Some of you may have heard about an Opendoor competitor that recently raised $260 million in financing (equity + debt).
They are smaller than Opendoor:
Revenues to date – which come from an average 9% fee that includes 6% that’s equivalent to the typical real estate brokerage commission and a risk-based fee that ranges from 1% to 7% – are in the neighborhood of $20 million.
How many other similar models will emerge in the coming 12-18 months? I’m betting it’ll be more than a few. Keep in mind, these models are really just modern versions of We Buy Ugly Houses. I’d be curious to hear what they view as defensible about their businesses (aka their moat) other than money and brand.
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