As he seems to be to right the ship at Opendoor and produce the corporate again to profitability, he informed buyers and analysts that he and his management workforce are “going to make a bunch of modifications,” and that the “new Opendoor” will look nothing just like the outdated one.
One of many first modifications Nejatian has made at Opendoor is growing the tempo at which the iBuyer purchases properties.
“On my first day at work on September 15, Opendoor had entered into contracts to purchase 120 properties within the prior seven days. By final week of October, that quantity had risen to 230 properties. In seven weeks, we practically doubled our pace of acquisition,” Nejatian mentioned.
Based on Nejatian, the “outdated Opendoor” was gradual and “damaged” as a result of it had “misplaced religion within the energy of software program to make promoting, shopping for and proudly owning a house simpler.”
“It simply type of considered itself as an asset supervisor attempting to foretell the economic system. The earlier Opendoor additionally didn’t actually imagine within the energy of AI to do something, a lot much less to make our work much less toilsome,” he mentioned.
When Nejatian joined the agency in September, he claims that “there have been a dozen individuals whose solely job it was to repeat and paste info from PDFs into glorified spreadsheets.” Nejatian additionally claims that the corporate was losing “thousands and thousands of {dollars}” paying a “well-known consulting agency” to make choices that he feels ought to have been made by executives. However most significantly, in accordance with Nejatian, Opendoor had “turn out to be so danger averse that it not actually believed in shopping for and promoting properties.”
Bolstering this declare, Nejatian mentioned, is the very fact the Opendoor bought fewer properties in Q3 2025 than it has since 2017, when the agency simply launched. Throughout the quarter, Opendoor bought a complete of 1,169 properties, down 3,504 properties bought a 12 months in the past.
“In the previous couple of weeks, we’ve reversed course on all these choices,” Nejatian mentioned. “We’re ditching supervisor mode. We’re now firmly in founder mode. We’re refounding this firm.”
Core beliefs stay
Seeking to the longer term, Nejatian mentioned there are a couple of core beliefs the corporate maintains. These embrace that it’s a software program firm, that AI will empower its operation, and that its leaders are there to make onerous choices and drive operational excellence. As Opendoor seems to be to get again to profitability, Nejatian mentioned the agency is dedicated to only spending money on channels that give it “great payback” and that they will “cease spray and pray advertising and marketing.”
“We’re going to revenue from circulation, pace and tight spreads, not on bets on the course of the economic system. Our marketing strategy is straightforward: Purchase and promote tons and many properties shortly, be operationally wonderful, and improve our worth to every house owner by launching companies like mortgage, insurance coverage, and guarantee,” Nejatian mentioned.
He and the Opendoor management workforce are envisioning a future the place a homebuyer will select their house, financing, guarantee and insurance coverage multi functional place. Hedging on this guess, Opendoor launched Opendoor Checkout earlier this week. The brand new characteristic, which is simply accessible in sure markets at the moment, permits consumers to tour an Opendoor house and place a suggestion to purchase it on Opendoor’s web site with out ever speaking to an individual or agent.
“We’re delivery the purchase now button for properties on the web,” Nejatian mentioned. “Proper now, owners should cope with a bunch of various firms, brokers, brokers, a number of totally different stuff to get what they want for a home. That doesn’t make sense. We now have the web. We’re going to repair this.”
Along with Checkout, since Nejatian took the helm at Opendoor, the agency has launched a number of different new options and merchandise, together with automated title and escrow, a house commerce in widget for builders and Purchaser Peace of Thoughts, which he mentioned provides purchaser’s actually once they buy a house by means of a house guarantee and early move-in.
Whereas Nejatian has grand plans for the way forward for Opendoor, he acknowledged that the trail ahead wouldn’t be simple and that they had been certain to make errors. Nevertheless, he assured buyers and analysts that he and the management workforce can be accountable.
“At each single step, you’re going to see us care deeply about our mission and be clear as we construct,” he mentioned. “I’m extremely bullish. I’m extra bullish at this time than I used to be once I took this job. I believe we’re going to really make a change and make an actual distinction in the way forward for homeownership on this nation.”
