 19
Takeaways from the hallways: Buzz-worthy thoughts and highlights from ICLV
Opinion
Find out the ins and outs of what went on behind the scenes at ICLV, including what people were talking about and what was in the air
by Chris Drayer Aug 19
WATCH: Demand for speed and access has tech moving forward
Pandemic-spurred access to technology in the transaction continues to fuel consumer demand for more seamless ways of doing business, speakers at Inman Connect Las Vegas said
by Lillian Dickerson Aug 18
The partnership shocking real estate: The Real Word
Opinion
Byron Lazine and Nicole White discuss the Zillow and Opendoor partnership, sinking consumer confidence, and a new segment: Left-Middle-Right
by Byron Lazine Aug 12
WATCH: Mike DelPrete on the end of the 'sustained unprofitability' era
'Cash is king,' the real estate analyst argued during his opening address at Inman Connect Las Vegas. His point was that losing money has turned from an advantage to a liability
by Jim Dalrymple II Aug 11
Opendoor cutting prices in bid to get surplus inventory off books
The iBuying giant dramatically boosted home sales during the second quarter of 2022, generating $4.2B in revenue, but ended up back in the red with $54M in losses
by Matt Carter Aug 4
Zillow and Opendoor team up to provide cash offers to consumers
The partnership pairs 2 of the most polarizing firms in the housing business, and comes less than a year after Zillow began ending its own iBuying efforts
by Jim Dalrymple II Aug 4
Everyone is coming after agent commissions, DelPrete tells ICLV
During a session Wednesday at Inman Connect Las Vegas, real estate tech expert Mike DelPrete said staking out a piece of the agent commission pool is baked into newer business models
FTC fines Opendoor $62M for allegedly 'tricking' consumers
Regulators with the Federal Trade Commission on Monday accused the iBuyer of 'cheating' and 'tricking' consumers. Opendoor disagrees with the allegations but has agreed to settle the case
by Jim Dalrymple II Aug 2
New MLS company will sell data, pay brokers for their listings
REdistribute, a joint venture formed by California Regional MLS and Bright MLS, plans to deliver aggregated MLS data to financial institutions starting in 2023
by Andrea V. Brambila Jul 14
Mike DelPrete: In cooling market, agents are in for a 'dogfight'
Real estate tech expert Mike DelPrete will share what companies are doing to emerge victorious amid uncertainty at Inman Connect Las Vegas next month
by Andrea V. Brambila Jul 12
Bombshell commission lawsuit series and more: Inman’s Top 5 stories of the week (July 1-7, 2022)
Catch up on the most-read stories of the week, as determined by Inman readers. Here's Inman Top 5 for July 1-7, 2022
by Dani Vanderboegh Jul 8
Zillow vs. Opendoor: Who's doing it better right now?
Opinion
Opendoor made over 2M offers to curious homeowners in 2021, exponentially more than ever before. This highlights the growing potential of Opendoor's 'top of the funnel' customer appeal — which is beginning to rival Zillow
by Mike DelPrete Jun 30
Congress targets investors and asks: ‘Where have all the houses gone?’
Committee takes up the growing reach of institutional investors at a hearing this week. The biggest companies now own more than 280,000 single-family homes to rent
by Taylor Anderson Jun 28
Opendoor's buy-to-list premium drops dramatically: Mike DelPrete
Opinion
The heady days of record home price appreciation — the most significant driver of iBuyer profitability — appear to be coming to a close (for now)
by Mike DelPrete Jun 21
Opendoor expands into 3 new markets, hits 50-market milestone
The iBuyer will now purchase and sell homes in Boston, Cincinnati and Albuquerque. The expansion comes amid a period of rapid growth for Opendoor
by Jim Dalrymple II Jun 14
Don't blame investors for run-up in home prices, Freddie Mac says
Researchers at the mortgage giant point to 4 things that drove the meteoric rise in home prices over the past few years. Investors weren't one of them
by Taylor Anderson Jun 13
IBuyers, Power Buyers saw explosive growth in 2021. What about 2022?
Services promising a more streamlined, less painful transaction experience have become more popular and are likely to stick around, according to a new report released Tuesday from zavvie
by Jim Dalrymple II Jun 7
Opendoor aims for 2-minute pre-approvals with new app
The new app combs through data and comes up with a maximum price a consumer should be able to afford. Opendoor believes the process will be faster and easier for consumers than traditional pre-approvals
by Jim Dalrymple II Jun 2
Opendoor teases a non-MLS platform to market its inventory
Opinion
Tucked away in Opendoor's recent earnings call was an illuminating statement by its CEO that sheds light on its exclusive supply strategy
by Mike DelPrete May 25
Zillow, Opendoor and Compass debut on the Fortune 500
The companies all debuted within a few slots of established player Realogy, and highlight both the role of tech in real estate and the rise of bitter rivalries
by Jim Dalrymple II May 23
Lower partners with Orchard to offer Power Buyer services
As rising interest rates curb mortgage refinancings, Lower will also target homebuyers through a strategic partnership with iBuyer powerhouse Opendoor
by Matt Carter May 20
Brokerages push back on NAR ad campaign targeting 'competitors'
The trade group highlighted its own members — including Zillow, Compass, Redfin, Homie, Opendoor and Offerpad — among those whom it's competing with for consumer mindshare
by Andrea V. Brambila May 12
Opendoor reaches first profitable quarter in Q1 with $28M net income
After 8 years, California-based iBuyer Opendoor reached profitability while logging a new revenue high of $5.2B, according to an earnings report released Thursday
by Marian McPherson May 5
OfferPad for sale sign
The company's expansions come on the heels of its second straight profitable quarter.
