Opendoor's CEO Change, Marketplace expansion - Front Porch Podcast #1
发布时间 2022-12-13 10:18:05 来源
摘要
Our first weekly Datadoor Front Porch Podcast. Please like and subscribe!
00:00 - Intro
00:58 - Opendoor's CEO Change
16:44 - Opendoor's Marketplace Opportunity
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All right. Hello everyone. Welcome to the first episode of the Data Door Front Porge podcast. It is a new weekly podcast. The time and I will be recording to talk about what's happening in the prop tech space and especially what's happening with Open Door, which is the main company we are covering right now. We will just see how it goes. It's our first episode. And we have a few exciting topics. It was a quite eventful week or two weeks. But as episodes goes on, you can also send us podcasts. Sorry, you can also send us questions to podcasts that they don't love IO and we will try to answer them as well.
大家好。欢迎来到数据门前沿播客的第一集。这是一个全新的每周播客。我们会在录制时谈论关于物业科技领域发生的事情，尤其是关于我们现在正在关注的主要公司Open Door的情况。我们会见机行事。这是我们的第一集。我们有几个令人兴奋的话题。最近一两个星期发生了很多事情。但随着我们的节目推进，你也可以向我们发送问题，我们会尽力回答它们。你可以发到podcasts@datalove.io的邮箱里。
But maybe let's get started with the first topic, which is quite a big one. Eric Wu steps down SEO becomes president of marketplace and Kari Wheeler steps in SEO from CFO. Yeah, I think it's been kind of a blockbuster two week period for Open Door with these news. Right? Because Open Door is not a young company. Eric has been the co-founder and CEO since inception in 2014. And so the news of him stepping down from CEO to now president of marketplace is notable for two reasons. One, it means he's no longer CEO, right? And Kari Wheeler, CFO, and formally board member is stepping into the CEO role. But two, that Eric is taking a job that previously hasn't existed for the company, right? He's now president of marketplace, which is a brand new product for the company in it. I think it speaks one to how the company sees the difficult times ahead and the fact that they kind of want a more wartime leader at the helm. But I think it also speaks to the fact that Eric is fundamentally a zero to one product person, right? He's a visionary. He's someone who can really obsess over a consumer problem and and bring a rare solution to life. And that's what he's really trying to do with marketplace. And I think that's the most sustainable expression of the I-Bire model that they're trying to run towards. And so there's a lot to unpack with this whole leadership change, but a lot of strategy and a lot of nuance.
也许让我们先从第一个话题开始，这是一个相当大的话题。Eric Wu辞去CEO一职，成为市场总裁，而Kari Wheeler从CFO到CEO。是的，我认为这对于Open Door来说，这两个消息是一个惊人的两周时期。因为Open Door不是一家年轻的公司。Eric自2014年创立以来一直担任联合创始人兼CEO。他从CEO职位下台，成为现在市场总裁的消息有两个值得注意的原因。第一，这意味着他不再是CEO，Kari Wheeler，CFO并正式成为董事会成员即将接任CEO一职。第二，Eric接手了以前公司不存在的工作，他现在是市场总裁，这是公司全新的产品。这也说明了公司看到了困难时期的到来，他们需要一个更具有“战时”领导能力的人来领导公司。同时，Eric本质上是一个从零开始创建产品的人，他是一个有远见卓识的人，能够真正关注消费者问题，并将稀缺的解决方案带入生活。这也是他创造市场的真正想法。我认为这是他们正在努力追求的可持续的I-Bire模式的最佳表现。因此，这一整个领导力变革需要深入探讨，充满策略和细致的分析。
One thing we've also seen in a company, this change is some other leadership changes. So we saw Andrew stepping away from the company as he was the president. I'm not sure if he had an additional president operation, so something like that. He was CEO as something.
我们还在公司中看到了一些其他领导层的变化。我们看到 Andrew 从公司中退出，因为他曾经是总裁。我不确定他是否还担任其他总裁运营的职务，类似于 CEO 这样的职位。
What do you think about that? Yeah, I think it's tough always to lose a core critical member of the company. I think he's had some really impactful roles at prior companies scaling during growth. So companies like Netflix. I think he's definitely known as more of a marketing mind. That's really his core competency. And so I think losing him was a surprise. I think we've also heard that there's rumination around the company around him leaving as well, that there might be some rationale for that that we haven't been able to confirm or deny. But it's interesting. I mean, he's leaving basically as president of the company and Eric is moving into that role with a specific distinction on marketplace.
你对此怎么看？是的，我认为公司总是失去核心关键成员是很难的。我认为他之前在 Netflix 等公司发挥了非常有影响力的作用，在公司扩张过程中性能卓越。所以，他肯定被认为是一个更多的市场营销思维的人，这是他的核心竞争力。所以我认为失去他是个意外。我们也听说公司里有些传言，说他离开也有一些理由，我们无法得到证实或否认。但这很有趣。我的意思是，他离开公司，实际上是离开了公司总裁的职位，而 Eric 将接任该职位，专注于市场。
Yeah, you mentioned it's really hard for us from the outside to actually understand why these changes happened. Usually it's not a positive sign if the CEO has to step down or be replaced by a CFO. In this case, if we try to speculate a little bit, do you think it had something to do with what happened in the last three to six months and that maybe Eric himself or the boards saw that for the next six to 12 months, which will be quite hard for the company, they need something to change.
