Disclosure certainty 5/5 debate potential 1/5

Opendoor eliminates friction by purchasing homes directly from sellers for cash

Ian Wong · Modernizing Real Estate with Data Science // Ian Wong, Opendoor (FirstMark's Data Driven) · Feb 3, 2017 · at 1:50

Ian Wong is co-founder of Opendoor, an iBuyer platform that uses data science and balance sheet capital to purchase homes directly from sellers.

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“We'll actually make an offer for your house and buy it from you so that you don't have to endure three months of stress and headache.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

More from Ian Wong

Insight
Data science Venn diagrams underplay the importance of software engineering and business
“I think that's the minimum bar to be a sufficient data scientist. A, B it totally underplays the importance of software engineering, and C, that's actually just a small part of what it means to be a data scientist. I think it totally neglects things like busin…”
Ian Wong Feb 3, 2017 ▶ 14:44 Modernizing Real Estate with Data Science // Ian Wong, Opendoor (FirstMark's Data Driven)
Disclosure
Opendoor offers home buyers a 30-day satisfaction return guarantee
“With us, we even have something called a thirty-day satisfaction guarantee. So you can actually return the home to us if you don't like it.”
Ian Wong Feb 3, 2017 ▶ 17:41 Modernizing Real Estate with Data Science // Ian Wong, Opendoor (FirstMark's Data Driven)
Opinion
Crowdsourcing is a completely underappreciated technique in data science
“But I'm really hoping that just in 17, as a site know, is going to be the comeback year for crowdsourcing, because we need it. And it's totally underappreciated as a technique.”
Ian Wong Feb 3, 2017 ▶ 7:17 Modernizing Real Estate with Data Science // Ian Wong, Opendoor (FirstMark's Data Driven)
Insight
Real estate valuation is a wide data problem, not a high-n problem
“And this is not the traditional big data problem. In the traditional big data problem, You have basically a lot of data, right, so a lot of n. Really in this problem we have very wide data.”
Ian Wong Feb 3, 2017 ▶ 8:48 Modernizing Real Estate with Data Science // Ian Wong, Opendoor (FirstMark's Data Driven)
Assertion Not checkable as stated
Real estate financial hedging instruments lack sufficient liquidity for practical transactions
“There are not that many available out there, and they're not liquid enough where they're attractive from a, you know, to actually transact on.”
Ian Wong Feb 3, 2017 ▶ 18:18 Modernizing Real Estate with Data Science // Ian Wong, Opendoor (FirstMark's Data Driven)
Assertion Supported
U.S. homes outside major urban centers consistently sell 3% below list price
“When you list a home in the, anywhere else in the country, you actually close for three percent less than you list for, right?”
Ian Wong Feb 3, 2017 ▶ 22:44 Modernizing Real Estate with Data Science // Ian Wong, Opendoor (FirstMark's Data Driven)
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