Sean Hughes

@Pikithome Depends on your definition of win. Amazons retail didn’t win either in terms of profit but it won. And no one said one company. Change looks completely different than today it’s not going to be a similiar version.

@SeanLHughes And what you’re describing is transferring tons of profits from agents to one company. Retail doesn’t win here 😂

Lower rates do not equal $OPEN making more money that equals $BETR and $RKT making more money Opens primary business that many think of is wholesale model. If rates drop and prices don’t necessarily go up, you may get more inventory and prices decline some I didn’t buy $OPEN based off rates at all. I bought open because with the advancement of AI they will inevitably land on some great ideas that likely have absolutely nothing to do with their current business model. In fact a recession in housing they play their cards right will be a positive for them All of that said I don’t think they will reach full potential until they bring in some successful real estate agents who have lived the every day life. But Wall Street is buying @nejatian ideas so might as well ride the wave

@Pikithome Essentially you’re trading your house into Open for another house. Open handles repair and resell of your trade in and the new home plus overseeing financial part of transaction along with warranted and guarantees. I don’t see a need for an agent other than customer service

When you buy it’s only one side. When open sells the factor paying a real estate agent. So if you’re not representing they make more money. Pretty simple to understand Open helps people that need to sell fast to usually buy another home or buys from people that can’t afford to fix the home up Again buying and selling homes is not why open is trading at $5.5. It’s what they will do outside of that

@Pikithome If you look at how Amazon sells things and Tesla online, it’s not hard to see that the agent can be removed. When you buy a stock there’s no agent. The market replaces the need. Like I said the agent just because customer service.

@Pikithome Open buys and then sells a home. They are on two sides. When you sell your home and then buy you are on two sides. If the agent increases your price when you sell it’s also increasing your price when you buy. You’re overstating the benefit of the agent. That’s the point.

@Pikithome “Realtors get your more money when selling” and you pay more when buying. You can’t only count one side of the transaction.

@SeanLHughes Correct so then open takes 5% -7% off the top instead of 10-12% so still realtors can get you more money You’re not understanding it’s fine And as ai gets better agents will charge less and do more transactions

@Pikithome In your agent example when agent sells for you pay them $60k and pay them another $60k when you buy. When you go through open you lose $120k. It’s a wash. And Open wouldn’t be able to make $120k on original deal in world without agents.

Are you paying zero attention. I’m not responding after this 1 million dollar home you net $940k with agent charging you 5% 1 million dollar home you net $880k maybe 900k if open buys it Tell me how agents suck in this scenario Furthermore open then turns around and re list the home for 1 million so you as the buyer without an agent is paying the same, and the seller taking less. It’s very simple

@Pikithome Part of Opens model is also after they fix up the house they share profits with you. Open needing agents to get better deals doesn’t make sense. If open is the main buyer they are the market. They’re not a house flipper.

I’m telling you exactly what OPEN does I’m not making this up that’s their model They say home is worth X and we’ll buy it for Y and they list what you don’t have to pay for and one is agents. That is taken off their offer plus exaggerated high fees for other items Then the buy the home, fix it up some and re list at what it’s worth which is around that Million market plus their updates I’m not making any of this up that’s their model. Of agents don’t exist then they wouldn’t be able to use that no agent discount as a line item when buying And let’s just say overnight OPEN is has 90% of all housing business that means every home drops 10% plus in value overnight. They need agents to one bring them business and 2 help them actually get better deals. What the housing market needs is a trustworthy agency like a carfax that certifies homes and has extended warranties in homes, so when someone buys that home the process can be 10x faster. Open is working in streamlining the process through lending and attorneys to sell their homes faster

@Pikithome Agents would cease to exist because they add no benefit. Question is what does Open need to do to get there. If open is buying my house at X price, fixing it up to sell it and paying me the difference, what value does a realtor bring?

