In this episode of the a16z Podcast, host interviews a16z general partner, Alex Rampell, and Opendoor's CEO, Kaz Nejatian, about fixing the painful, opaque, and inefficient real estate market. They discuss why real estate has resisted disruption, how a marketplace model could break the real estate agency cartel, and Opendoor's mission to make buying and selling a home as seamless as clicking buy now. Kaz shares his experience stepping into the CEO seat of a public company, why Opendoor is a software business, and how he's putting the company back on offense. Alex shares the vision that got him excited about investing in Opendoor, describing how the company can become the Amazon of residential real estate by aggregating supply and demand. The discussion covers the challenges of the real estate market, including the monopoly of real estate agents, the principal-agent problem, and the infrequency of transactions. They also explore the parallels between the car and housing markets, the importance of providing value to both buyers and sellers, and the potential for Opendoor to create a more transparent and efficient marketplace.
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