Opendoor Technologies Inc. SWOT and PESTLE Analysis
ID : 521334253| Feb 2023| 23 pages
COMPANY PROFILE -Opendoor Technologies Inc.
Business Sector :Real Estate E-Commerce
Operating Geography :United States, North America, Global
About Opendoor Technologies Inc. :
Opendoor Technologies Inc. is an online real estate brokerage that buys and sells residential properties. Its headquarters are in San Francisco, and it makes instant cash offers on homes via an online process, repairs the properties it buys, and relists them for sale. Opendoor Technologies serves customers in the United States. It also offers financing and mobile application-based home buying services. As of November 2021, the company operated in 44 US markets. The company was founded in March 2014 by serial entrepreneurs Keith Rabois, Eric Wu, who previously founded Movity, a real-estate startup acquired by Trulia, and JD Ross. For the first time, Opendoor Technologies has been included in the Fortune 500 list. Opendoor debuted at position 425 on the list with over $8.0 billion in revenue in 2021. As of early 2022, Opendoor employees 2,816 people worldwide.
The USP of Opendoor is that it is leading digital platform for residential real estate globally. Opendoor Technologies’ mission is “to empower everyone with the freedom to move. We believe the traditional real estate process is broken and our goal is simple: build a digital, end-to-end customer experience that makes buying and selling a home simple, certain, and fast.”
Opendoor Technologies Inc. Revenue :
US$ 8,021 million - FY ending 31st Dec 2021
US$ 2,583 million - FY ending 31st Dec 2020
Competitive Analysis of Opendoor Technologies Inc.
SWOT
PESTLE
The SWOT analysis for Opendoor Technologies Inc is presented below in a matrix followed by the detailed analysis report:
| Strengths | Weaknesses |
| 1. Expanded operations in 21 markets in USA may help in sustainable growth 2. Large customer base who are buying houses through its platform 3. Platform offers a modern way to sell houses attracting customers 4. Acts as a digital one-stop shop for home buying and selling 5. Opendoor is a low-cost transaction platform with its own proprietary pricing models for home valuation | 1. Government regulations will restrict the growth of the company 2. Company has incurred losses for three years from 2018 which may affect the growth 3. Future growth is dependent on strategic relationships with third parties like settlement service providers, lenders and real estate agents |
| Opportunities | Threats |
| 1. Real estate is a massive offline market which is migrating online 2. Increasing penetration in existing markets will generate more revenues | 1. High competition in a fragmented US housing market 2. Risk of a cyber-attack leading to breach in the user data may affect the business |
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Detailed SWOT Analysis of Opendoor Technologies Inc.
Strength
This section is available only in the 'Complete Report' on purchase.
Weakness
This section is available only in the 'Complete Report' on purchase.
Opportunity
1. Real estate is a massive offline market which is migrating online: Americans own their homes in close to 66 percent of cases, and many more want to. According to the data, there were roughly 6 million existing home sales in 2021, with a total transaction volume of about $2.3 trillion and a median home price of $296,700. According to data from iBuyer, 1% of home transactions are made through online channels. Nearly 90% of residential real estate transactions in 2021 will involve an agent. In the USA, there are more than two million licenced real estate agents, but they only complete on average six transactions annually. Customers consequently have an inconsistent and frustrating experience. As a result, consumers are shifting their spending to online stores and asking for experiences that are entirely digital. Although the majority of home buyers search for properties online, the actual money exchange takes place offline, necessitating the physical presence of a real estate agent to access properties and close the deal. Due to COVID, the demand for digital-first experiences has significantly increased, and businesses will need to capitalise on this trend going forward.
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Threat
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Major Competitors :
- Zillow
- Redfin
- Realtor.com
- Realscout
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TABLE OF CONTENTS
DELIVERY AND FORMAT
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Check Out Analysis of Other Relevant Companies
References used in Opendoor Technologies Inc. SWOT & PESTLE Analysis Report
1. Annual Report 2021 - https://investor.opendoor.com/node/8166/html
2. Biden’s innovative idea for tackling skyrocketing housing prices - https://www.vox.com/22369761/biden-infrastructure-american-jobs-act-housing-prices-rents-bubble-race-to-the-top
3. How to effectively use social media for real estate - https://sproutsocial.com/insights/social-media-for-real-estate/
4. DIGITAL 2021: THE UNITED STATES OF AMERICA - https://datareportal.com/reports/digital-2021-united-states-of-america
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Opendoor Technologies Inc. SWOT and PESTLE Analysis
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