Above: Eric Wu
Opendoor, the largest iBuyer by most metrics, announced that founder Eric Wu would be departing the company effective Jan. 1, almost exactly a year after he relinquished his CEO responsibilities.
“We’ve built something impactful that’s helped over 250,000 people move with simplicity and certainty,” said Opendoor CEO Carrie Wheeler in a statement. “I want to thank Eric for his courage, innovation and grit over the years. Opendoor would not be here without him and his unwavering commitment to our customers.”
Wu departs Opendoor as the entire iBuyer industry faces a crossroads. After seeing marketshare and media attention skyrocket during the pandemic, most instant buying platforms have sought to cut costs and find new ways to make the business model work as the market rebalanced.
Others have shuttered entirely, or sought creative ways to stay afloat as buyers transactions fell and home values stagnated. Opendoor most recently announced a major partnership with eXp, integrating instant offers on the brokerage’s platform.
Wu, who worked for Trulia before starting Opendoor, has claimed that real estate was a college hobby, with a handful of other protech startups under his belt. He founded Opendoor in 2014.
In a statement, Wu said he would remain an advisor to Opendoor’s board and that he was “called” to “get back to my startup roots and create and build again,” but did not share other details about his decision to step down.
“We have built the foundation for the next decade of innovation and growth. I’m humbled by this accomplishment and grateful for all my teammates who helped shape the product, culture and company,” Wu said.
Opendoor continues to move thousands of homes, and actually increased the number of properties it purchased last quarter. But it has yet to find profitability, despite company executives promising the company was built to thrive in many different markets.
“Ten years ago, we founded Opendoor with the simple goal of making buying and selling a home a few taps. Today, over 250,000 individuals and families have trusted us to simplify their largest transaction. We have changed an entire category,” said Wu.