by Ben Verde May 5
Opendoor launches in Detroit and Southwest Florida
The iBuyer is also deepening its market reach in the Portland, Oregon, area following an expansion last month into the Northeast
Power Buyer clients made 1 offer on average. Traditional buyers? 7
A new report from Power Buyer and iBuyer marketplace zavvie says that Power Buying 'could eventually become the norm,' citing its success in helping buyers quickly purchase a home
by Marian McPherson Apr 13
Opendoor disciplined in North Carolina for disclosure lapses
Regulators say the iBuyer misrepresented a home and didn't get the proper permits for another. Its license was suspended for 18 months, but the NCREC has stayed the suspension
by Jim Dalrymple II Apr 5
Opendoor brings iBuying services to New Jersey, New York state
The move will see Opendoor make cash offers in 17 counties in the two Northeastern states. New York City is not included in the expansion. It also brings Opendoor's market count to 46
by Jim Dalrymple II Apr 5
It’s time to ditch mortgage lending’s outdated appraisal model
Opinion
It’s time for the mortgage lending industry to move to an AVM-based appraisal model. There is too much room for error, especially in today's super-fast-paced market
by Bernice Ross Mar 31
Opendoor cashes in on record home price appreciation
Opinion
Home price appreciation is through the roof, and that's good news for Opendoor. Its current listings are averaging 17% increases over the purchase price
by Mike DelPrete Mar 23
Inman Connect Now Series
Tim Heyl shares his insights on what's ahead and how to prepare at Inman Connect Now
by Jodie Cordell Mar 16
Spencer Rascoff is bullish on iBuying. Here’s why
Ahead of Inman Connect New York, the former Zillow CEO and 'serial entrepreneur' spoke about how he leads teams, the value of Pacaso and why he's sticking with iBuyers
by Taylor Anderson Mar 8
Offerpad expands California reach with Sacramento entry
The iBuyer’s newest market comes just two weeks after its first launch in the Golden State, where it is avoiding costlier coastal cities
by Taylor Anderson Mar 3
IBuyers purchased over 70K homes in 2021, doubling previous record
'IBuyers purchased 70,402 homes in 2021, more than double the previous annual high of 32,726 homes in 2019,' according to Zillow's Q4 iBuyer report
by Taylor Anderson Mar 2
Opendoor revenue rises more than 1,400% in Q4, but losses mount too
The iBuying giant earned $3.8B in revenue between October and December last year. The latest numbers highlight the uniqueness of Opendoor's growth strategy
by Jim Dalrymple II Feb 24
How real estate agents can work with RedfinNow
Redfin's iBuyer, RedfinNow, forgoes incentives for agents but offers a dedicated customer service team and local title options. Here’s how to get started
by Daniel Houston Feb 22
How iBuyers, Power Buyers can be a Cinderella story for homebuyers
When agents truly care about their customers, they can't be afraid of trying new things, Jackie Soto, broker at eHomes, told Brad Inman during an Inman Connect Now panel on Thursday
by Lillian Dickerson Feb 17
How real estate agents can work with Opendoor
Some agents use the iBuying leader as a tool to help clients find the best path for their needs. Here’s how to get started
by Taylor Anderson Feb 14
News Quiz: Do you know the biggest stories for the week of Feb. 6?
Keller Williams, eXp Realty, Opendoor and Zillow all made headlines this week. Test your knowledge of the biggest stories to see if you're up to date on the industry in February
by Inman Feb 11
Use these 5 iBuyer marketing campaigns to skyrocket your lead generation
Power Buyers can turn buyers who need financing or a contingent sale into cash buyers. They can also turn renters into homeowners
by Bernice Ross Feb 10
Opendoor launches in California's pricey Bay Area
The launch brings the world's biggest iBuyer to one of the world's most challenging real estate markets — and marks a new chapter for the iBuying concept
by Jim Dalrymple II Feb 8
How real estate agents can work with Offerpad
For agents looking to enter the iBuyer market or merely up their iBuyer game, Offerpad is but one choice for a partner. Here's what agents who want to work with the iBuyer should know
How to make sense of iBuying in 2022, post-Zillow
IBuying has existed for years, but it's growing faster than ever and now approaching the scale that could finally make it profitable
by Jim Dalrymple II Feb 2