是的，你提到我们从外部很难真正理解为什么会出现这些变化。一般来说，如果CEO不得不辞职或被CFO替换，这通常不是一个积极的信号。在这种情况下，如果我们试图稍微猜测一下，你认为它与过去三到六个月发生的事情有关，也许是Eric本人或董事会认为在接下来的六到十二个月中，公司将面临相当困难，他们需要改变些什么。
Yeah, it's a good question. And it definitely puts a finer point on it. I think for my part, I have the opportunity of having so many conversations with ex-open-door employees or people who know the company well but are no longer there, who are able to speculate and speak to the company culture and what might be going on behind closed doors because it is at its heart such a secretive company.
是的，这是一个好问题。它确实更加明确。就我来说，我有机会与前开门员工或熟悉公司但不再在那里工作的人进行许多对话，他们能够推测和谈论公司文化以及可能正在幕后发生的事情，因为这实质上是一家具有极高保密性的公司。
And I think what I've learned is that Eric really didn't like the role of CEO at this time, speaking to investors and running this multiple thousands of employees company. He really, like I said, he's a product guy and he wants to obsess over that product and his vision for what open-door can become. And I imagine that there's a lot of administrative and probably not super enjoyable elements of the day-to-day CEO life.
我认为我学到的是，埃里克并没有喜欢这个时候的CEO角色，与投资者交流并运行这个拥有数千名员工的公司。正如我所说，他是一位产品人，他想专注于那个产品和他对开门计划未来的愿景。我想，每天作为CEO会涉及很多行政事务，可能并不是很愉快。
And so you take that in the context of the fact that open-door didn't do well on this past year, right? However you want to cut it. And regardless of whether or not you say that home prices fell faster than they really ever have in modern times, open-door still bought far too many homes at precisely the wrong time. And I think for a publicly traded company worth several billion dollars that needs to be addressed, that needs to be investigated and looked into.
因此，你必须将这种情况考虑在内，开放的门在过去一年里表现不佳，无论你怎么看待这件事。而且，无论你是否认为房价下降速度超过了现代历史上的任何时期，开放的门仍在完全错误的时间购买了太多房屋。我认为，对于一家市值数十亿美元的上市公司来说，这需要得到解决，需要进行调查和审查。
And so I imagine that there were many conversations behind closed doors about who was to blame or who drove some of those in opportune purchases and that probably led to certain people exiting and certain people shuffling their role.
因此，我想象有许多闭门谈话讨论谁应该受到责备或是谁推动了一些不合时宜的采购，这可能导致某些人离开，某些人改变了自己的工作职责。
And at the end of the day, it is a terrible time to be buying and selling homes at scale. I mean, it's a down market and I think, you know, to navigate that crisis probably requires someone who's very analytical, someone who's very has a deep understanding of capital markets, debt structures, financing. And so in that regard, this switch makes a lot of sense.
最终来说，现在购买和出售住房的时机并不好。市场下行，我认为，要应对这种危机可能需要非常具有分析能力、深刻理解资本市场、债务结构和融资方面的人。因此，在这方面，这次转换非常有意义。
And I would say I would be much more disappointed with the changes as a shareholder and as someone who's bullish on the prop tech space if Eric was leaving the company. But he's not. He's focusing on what I believe is the most important initiative for the company, which is open-door exclusives and their third party marketplace.
作为一名股东和看好资产科技领域的人，如果Eric离开了公司，我会对这些变化感到失望得多。但他没有离开。他正在专注于我认为是公司最重要的倡议，即开放门独家和他们的第三方市场。
Do you think you mentioned a few things where Eric was lacking or at least from the outside, it seemed like he was lacking. The last big interview he gave was a few weeks ago, Ben Thompson with Tritetry. Before that, the last big interview we saw was really in 2019. There were a few appearances as part of the IPO, but we didn't really hear a lot from him outside of the shareholder letters.
你认为在一些方面，埃里克似乎缺乏一些东西，或者至少表面上看起来是这样。他最近大的一次采访是几周前，由Ben Thompson与Tritetry进行的。在此之前，我们看到的最后一次大型采访真的是在2019年。虽然在IPO期间他出现了几次，但除了股东信函外，我们并没有真正听到他说了很多话。
Do you think Kerry has a different approach to dealing with investors and PR and information flow? Yeah, that's a good question. I don't know. I can tell you that the fund managers that I've spoken to about Kerry all seem to really respect her opinion and feel like she's sharp and really knows her stuff.
你认为Kerry在处理投资者、公关和信息流方面有不同的方法吗？是的，那是个好问题。我不知道。但我可以告诉你，我已经与一些关于Kerry的基金经理进行过交流，他们似乎非常尊重她的观点，并认为她非常聪明且真正懂行。
And so I think the opinion that I'm expressing is actually quite aligned with everyone that I've spoken to in the fund space and the investor space. But it sort of remains to be seen how verbal and how much sharing Kerry is going to be doing with the investor community because I think it's so necessary for companies, misunderstood as open-door.
因此，我认为我表达的观点与我在基金界和投资者界接触到的每个人都非常一致。但是，要看看Kerry公司会向投资者社区提供多少口头和分享，因为我认为这对于被误解为开放门户的公司非常必要。
There needs to be space for discourse. There needs to be space for a narrative to be built for a company like this. And that's the space that Eric left for that to be done has largely been inhabited by us. That's how we were able to really create data doors because the company was so misunderstood.
