Tucked away in Opendoor’s recent earnings call was an illuminating statement by its CEO that sheds light on its exclusive supply strategy.
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This post has been republished with permission from Mike DelPrete.
Tucked away in Opendoor’s recent earnings call was an enlightening statement by its CEO, Eric Wu, which sheds light on its exclusive supply strategy.
Why it matters: Exclusive content is a strategy being driven by VC-funded real estate tech disruptors, with important implications for consumers and a spotty track record of success.
The benefits to Opendoor are clear: avoiding agent commissions, controlling the consumer experience start to finish, and streamlining the sales process.
Opendoor is not alone in wanting to build a supply of exclusive inventory to draw consumers to its private platform.
Compass also uses exclusive content to drive consumers directly to its platform, a clear endgame for the business.
Yes, but: This isn’t new.
The rise of exclusive content in real estate risks fragmenting the search and discovery process — with considerable implications for consumers.
The bottom line: There is incredible value to whoever controls the home search platform. In the U.S., that’s Zillow, Realtor.com and hundreds of MLSs.
Mike DelPrete is a strategic adviser and global expert in real estate tech, including Zavvie, an iBuyer offer aggregator. Connect with him on LinkedIn.
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