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OpenDoor coliving

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OpenDoor coliving

  1. 1. Live Better Together. www.opendoor.io 1  
  2. 2. 2   The mainstream real estate industry is out of touch with deeper needs, values and aspirations of Millennials. We are reimagining home for the collaborative age – as a platform for living with connection, creativity and purpose. We are building a residential real estate brand and national network of spaces for modern, shared living.
  3. 3. Customer Profile and Need Millennials and Cultural Creatives seek out meaningful experiences + connections. •  25-35 y/o singles and couples •  Creative professionals, entrepreneurs, artists, freelancers etc. •  Desire lifestyle rich in learning, growth, creativity + community •  Sharing economy “natives” who choose experiences + access over ownership 3  
  4. 4. Market Opportunity •  Alternative to random Craigslist roommates •  88% of Millennial renters live w/ roommates •  Coliving is a better roommate experience TAM of roommate renters = $105B 10% coliving market penetration = $10.5B 10% OpenDoor market share = $1.05B Millennial Renting Trends 4  
  5. 5. 5   Home as a Lifestyle Platform People deeply crave a sense of community + belonging. We create collaborative living spaces that enable more meaningful, connected lives. We apply human-centered design to home, going beyond traditional real estate thinking to design spaces and culture for a better resident experience.
  6. 6. •  Rent private room with access to beautifully designed + furnished common areas •  Live with close-knit group of like-minded people, as part of a true community •  Attend regular community dinners + outings •  Host or join interesting events, workshops, and creative projects •  Home serves as a learning + sharing platform •  Enjoy a clean, organized, and professionally managed space 6   The Resident Experience
  7. 7. Value Proposition •  Sophisticated resident selection process •  Uniquely branded + themed spaces •  Community-building methodology to fosters authentic culture •  Furnished common areas + kitchen •  Shared food program •  Collective decision making tools •  Plug & play property management 7   We create the conditions for authentic community: systems, services + culture.
  8. 8. Traction and Track Record •  3 houses, 38 residents, $6M AUM, and $50,000/mo in gross rents •  800+ person Bay Area waiting list •  Road-tested model + operations playbook •  3 partnerships with developers •  150 bedrooms in pipeline with developers •  National press + speaking engagements 8  
  9. 9. 9   16BR 6400 sqft newly renovated Victorian, opened April 2014 12BR 5800 sqft 3-unit mixed-use building, opened March 2015 Purchased + remodeled by OpenDoor, raised $500K in equity 11BR, 6200 sqft historic manor, opened March 2016
  10. 10. Profitability 10   •  Higher bedroom count + shared spaces increases density •  Higher profit real estate •  Simultaneously, Residents get more for less: more space, better amenities + highly desirable lifestyle
  11. 11. 11   •  High-density urban •  Apartment building with 50+ bedrooms •  Split into 10-15BR coliving “pods” with common kitchen + living space •  Coliving is an inevitable movement, with new projects worldwide A New Housing Concept + Asset Class
  12. 12. Real Estate Strategy •  Provide concept, brand + management •  Target larger properties (50+ bedrooms) •  Secure developer / owner partnerships for retrofits + new construction •  Sign-on consistent, large capital partners to back deals •  Roll out to a national urban network •  Mature into investment + development 12  
  13. 13. The Team   13   Ben Provan, cofounder Jay Standish, cofounder Stonington Cox •  Role: COO: Systems, Finance, Product Cornell Mechanical Engineer + Product Designer •  MBA in Sustainable Systems, Pinchot University •  Role: CEO: Brand + Business Development •  Co-founder Impact Hub Seattle •  MBA in Sustainable Systems, Pinchot University •  Role: Board Member, Real Estate Advisor •  15yr real estate professional •  9 years investment banking + private equity •  MBA Columbia Business School  
  14. 14. Advisory Board   14   Rahmin Sarabi Strategy Advisor Eric De Feo Brand + UX Advisor + Investor Jessy Kate Schingler Coliving Advisor + Co-founder. Jeff Mendelsohn Entrepreneurship Advisor Charley Long Real Estate Advisor

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