需要有讨论的空间。需要有一个公司建立故事的空间。Eric留下的这个空间大部分被我们所占据。这就是我们能够创造真正的数据门的方式，因为这个公司太容易被误解了。
And there really wasn't anyone else who took the time to understand what they were trying to build. And so that was on the one hand good for us. But I think long term, what's most necessary for open-door and this is what we've always been aiming towards is to make the thesis for iBind in ProTech in general more understood because without it being understood, there's really no thesis.
实际上，没有其他人花时间去了解他们在努力构建的东西。因此，这对我们来说一方面是好的。但我认为长期来看，对于Open-Door和我们一直在追求的目标，最必要的是让iBind在ProTech中的论点更容易理解，因为如果没有被理解，就真的没有了论点。
And without a thesis you can't invest in the company. And these are all publicly traded companies that need investors. And so I think for Kerry one of the things I would love to see is an attempt to be better in that regard, to share more with investors, to make more appearances for interviews. Because at the end of the day that's probably one of the things besides execution that opened door requires most.
没有颁布论文的话，你就不能在公司投资。这些公司都是公开交易的公司，需要投资者。我认为对于Kerry来说，我希望看到的是在这方面努力更好，向投资者分享更多，更多地出现在采访中。因为最终，除了执行之外，这可能是开门所需的最重要的事情之一。
Yeah, I guess the space was filled with a lot of headlines that were not always accurate but sometimes they were but a lot of negative headlines. I think when we look at any article major news site about open door, it was usually to run after after the clickbait of big losses even if those were exaggerated from what the data actually showed. But yeah, we have a very bad time right now. It's probably also not the best time to step down as a CEO after the biggest loss in a quarter. But what a what a opportunity here is is a clean slate for Kerry to come in and do it better. We know or it's likely that the next quarter will not see big breakdowns, big losses for the headlines anymore. It will be probably a slow and gradual recovery and hopefully with Kerry's help coming back to where we were in Q1, Q2, the C again.
是的，我想说，这些报道充满了许多不准确的头条，有时确实存在的，但大部分是负面新闻。我认为，无论打开门户网站上的任何文章，它通常都是为了追逐大亏损的点击量，即使那些被夸大了。但是，现在我们的处境非常糟糕。在季度最大的亏损之后辞去CEO可能并不是最好的时机。不过，现在凯瑞来接手，这是一个机会，让他来做得更好。我们知道，或者可以说很可能在下个季度不会再看到大破产和大亏损的头条了。它可能会是一个缓慢而渐进的恢复，希望通过凯瑞的帮助，我们能够重回Q1、Q2的辉煌。
Yeah, yeah. And the other thing I'd say is this division is kind of interesting. Like this division of labor is kind of interesting, right? Because Kerry inherits this role as CEO and I think everyone sort of feels like, okay, Ball's in her court. She needs to really execute for this company well. But also at the end of the day, like open door has a method. It has pricing it as operations. It has sales, that has products, et cetera. Like Kerry understands all of that. And all of that has sort of been been solved for, especially since Eric, you know, Eric wasn't really managing all of that day to day anyways, right? Like Andrew Loakey was as president. And so I would say Kerry's job fundamentally right now is to be ruthless about capital and to be efficient. And that's like a money problem that she's solving.
嗯，是的。我认为这种分工有些有趣，对吧？因为Kerry承担了CEO的角色，我想所有人都觉得，好的，现在她需要好好执行这个公司。但说到底，开门与众不同的是它有一个方法。它有定价操作、销售、产品等等。Kerry了解所有这些内容。而且，尤其是Eric不再日常管理所有这些事务之后，所有问题都已经得到了解决，Andrew Loakey担任总裁。所以我想说，Kerry现在的基本工作是对资本无情并提高效率，这是她要解决的一个经济问题。
But what they've effectively done by moving Eric from CEO to president of marketplace, they're kind of unleashing him. You know what I mean? They're kind of unleashing him. And in this qualified way where they say, you have been replaced at CEO at the worst time for your baby, for your company that's been that you've been building and losing sleep over for eight years. And you've been moved to a different role, right? Now you're you're not even the CEO of your own company anymore, but you are going to be president of the most important product and quite possibly will save the life of that company. And I think eliminating some of those blockades for him, eliminating some of that inertia that surrounded probably his day-to-day life as a CEO, I have to imagine for someone like Eric who has discussed being sort of misvalued himself for a long time as someone who feels like he's been the underdog in a lot of different circumstances, that's fuel for people like that. That's like that's endless. I'll turn to a fuel for people like that. And so if Eric can tap into that, if Eric can kind of come to work every day, reinvigorated about building this product and saving his company, I think he really has the hardest job in the company now.
通过将埃里克从CEO调至市场总裁，他们实际上解放了他。你知道我的意思吗？他们将他以一种合乎资格的方式换了一个职位，他们说，你被换掉了CEO，而那是对你的公司的最糟糕的时刻。你的公司已经建立了八年，你为此熬过了无数个失眠之夜。你被调到了一个不同的角色，现在你甚至不再是你自己公司的CEO了，但你将成为最重要的产品总裁，很可能会拯救这个公司的生命。我想为他消除一些障碍，消除一些围绕着他日常生活的惯性，这对于埃里克这样的人来说是有燃料的。他已经讨论了自己长期以来感受到被低估，感觉自己在很多不同的情况下都是局外人，这对于像他这样的人来说是不断的动力。因此，如果埃里克能够利用这一点，如果埃里克能够每天都有一种重新振作起来建立这个产品并拯救他的公司的感觉，我认为他现在真正拥有公司中最艰难的工作。
He has to create a product that doesn't exist and he has to make it 30% of open doors business, which is already at significant scale. I mean, he's the one who really has the job to lose in the situation and he really has the most interesting part of the open doors future business. Yeah, and we can talk about marketplace a little bit more in a second, but I think you're framing it in the right way. From the book post, which was the email that Eric sent as part of this, quite shocking announcement to the company, it really sounds like a positive message. Like this is a new chapter that is better for everyone.
