Proptech Giant Opendoor® to Lay Off 18% of Workforce
Despite the fact that the iBuying model was one we knew to face unique challenges from the outset, it saddens us to hear that "proptech" giant Opendoor® announced it will lay off another 550 workers, or about 18% of its' workforce due to the real estate downturn. This is in addition to the already 830 that were released earlier this year (many in house but some via 3rd party relationships as well). The facts are simple ones though; after lifting the veil of this recently gone public real estate company, it was nothing more than a well-funded wholesaler. Credit where it's due as always, they ushered in a new way of selling property that catered to those who, for any number of reasons, did not want to embark on the conventional listing path. And you know what...that's OK. Companies like Opendoor® did provide a service of convenience for some, but ultimately, they became just another investor Buyer who was not immune to the effects of inflation, interest rates, and the overall economy. They followed in the footsteps of iBuying competitor Zillow® that recently stopped their wholesaling operations altogether, and while it seems Opendoor® is taking the same early trajectory, for the foreseeable future they will just continue with the same model in hopes that streamlining can bring them back into prominence. One thing we've always said, no matter which iBuying firm was claiming to be the best new mousetrap for real estate, was that algorithms don't sell property...people do. Our website is focused on two things, and it couldn't be more simple: Real Estate and Open Communication. Whether you're trying to buy, sell, or rent, our methods are a little different and we like to think that less is more. PropertyGuerilla.com was created so that no matter your interest or employ in the real estate industry, our direct and discrete forum was created for everyone. On our website, Real Estate is the product and communication the currency. Take a look at our website to see more or you can e-mail us direct for more at info@propertyguerilla.com and we'll be happy to explain how we can help. #realestate #ibuyer #ibuying #opendoor #zillow #realtor #agent #buyingrealestate #rentingrealestate #wtb #wtr #propertyguerilla #interestrates