$Opendoor(OPEN)$
Nick Jones
Great. I guess, first, Carrie, could you remind us kind of what the impact of increasing interest rates might be in the business and Opendoor’s ability to kind of mitigate increasing interest rates and the impact, I guess, on the bottom line? And then the second question really is just record low kind of inventory levels or multi-decade low inventory levels. Maybe taking a step back, as things normalize, have you contemplated the pendulum swinging the other way? Did it kind of shift to a buyer’s market? When the frenzy is over, is it going to be a more challenged environment for maybe a different reason?
Carrie Wheeler
Great. Good to hear your voice, Nick, thanks for the question. So with respect to interest rates and in terms of our cost structure and what we might have to pass on to customers in terms of fees if there is an increase in rate, we’d expect that the impact actually would be quite modest. An example, 100 basis point increase in rates would translate to a 25 basis point move in our cost structure given our inventory turns, so quite manageable in our view.
The second part of your question just was around record low inventory levels but also just what if the market were to go from being very HPA positive right now to something more neutral or even negative. And what I would say is our model is really designed to work across all kinds of markets: up markets, flat markets, down markets. You should think of us as a market maker and also a provider. So in a market environment where HPA would have turned negative, we can choose to increase spreads to account for that decline. So declines in HPA will be offset by increased spreads. And certainly, in a down market, which is more uncertain for consumers, we believe that the certainty our product provides will be an even greater value to customers in that scenario.
Last point I would say is when you think about macro, for us, obviously, housing macro is always top of mind. But so is what’s going on right now is a massive secular tailwind that’s driving digital adoption. I believe that we are going to continue to be market share gainers across all cycles as a result of that. Certainly, we are right now. And we expect that the value proposition, as I said, only increases in times of uncertainty for sellers.
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$Zillow(Z)$ ceo谈运营短板，这也是$Opendoor(OPEN)$ 领先的地方，而且可能是先天优势。
Jeremy Wacksman
Yes, it's a good question. And it's important to remember, as exciting as we get about Zillow Offers and I think a lot of our investors get about Zillow Offers, it's still incredibly early. I mean we are basis points of market share in the country right now. And so that portends two big challenges. One is customer awareness and demand challenge. The vast majority of people haven't heard about this. And that's going to take time. You discover things, you tell your friends about them, you come to trust them and you ideally trust them from brands you know and trust like Zillow. And then there's an operational challenge to that. So as we build to these new levels of scale, it requires even more technology, tools and automation to be able to deliver these services more quickly and more cheaply at scale which then reinforces the flywheel of stronger offers to more customers, more transactions, begets more customers; so both of those are challenges.
I would say in the near term, for us, the operational challenge is more acute, just given we're seeing so much demand even with the low awareness and low trial of Zillow Offers and services like ours. But over time, to get to that scale and then ultimately get to the long-term margin profile we talked about, we see both of them as really exciting challenges to go tackle.
那个著名的$Opendoor(OPEN)$ 多头，一个才华横溢的斯坦福牙科学生，发表了第三篇研究报告。报告里提出了卖家飞轮和买家飞轮。我更愿意把它们看成一个漏斗。有多少卖家同时又成为买家，这个比例是接下来重点关注的一个指标。
$Opendoor(OPEN)$ 股价隔了一层窗户纸。送给有缘人。
$Redfin(RDFN)$ ceo谈ibuying
The third thing is that there’s just been a huge tailwind on iBuying, where we pay cash for a house and let somebody move on. …. Some of that is just that it’s just a good time to be owning houses. The longer it takes us to sell them, which used to be a risk that we really worried about, the more money we make, because the market is going up. And some of it is because, people don’t mow their lawn anymore. They don’t really do anything that’s hard anymore. They just pay someone else to deal with it. And that’s what they’re doing with the house. And so that easy liquidity costs you a little bit of upside … but I think iBuying has taken off more than we could have hoped.
比较$Opendoor(OPEN)$ 和$Upstart(UPST)$ 几乎同时发行的可转换优先票据，不得不说，u干得比open漂亮多了。
从电话会议看，关注$Opendoor(OPEN)$ 的分析师数量很少，而且绝大部分完全不懂ibuyer的生意模式。非常好，这是大牛股的前夜状态。
$Opendoor(OPEN)$
For sellers, we launched the Self-Service assessments, allowing customers to completely self-serve an on-demand complete the home assessment with just their mobile device. This is not only a superior customer experience, but also reduces our cost structure, allowing us to put more money in the pockets of our customers.
For buyers, we continue to see significant growth of our Buy with Opendoor product. With the recent addition of Opendoor Backed Offers, experiencing rapid adoption since launch less than six months ago. We are excited to share that our Buy with Opendoor product has crossed the $1 billion run rate and we'll continue to grow and scale at a rapid pace. This is a great example of the speed in which we are able to innovate to meet consumer demand on top of our platform.
Lastly, we know that 65% of sellers are also buyers. So we are integrating our products into one bundled experience. We're adding Buy with Opendoor for each of our sellers, also looking to buy and bundling title, escrow and home loans to make the transaction completely seamless and low cost. As we look ahead, we believe that a relentless focus on the consumer experience, developing the most accurate pricing engine and building the lowest cost platform for our foundation to become the clear digital one-stop-shop for all home buyers and sellers.
$Opendoor(OPEN)$ 二季报和我预计的差不多，指引依旧偏保守。我最关注的新市场和新产品，等电话会议把。