他必须创造一个不存在的产品，并使其成为Open Doors业务的30％，而Open Doors业务已经处于重要规模。我的意思是，在这种情况下，他真正需要失去这份工作，但他确实拥有Open Doors未来业务中最有趣的部分。是的，在接下来我们可以再谈一谈市场，但我觉得你把它框定在正确的方式。从这本书的帖子中（即埃里克作为此次惊人公告的一部分所发送的电子邮件），它真的听起来像是一个积极的信息，就像这是一个更好的章节，对每个人都更有利。
And what I really liked about is the personal note of what Kerry and how she came to the business and how she proved herself to be really valuable to the business. It's not that they're like promoting the CFO, just the CFO to the CEO. It's like this person that was involved in the company, was an advisor to the company, was a board member, then became CFO because they really needed a CFO for the IPO and now stepping up to the CEO. There's a much richer history that might be visible just from the head then. Right. And I think the other thing I'd say is because of the work we've done in the prop tech space, we've been able to be exposed to different leaders and builders. And like for example, the CEO of Divi, Adana Heffetz, when I spoke to her about her company, she specifically highlighted her relationship with Kerry Wheeler and how Kerry Wheeler was a huge mentor for her and kind of cultivated her progression as she was coming up through the same system. She really couldn't say enough nice things about Kerry.
我喜欢的是Kerry所写的个人笔记，她是如何进入这个行业的，以及她如何证明自己是对公司非常有价值的。并不是他们在宣传CFO，只是CFO晋升为CEO。这个人曾经参与公司的工作，是公司的顾问和董事会成员，后来成为了CFO，因为他们确实需要IPO的CFO，并且现在晋升为CEO。从该公司的历史看来，可能会有更丰富的历史档案。对的。我认为我还想说的是，由于我们在资产科技领域所做的工作，我们已经接触到了不同的领导者和建设者。例如，Divi的CEO Adana Heffetz，当我谈论她的公司时，她特别强调了她与Kerry Wheeler的关系，以及Kerry Wheeler如何成为她的重要导师，在她通过同一系统晋升时帮助她发展。她真的说不够关于Kerry的好话。
And I think, like I said, all the investors I've spoken to as well feel the same way. Like I feel like open doors in good hands. And Kerry definitely has a longer history with this company than I think it looks like on the surface. She's been with Open Door for multiple years now, I think three, three and a half. So she knows it very well. Yeah.
我觉得，就像我说的那样，我和我谈过话的所有投资者都有同样的感觉。我感觉Open Door在好人手中。而且Kerry在这家公司的历史比表面上看起来更长。她已经加入OpenDoor多年了，我想应该是三年或三年半。因此，她非常了解这个公司。是的。
It feels like the right person at home to get us on a green path again. But the person who has to get us on the rocket, on the rocket to the moon is really Eric, right? And maybe we can talk a little bit about the marketplace.
感觉有个合适的人在家里可以帮助我们重新踏上绿色之路。但是真正能让我们登上火箭，前往月球的人是Eric吧？也许我们可以稍微谈一下市场方面的事情。
Yeah, I think, I think fundamentally, Eric's job was not to be a steward of a several thousand person company or certainly not at this at the stage, right? And I think for the type of individual that Eric is, his job is finding S curves, his job is finding the next S curve for the company so that they can go from current scale to 10X, the current scale. And I think he's done it. I think he's found what that product could be, whether or not it can be executed, remains to be seen. And that's this marketplace idea.
嗯，我认为，基本上说，埃里克的工作不是成为一家数千人公司的管家，特别是在这个阶段，对吧？我认为对于埃里克这样的个人来说，他的工作是找到S曲线，找到下一个S曲线，使公司从当前规模到10倍的当前规模。我觉得他已经做到了。我认为他已经找到了那个产品可能是什么，无论它是否能够执行，还有待观察。而这个产品就是市场的想法。
But if you think about Open Door's core business, it's first party, right? Open Door buys a home from whoever. It owns the home that refurbishes it, it relists it, it shows it, and it resells it, right? And that's a very interesting business. It's a novel, especially if you do it at scale, but it's also a very difficult business because you're exposed to home price depreciation, you're exposed to property taxes, natural disasters, debt financing, right? It's a very expensive business to run.
但是，如果你想想开门的核心业务，它首先是第一方的，对吧？Open Door从任何人那里购买房屋。它拥有翻新后的房屋，重新列出，展示，并重新出售，对吧？这是一个非常有趣的业务。如果你在规模上做到了，这是一件新颖的事情，但同时它也是一个难度非常大的业务，因为你需要承担房价下跌、房产税、自然灾害、债务融资等各种成本。
And we've seen potential downfall for that business in the summer of this year when home prices dropped double digits over a period of several months, which happens perhaps once every 50 years in the United States. And so normally I would say not too much of an issue, but it feels especially pertinent right now. And so the question is, especially as we continue wandering down this very dark residential real estate market is, what is the next expression of Open Door's business?