@SeanLHughes If agents cease to exist they open would only be able to offer people 5% less than what the home is worth Open needs agents to get better discounts

@Pikithome You have to actually see what the new model looks like and how Open would operate. Buyers would sign up for the scenario I just mentioned.

Look if you own a home worth 1 million open will offer you $900k at best likely $880k. And agent would net you $940k Open will turn around and re list the home for slightly above 1 million after small updates. If you don’t have an agent they may give you like 10k off that I don’t know how they would do it. But open pays buyer agents

@Pikithome Your comments are based on a model built by realtors. This is the bias I was referring to. You are talking about the past and assuming it plays out in the future. You’re saying Opendoor will buy your $1m house from you at $900k then sell it back to you for $1m.

@Pikithome If the person buying your home is the same person selling you the home, the realtor can’t make you more money when you sell and save you money when you buy. The buying and selling price become closer to market value.

You’ll sell for less than a realtor can buy the home for and give them more margins when you don’t have a realtor And it’s been 10 plus years with uber model. Real estate won’t skip that model and go strait to none Not many will sell their homes at 10 plus percent discount because they hate agents. So until all home information is transparent and easy to understand agents will exist Until there is a reliable Carfax of the home industry agents will exist and will continue to exist post that. How much is the only question

@Pikithome That’s an interesting statement. If I sell my house with a realtor I will sell it for more. Then if I buy my house with a seller using a realtor then I will have to pay more. The two offset each other. So I paid 6% in commission to break even. Sounds like a model built by realtor

@SniffPharisees @TheBHentel It’s 100% god given talent. But everyone with talent has to compete against each other. Talent plus hard worker beats talent.

@TheBHentel I’m convinced more and more that it really isnt hard work, but Gods grace. You either have something or you dont.

You can literally see Steph been had it lol , a lot of this shit is natural God given ability .

@Pikithome Just like Amazon. I go through Amazon. If there’s an issue I contact Amazon. I don’t want to deal with 5-6 different companies. I also think agents will exist. I just see them more for customer service purposes. It’s just not a commission job.

You don’t have to use and agent my platform will be useful to those as well. But you’ll likely need a lender, we help there as well. But you have a driver when you order and uber, maybe that’s the model coming down the road, and that will be an agent just in different capacity. Market will change but agents will exist just in a different way

@BernieSanders @peggyflanagan I’ve never seen anyone look like a chimp while playing basketball.

Warming up in a local Minnesota park for the rally with @peggyflanagan.

@TheobGanza @AdamtrendHQ They got paid when you watched the video. 🤣

@AdamtrendHQ Excuse my ignorance but how does this rather storage trick generate cash?

This US guy Turned Dead Ceiling Space Into a Cash Machine 💰

@Pikithome Two different views and goals. I should be able to buy a home the same way I do everything else, without an agent. Partnering with agents creates a conflict of interests when the solution removes the need for agents.

You are correct and real estate agents will fight the change. I’m building a system that agents will love and will be on board with. Why, because it’s there if they want to use it, makes them look good to the customer, and stays with the customer forever while the agent stays in front of them. But open is trying to build out the transactional side of things that over time will become adopted by many. Worldwide is the real value builder for them with that model. I tried last year with old management to get them on board with the realtor partnerships and helping them be better while growing open but new management doesn’t see the same way. That’s fine, I’m just building it separate now But that said open will still be extremely successful I just think it’s going to take more time than they anticipated to succeed and won’t be as successful as they think they will without agent distribution But who cares at this point because Wall Street is buying it up and we’ll likely run to $20’s maybe higher before people realize the disruption isn’t as big as they thought with the approach they are taking. What’s funny is I think @marcuslemonis with $BBBY has a better approach to all of this than OPEN but the market is not adopting it as well yet. But if you look at his model that’s essentially what I was speaking to prior management at open about and eventually working on a plan that looks similar to his. There was an agent revenue stream, and bank vs credit union (credit union a better idea), etc. Very very similar. Marcus needs what I’m doing to perfect his system and will eventually reach out, in the mean time I’ll keep building