Opendoor Technologies Inc. (OPEN) Goldman Sachs 2023 Communacopia & Technology Conference Transcript

Opendoor Technologies Inc. (NASDAQ:OPEN) Goldman Sachs 2023 Communacopia & Technology Conference September 7, 2023 7:25 PM ET

Company Participants

Carrie Wheeler - CEO

Conference Call Participants

Michael Ng - Goldman Sachs

Michael Ng

Welcome to the Opendoor presentation at the Goldman Sachs Communacopia and Technology Conference. I have the privilege of introducing Carrie Wheeler, CEO of Opendoor Technologies. She served as CFO for Opendoor for two years before being appointed as CEO in December of 2022. Before joining Opendoor, she was a partner and Head of Retail and Consumer Investing at TPG Capital.

My name is Mike Ng, and I cover Opendoor and real estate technology here at Goldman. We have about 35 minutes for today's presentation, inclusive of audience Q&A. So if you have a question at any time during the conference, feel free to raise your hand, and we'll get a mic runner over to you.

First, Carrie, thank you so much for making yourself available today. It's really a privilege to have you here.

Carrie Wheeler

Thank you for having me.

Question-and-Answer Session

Q - Michael Ng

So Opendoor is the leading iBuyer in the United States. Only about 1% of U.S. residential real estate transactions occur online today. So to start things off, could you talk about Opendoor's strategy to drive the digitization of U.S. residential real estate? How is OPEN helping to reduce the complexity and uncertainty that's in the traditional home sales process?

Carrie Wheeler

Yes. When we think about U.S. residential real estate, it's one of the -- by far, the largest asset classes out there, and yet it's probably the last one to be really seeing any meaningful disruption for digital innovation. And our vision is to create a market-leading e-commerce platform for residential real estate so that customers can transact with a whole lot of certainty and simplicity and