在今年夏季，由于房价在几个月内下跌了两位数，就像是美国每50年才一次的情况，我们看到了这种企业的潜在衰落。通常来说这不是很大的问题，但现在感觉非常关键。因此，问题是，在我们继续漫步在这个非常黑暗的住宅房地产市场的时候，Open Door的企业的下一个表现是什么？
And so Eric has come up with this marketplace model. And in the marketplace model, they remain the middleman, but in this situation, they don't have to own the home. And so for Open Door's marketplace vision, Open Door exclusives, what they do is a consumer comes on Open Door's platform and they list a home that they own and Open Door assembles offers from other people. So they can be individual home shoppers, they can be real estate investment trusts, institutional investors.
因此，Eric提出了这个市场模式。在这个模式中，他们仍然是中间人，但在这种情况下，他们不必拥有房屋。对于Open Door的市场愿景，Open Door专属，他们所做的是，消费者进入Open Door的平台，列出他们拥有的房屋，而Open Door会从其他人那里收集报价。因此，他们可以是个人的房屋购物者，也可以是房地产投资信托基金，机构投资者。
And in all of those different buyers will submit offers to that individual. And if the individual selects one of those offers, then Open Door extracts a 5% fee, which is 100 basis points less than a realtor might charge on average. But then also Open Door returns 200 basis points of that fee to the consumer. And so that's really the value proposition is that the consumer is opposed to paying 5 to 6%, the really only paying 3% for Open Door to match them with a shopper.
在所有这些不同的买家中，都会向那个个体提交报价。如果个人选择其中一个报价，那么开放门户将收取5%的费用，比房地产经纪人平均收取的佣金少100个基点。但开放门户还会将其中的200个基点返还给消费者。因此，真正的价值主张在于，消费者不需要支付5％到6％，而只需支付3％即可与购物者匹配。
And on the consumer side, wow, what a value proposition. You don't have to show your home, you don't have to really talk to anyone, you just input your address, take some photos, share some pictures, and you get a bunch of offers within a one to week period that you can say yes to or you can say no to. And there's no pressure, right? But just being able to have those offers in your back pocket, especially in this buyer's market that we're entering into, I think is really valuable for consumers.
对于消费者来说，哇，这是多么的有价值的提议啊。你不必展示你的房屋，也不必真正和任何人交谈，你只需输入你的地址，拍一些照片，分享一些图片，然后在一到两周的时间内就可以得到一堆报价，你可以接受或拒绝。而且没有压力，对吧？但是在我们进入这个买家市场的时候，能够有这些报价在你的口袋里，我认为对消费者来说真的很有价值。
And I guess we can go a little bit into the details here on both the seller and the buyer side, but maybe starting with the seller side, what that concretely means is as a seller today, I'm going to Open Door to get a cash off from Open Door. A number, I think Eric called it an envelope with cash that they can take now and just give away my home 100% certainty speed, it's going to close in two weeks to like six weeks, I think is the maximum.
我想我们可以在卖方和买方两方面详细讨论一下，但也许可以从卖方方面开始，具体而言，作为卖方，现在我将向Open Door寻求现金支持。这意味着他们可以提供一定的现金，让我以100%的确信度和速度出售我的房屋，交易将会在2周至6周内完成，这是最长的时间。
And I know that's safe. Now what Open Door has been testing now for a little bit over one and a half months is this third party business in Texas where I go to Open Door and I get this cash offer, this guaranteed offer that's still there. But on top of that, Open Door has me, hey, should we collect some more offers for you from multiple buyers?
我知道这很安全。现在Open Door已经测试了一个半月左右在得克萨斯州的第三方业务，我去Open Door可以得到这个现金报价，这个保证报价还在那里。但除此之外，Open Door也问我，我们是否可以从多个买家那里为您收集更多的报价？
And there's two avenues here, one is real buyers who are looking for home through Open Door exclusives. So if you opt in into that, they will list that home on Open Door exclusives and buyers can submit offers for the two week period. And as well, they're going to show this home to their institutional investors.
这里有两个途径，一个是真正寻找住房的买家，通过“开放门户”的独家列表来寻找住房。如果您选择加入其中，他们会将这个房子列入“开放门户”的独家列表，买家可以在两周内提交报价。此外，他们还会向机构投资者展示这个房子。
So Open Door is not that well known and we should probably do a separate podcast on how Open Door interacts with REITs and institutional investors. But like the TLDR is, Open Door has a platform where institutional investors can look for homes that they want to acquire. And as part of this new sell experience, the buyer can explicitly opt in to show their home to institutional investors.
开放门户并不是非常知名，我们可能应该单独制作一个关于开放门户如何与房地产信托和机构投资者互动的播客。但简要概括一下，开放门户拥有一个平台，机构投资者可以在其中寻找他们想要收购的房屋。在这种新的销售经验中，买家可以明确选择向机构投资者展示他们的房屋。
And after two weeks, the seller today in Texas would get an immense hey, all your offers are ready. And they would see there's the cash offer, guaranteed cash offer from Open Door, the first party offer. There's maybe a high offer from a real buyer, from a real family that wants to buy the home through Open Door exclusives. And maybe there's a little bit of even higher offer from an institutional buyer if there was one that was interesting to home.
