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. Continue reading
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. Continue reading
The real estate industry is in the midst of a massive financial reckoning. Amidst this turmoil, the industry is bifurcating into predators and prey — companies that have the resources to expand through acquisition and those burning cash that are vulner… Continue reading
Year-over-year numbers don’t take into account the fact that the pandemic years were radical outliers on a number of levels, real estate being just one. Mike DelPrete analyzes the fallacies associated with much of the current market handwringing. Continue reading
Billions of dollars have been invested to disrupt the mortgage process — which is the path to profitability for many real estate tech companies. Continue reading
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. Continue reading
Opendoor is deftly turning its super-skimpy buyer commissions into a competitive advantage to optimize its business model. Mike DelPrete looks at the data and explains what it means for the industry. Continue reading
Bryan Beene is jumping ship to Martha Turner Sotheby’s, leaving the office he founded in 2019 behind as the now public company reaches a critical juncture, a report says. Continue reading
In a recent VICE interview, Mike DelPrete offered his thoughts on how Compass’ longstanding cash burn problem could pose an existential threat to the brokerage and its ability to compete. Continue reading
The brokerage has grown rapidly thanks to generous handouts of cash and stocks to newly onboarded real estate agents. But amid leaner times, those perks are going away. Continue reading