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Open Door Announces Additional Layoffs

Open Door cuts 22% of its staff in addition to previous layoffs within the last year. What is going wrong?

The probability of success for Open Door appears to be decreasing over time. Real estate is a highly complex market system with hundreds of thousands of micro markets. It can be so dramatic, for example, that you can have multimillion dollar homes in one town and then cross over the border into the next town and have $100,000 dollar homes for sale. Further complicating real estate is that unlike other products, real estate is immobile. You cannot sell a person a home in New Jersey to a person in Texas unless they are looking to relocate to New Jersey.

Many companies that take non-traditional approaches have an increased rate of failure due to the complexities that can take shape.

The barrier to entry is quite high, but this does not mean that all companies with a non-traditional approach will fail. Perhaps non-traditional approaches would be best served within companies that also employ traditional approaches.

#realestate #homesforsale #propertyforsale #realtor #househunting #realestateagent #luxuryrealestate #dreamhome #investmentproperty #homebuying

https://www.realestatenews.com/2023/04/18/opendoor-cuts-22-of-its-employees

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