经过两周后，位于得克萨斯州的卖家今天将收到一份巨大的好消息，所有的报价都已准备就绪。他们会看到来自Open Door的现金报价，这是第一方报价，保证提供现金交易。还可能会有一位真实的买家，一家真正希望通过Open Door独家购买这个家的买家所提供的高价报价。如果有一个对该家感兴趣的机构买家，可能还会有更高的报价。
And now as a seller, I can make the decision on my own based on the risks that I see based on my timeline of moving who I sell this home to without me having to list the home on MLS, deal with an agent, deal with all the other parties involved. It's a much simpler process, right? That's from the seller.
作为卖方，现在我可以根据我提前制定的搬家时间和风险，自主决定将这个房子卖给谁，而无需将房子列在MLS上，与中介打交道，以及与其他各方打交道。这是一个更简单的过程，对吧？这是卖方的意见。
Now on the buyer said, the biggest question that's what I put over to you tell it, the biggest question we get is why Open Door? There's Zillow there, there's Redfin there, there's millions and millions of visitors every month. Open Door doesn't have millions of buyers visiting their platform every month. Why is Open Door into position to take advantage of this opportunity? Why hasn't Zillow done it?
现在买家们最大的问题是为什么选择Open Door？毕竟，Zillow、Redfin等品牌已经在这一领域占据了市场，每个月都有数百万人访问它们的网站。而Open Door并没有像他们一样拥有数百万的买家每个月访问它们的平台。那么，Open Door为什么能够利用这个机会，而Zillow却没能做到呢？请给我们解答这个问题。
Yeah, I think I agree with you. I think this is the question that comes up most frequently is why are Zillow and Redfin not also doing this if it's such a great business. I think the biggest part of this is how do you jump start a marketplace? How do you get a marketplace going from zero?
是的，我想我同意你的观点。我认为最常见的问题是，如果这是一个伟大的业务，为什么Zillow和Redfin没有采取这种方法呢？我认为这其中最关键的是如何启动一个市场？如何将一个市场从零开始启动起来？
It's almost like striking a match or igniting a car or the ignition for a car or a rocket or whatever. You need something to get the booster going. And I think the reason that the Zillow and the Redfin's of the world can't do this is because they don't already have a first-party business. And that's incredibly important for this marketplace, right?
这就像点火一样，点燃汽车的点火器或火箭等。你需要一些东西来启动增强器。我认为 Zillow 和 Redfin 这样的公司之所以无法做到这一点，是因为它们没有一个第一方业务。而这在该市场中非常重要，对吧？
You need to have this first-party business to see the marketplace. You need to have that supply already for the marketplace on the one hand. But you also need to have the ability to escalate on those offers for consumers. If your consumers come to your marketplace and you can't get any offers for the homes, then the marketplace really ceases to have any value. But if every single home that's listed on your marketplace by a homeowner has an open door back to offer attached to it, suddenly you have a product, right?
在市场上看到房源，你需要先拥有初级的业务。一方面，你需要已经拥有供应来支持市场。另一方面，你也需要有能力让消费者接受这些房源的提供。如果你的消费者来到你的市场，却因为没有房源供应而无法提供任何房源的选择，那么这个市场就没有任何价值了。但是，如果每一个房主在市场上列出的房源都有一个开放式的房屋提供选择，那么你就有了一个产品，对吧？
Because that means that no consumer is walking away on to hand. At the end of the day, every consumer that enters in is at the very least getting one data point about the value of their home that's backed by money, which is more than can be said by any other consumer who is listing their home on the MLS in the United States or the world as far as I'm concerned. And so I think that's really the first step of the value proposition for the open door marketplace is that these consumers are coming in and they automatically have at least one offer on their home.
这意味着没有一个消费者是毫无成果地走开了。每个进入的消费者，至少都会获得一个数据点，反映了他们家的价值，而且是来自实际金钱的支持。这比任何在美国或世界上通过MLS列出房子的其他消费者都要更优。因此，我认为这是开放门市场的价值主张的第一步，这些消费者进来后，就能自动地得到至少一个对其房子的报价。
And an open door guarantees that. This is the price that we will pay you for your home. But then in addition to that, these consumers are also getting all these offers from open doors, extensive collection of real estate investment trusts, institutional investors, which is again, a advantage of open door who has formed these relationships with these companies because it provides the software that these companies use to buy and sell homes for years now, which is something that Zillow and the Red Fins hadn't done.
一个开放的门口保证了这一点。这是我们将为您的家支付的价格。但是除此之外，这些客户还可以从Open Door获得所有这些优惠，包括大量的房地产信托基金、机构投资者，这再次证明了Open Door的优势，因为它与这些公司建立了关系，提供了这些公司多年来用来买卖房屋的软件，而Zillow和Red Fins却没有做到这一点。
And we can see evidence of the fact that that they have a moat here because the Zillows and the Red Fins have made exclusive deals with open door for open door to continue doing what they're doing and Red Fins Zillow to continue doing what they're doing. And so I think that's really probably the best evidence of why they can't do this is because open door has dominated this first party business and they've shown that they can do it at scale more profitably than their peers, you know, recent struggles notwithstanding.
我们可以看到他们在这里有一道护城河的证据，因为Zillows和Red Fins已经与Open Door达成了独家协议，让Open Door能够继续他们正在做的事情，Red Fins和Zillow也能够继续他们正在做的事情。因此，我认为这可能是最好的证据，说明为什么他们无法做到这一点，因为Open Door已经主导了这个第一方业务，而他们已经表明他们可以比同行公司更具规模地获得更高的利润，尽管最近遇到了一些困难。
And so being able to see this marketplace with this first party business is step one. And then also having these relationships and the, you know, the muscle of working with these institutional investors is step two. Really, the cherry on top is this relationship with Zillow that is going to be started in Q1 that's going to allow more homes into open doors funnel through Zillow.
