Amazing startup idea (and I'm impressed by how successful it apparently is): OpenDoor, which—stripped to the essence—is automated marketmaking for houses. https://opendoor.com
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There's another crazy idea: OpenDoor can offer people below "market price"... and still be better for sellers than going the traditional route of hiring a real estate agent.
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Yup. It sets a floor on expectations that you can leverage even if you choose not to go with OpenDoor.https://twitter.com/kchoudhu/status/1065493877199695872 …
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The idea is one which every high-frequency trading firm’s employees toy with for every illiquid asset over beers. I’m shocked at their execution though. Does the bid-ask they capture truly overcome transaction costs? I cannot imagine VCs didn’t check that so probably yes. Amazng
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The position they end up taking is so short term that they can stomach the mispricing risk. I see them more as a bridge financing provider when you are between homes, than a buyer of homes.
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Well, we generally agree, but low levels of noise can often perturb many things, including simulations and market making. As someone who really needs like -20dB in one ear to protect our remaining hearing, it’s not exciting to hear “well yes, but if you ignore the noise”
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A small error bar to someone who can flip ten houses is the difference between life and death to someone who can barely afford to rent a flat.
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It's worth noting they are also a fantastic ux company in crafting an experience for potential buyers to view their homes
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http://nested.com in the UK has a similar approach. As i tell to people, cash flows and liquidity are the thing you all do not know enough about...
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