"One of the first changes Nejatian has made at Opendoor is increasing the pace at which the iBuyer purchases homes. On my first day at work on September 15, Opendoor had entered into contracts to buy 120 homes in the prior seven days. By last week of October, that number had risen to 230 homes. In seven weeks, we nearly doubled our speed of acquisition, Nejatian said."
"According to Nejatian, the old Opendoor was slow and broken because it had lost faith in the power of software to make selling, buying and owning a home easier. It just kind of thought of itself as an asset manager trying to predict the economy. The previous Opendoor also didn't really believe in the power of AI to do anything, much less to make our work less toilsome, he said."
"When Nejatian joined the firm in September, he claims that there were a dozen people whose only job it was to copy and paste information from PDFs into glorified spreadsheets. Nejatian also claims that the company was wasting millions of dollars paying a well-known consulting firm to make decisions that he feels should have been made by executives. But most importantly, according to Nejatian, Opendoor had become so risk averse that it no longer really believed in buying and selling homes."
Company leadership accelerated iBuyer home purchases, increasing seven-day contract entries from 120 on September 15 to 230 by late October, nearly doubling acquisition speed in seven weeks. The prior operating model relied on asset-management thinking, reduced faith in software and AI, and became risk averse toward buying and selling homes. Operational waste included a dozen employees copying PDF data into spreadsheets and millions spent on external consultants making executive decisions. Q3 2025 purchases totaled 1,169 homes, down 3,504 year over year and the fewest since 2017. Leadership has reversed those decisions, moved from manager-mode to founder-mode, and begun refounding the company to restore profitability.
Read at www.housingwire.com
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