因此，能够看到这个第一方业务的市场是第一步。然后，还有与这些机构投资者合作和拥有关系的实力是第二步。真正的瑰宝是与Zillow的关系，在第一季度开始，这将使更多的房屋通过Zillow进入Open Doors漏斗。
And that's just going to feed and allow this marketplace to grow even faster, I think. I guess the question on top of that is like how is open door? They have to supply there are hundreds of thousands of potential sellers going to the platform checking the offer of their home and maybe even awaiting more offers and are ready to list with just no commitment to exclusive marketplace.
这将会促进这个市场更快地成长。而我认为，在此之上的问题是OpenDoor公司的表现如何？他们需要提供数十万潜在卖家在平台上检查他们房屋的报价，并可能等待更多报价，而且没有对独占市场的承诺。
But like where are the buyers coming from? Right? Zillow has millions, hundreds of millions of visitors every month, open that doesn't. And I think Erie went into that a little bit in his strategy interview with Ben Thompson is and somebody actually shared a screenshot of that and I'll discover which I was quite excited about because I didn't know this was a reality.
但是买家是从哪里来的呢？没错吧？Zillow每个月都有数百万甚至上亿的访问量，而OpenDoor却没有。而且我记得Erie在他的战略访谈中已有所涉及，Ben Thompson那里有人分享了截屏，这让我非常兴奋，因为我不知道这个事实。
So, open door has like three big funnels to get buyers onto this page where they list homes for 14 days and then those homes disappear and go into an ambulance or they disappear forever in those maybe in the third party case because not, but every seller that tries to list their home on exclusive will then actually want to sell them, but the first big one is open door can cross sell their inventory with their existing MLS listings.
因此，"Open Door"网站有三个大漏斗，以吸引买家进入该页面，在页面上列出房屋出售14天后，这些房屋就会消失并进入救护车，或者可能会在第三方中永久消失，但每个试图在独家列表上列出房屋的卖家都将希望将其出售，而第一个大漏斗是"Open Door"可以使用其现有的MLS房源与其库存进行交叉销售。
And how I describe that is to visit and tour an open door home, you need to download the open door. You have to or at least like submit your phone number and I think your idea or credit card to prove that you're a real human to enter a home with those electric locks that open the uses on their homes that are listed on MLS. And with that they know that buyers are looking for home, what homes they're visiting, what neighborhoods they're visiting and they can now recommend additional homes that are exclusively listed by open door or on their marketplace to those buyers.
我可以这样描述：要参观和参观开放式家庭，你需要下载开放式门户。你必须至少提交你的电话号码以及你的身份证明或信用卡信息，以证明你是一个真实的人，才能进入那些在MLS上列出的使用电子锁的房屋。通过这种方式，他们知道买家正在寻找哪个家，他们正在访问哪个社区，他们现在可以向这些买家推荐仅由开放式门户或他们的市场独家列出的其他房屋。
And once we saw from somebody trying it out and I think it was an Austin, the open door sent them, they were visiting a regular home to the MLS and they got an SMS text message from open door like recommending them three other homes that are exclusively listed in their neighborhood that they should check out. And which the message detail that I really love that you've included like a link to Google Maps route, the best way to visit all those homes. But that just shows like one way that probably nobody expects where open door already has thousands of really hot leads that are looking to buy a home that they can show those homes to.
有一次我们看到有人试用Open Door，我想那个人是奥斯汀市的，开放的门让他们来到了一个普通家庭的房子，他们收到了来自Open Door的短信，推荐给他们三个在他们社区独家挂牌的房子，让他们去看看。这个短信里包括了我很喜欢的细节，比如一个Google地图路线的链接，介绍了去看所有这些房子的最佳方式。但这只是Open Door的一种方式，或许没有人想到，他们已经有了数千个非常热门的潜在客户，正在寻找他们可以展示这些房子的家。
解释上述文字的意思，Open Door拥有来自访问普通家庭的热门潜在客户，这些客户正在寻找购买房屋的机会。因此，Open Door向客户推荐独家挂牌的房源，并提供有关访问这些房屋的最佳路线的详细信息。这种方法可能是出乎意料的，但它证明了Open Door已经拥有数千个非常有价值的潜在客户。
Yeah and I think to sort of add on to that too, it's like we are now entering an era of a buyer's market, right, which makes it really hard to sell your home. And so I think relative to the post-COVID era, it's, or the immediate post-COVID era, it's geometrically more challenging to sell your home today than it was then. And you're certainly not going to get the valuation now that you might have then. And so tools are needed for home sellers to sell their homes. And I think this really is a timely solution to that problem.
我认为这点还可以再加强一下，我们现在进入了一个买方市场的时代，这让房屋出售变得非常困难。因此，相对于COVID-19后期或立即后期，今天卖房要难得多，而且现在你肯定得不到当时的估价。因此，需要为房屋销售者提供工具。我认为这确实是解决这个问题的一个及时的解决方案。
And it just shows kind of the creativity of the different ways that this product can gain traction and get up to that fabled 30% share of open doors total market transaction by this time next year. They have to be creative, right? It's like guerrilla warfare. They have to go in and and be gritty and figure out solutions to new problems. It's like this is the actual startup within a startup. And so being able to track this and we are tracking this right on DataDore, the actual expansion of open doors third party and first party marketplace is something that I check multiple times a day because even though it's early days and the volume's a low right now, this is the most important long-term initiative for open doors survival.
这显示出了产品能够通过不同方式获得市场占有率并在明年达到30%和Open Doors总市场交易额的创造力。他们必须要有创造力，对吧？这就像是游击战争。他们必须要创新解决新问题。这就像创业中的创业。我们正在用DataDore追踪Open Doors第三方和第一方市场的实际扩张情况，因为尽管现在还处于早期阶段且交易量较低，但这是Open Doors生存最重要的长期举措。
Yeah, maybe as a last question here for you because we're already 30 minutes or something. What should we expect from open or exclusive in the next few months? I mean we've seen them launching in Austin a year ago that has been going for quite a while then earlier this year. We saw them launching Dallas and Houston. And now we have a long stretch of not much going on. Other than the first party business kind of being trialled in all those free markets with very low volume.
好的，也许这是最后一个问题了，因为我们已经进行了30分钟或者更长时间了。在接下来的几个月里，我们应该期待什么来自open或者exclusive呢？我指的是他们一年前在奥斯汀推出后已经运作了相当长的时间，然后在今年早些时候我们又看到他们在达拉斯和休斯顿推出了服务。现在，除了在所有这些自由市场进行试验的头等业务，业务量非常低的情况下，我们没有看到太多其他发展。
If we want to get to 30% of market share, what do we need to see in the next few months? Yeah, I think open door exclusives needs to be launched in open doors largest markets over the next few months. So I would expect if I was designing the company blueprint based on the fact that they've already launched in Dallas, Austin and Houston, which are top 10 markets for open-orthing Dallas is between one and three every quarter in terms of volume.
如果我们想达到30%的市场份额，接下来的几个月我们需要看到什么？是的，我认为我们需要在接下来的几个月里在开放门最大的市场进行独家推出。因此，如果我根据已经在达拉斯、奥斯汀和休斯敦推出的事实设计公司蓝图，我会期望在这些开放门的前十大市场中，达拉斯在每个季度的销量中位于前三名。
I need to see them do the same thing in Phoenix and Atlanta. And then just begin down the list from there. This is a product that should be scalable across all of their major markets. And it's needed to be for them to achieve that number. And so what I'm looking at is rapid expansion across these markets. I'm looking at an increased number of active listings, a bigger pending pipeline.
我需要看到他们在菲尼克斯和亚特兰大做同样的事情。然后从那里开始逐个检查。这是一个可以在他们的所有主要市场进行扩展的产品。为了达到那个数字，这是必须的。所以我想要快速扩大这些市场。我正在关注活跃列表的增加，更大的待处理销售订单。
And I would expect a similar situation to what we saw in their Texas markets, which is they list a lot of homes up front to get a lot of learnings and then slowly whittle down the number of exclusives that they're listing and ramp up conversion rate.
我预计会看到他们在德克萨斯市场所展现的类似情况，即他们会一开始上架大量房屋来积累经验，然后逐步缩减他们的独家房源数量并提高转化率。
I think the same thing is needed because exclusives is a product that demands consumer education. It's something that needs to be explained. It's not like, oh, this is another streaming service and you plug and play. This is a brand new product that other people aren't really doing. And so open doors going to have to educate consumers. They're going to need marketing. They're going to need local playbooks.
我认为同样需要这个东西，因为独家产品需要消费者教育。这是需要解释的东西，不像其他流媒体服务一样，插上就能用。这是一个全新的产品，其他人并不真正做这个。所以Open Doors将不得不教育消费者。他们将需要市场营销。他们将需要本地策略。
But once they do, the economics of an exclusive sale are dramatically better than their first party business. Yeah, I'm looking for to see that. I mean, what's interesting is like this 30% number that was announced, you kind of think it's coming from somewhere.
但是一旦他们这样做了，独家销售的经济效益要比他们自己的业务明显提高。是的，我很期待看到这一点。我的意思是，有趣的是，这个被宣布的30%数字，你可能会认为它来自某个地方。
I mean, they said like 20% also 30% are kind of institutional sales that they are already doing by owning the first, the home first. And now they're going to transition that into never owning the home in most cases.
我的意思是，他们说20%到30%的销售已经是机构销售，这是通过先买入房屋实现的。现在他们会在大多数情况下转变为从未拥有房屋。
But what's interesting is that when we saw them scale often at the beginning of the year when the market was still kind of up, they started listing literally 100% of their listings on exclusives first for 14 days.
但有趣的是，当市场仍然比较繁荣的时候，我们发现他们经常在一年初进行规模扩大，他们会在14天内首先把所有房源列为独家房源。
And we saw them go up to like 30% of all their sales going for exclusives in the market, which is quite encouraging. So I think it's attainable. We can get there. Yeah, I agree.
我们看到他们将大约30%的销售额用于市场上的独家产品，这是非常鼓舞人心的。因此，我认为这是可以实现的。是的，我同意。
I think it's going to take some time, but I'm cautiously optimistic on their chances of making this happen. All right. I think that it was enough for our first episode.
我认为这需要一些时间，但我对他们实现这一目标持谨慎乐观的态度。好的，我认为我们的第一集已经足够了。
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