The iBuyer Report is a 160+ slide, evidence-based look at the world of instant home buyers. Unmatched in its breadth and depth, it explores behind-the-scenes, national data and presents an unbiased strategic analysis of the sector, the players, and the implications for the industry.
An evidence-based, 130+ slide presentation looking at the top real estate portals from around the world. There's new content, updated data, and plenty of new analysis and insights on the global real estate portal space.
Compass, the self-styled tech-enabled brokerage, recently went public with a valuation of $6.5 billion. If you're in real estate, it's a business worth paying attention to. I'm pleased to offer all of my thoughts, observations, and insights on the recent IPO into a new (free) report!
2021 Emerging Models in Real Estate ReportMike DelPrete
The 2021 Emerging Models in Real Estate Report is focused on the fastest moving, biggest trends in residential real estate tech.
Follow the story of digital disruption, from the rise of online agencies in the U.K. to iBuyers and Power Buyers in the U.S. Track which models are disrupting traditional brokerage businesses, what's driving them on, what's holding them back, and how smart agents are responding.
The Future of Real Estate Portals (Preview)Mike DelPrete
This all-new, global research takes a deep look into the future of real estate portals. The focus areas include portals’ expansion into adjacent revenue streams, closer to the transaction vs. more of the transaction, a deep dive into Rightmove’s growth dilemma, the implications for investors, and more.
What You Need To Know About iBuyer’s
In this webinar you will find out …
What an ibuyer is.
What mindset an Agent must have to compete.
What the consumer experiences are.
How to compete with ibuyers.
How to communicate with your database.
An evidence-based, 100+ slide presentation looking at the top real estate portals from around the globe. It gives an illuminating view of best practices, emerging trends, growth strategies, and common insights and challenges.
This report is a 150+ slide, evidence-based look at the world of instant home buyers. Unmatched in its breadth and depth, it explores behind-the-scenes, national data and presents an unbiased strategic analysis of the sector, the players, and implications for the industry.
An evidence-based, 130+ slide presentation looking at the top real estate portals from around the world. There's new content, updated data, and plenty of new analysis and insights on the global real estate portal space.
Compass, the self-styled tech-enabled brokerage, recently went public with a valuation of $6.5 billion. If you're in real estate, it's a business worth paying attention to. I'm pleased to offer all of my thoughts, observations, and insights on the recent IPO into a new (free) report!
2021 Emerging Models in Real Estate ReportMike DelPrete
The 2021 Emerging Models in Real Estate Report is focused on the fastest moving, biggest trends in residential real estate tech.
Follow the story of digital disruption, from the rise of online agencies in the U.K. to iBuyers and Power Buyers in the U.S. Track which models are disrupting traditional brokerage businesses, what's driving them on, what's holding them back, and how smart agents are responding.
The Future of Real Estate Portals (Preview)Mike DelPrete
This all-new, global research takes a deep look into the future of real estate portals. The focus areas include portals’ expansion into adjacent revenue streams, closer to the transaction vs. more of the transaction, a deep dive into Rightmove’s growth dilemma, the implications for investors, and more.
What You Need To Know About iBuyer’s
In this webinar you will find out …
What an ibuyer is.
What mindset an Agent must have to compete.
What the consumer experiences are.
How to compete with ibuyers.
How to communicate with your database.
An evidence-based, 100+ slide presentation looking at the top real estate portals from around the globe. It gives an illuminating view of best practices, emerging trends, growth strategies, and common insights and challenges.
This report is a 150+ slide, evidence-based look at the world of instant home buyers. Unmatched in its breadth and depth, it explores behind-the-scenes, national data and presents an unbiased strategic analysis of the sector, the players, and implications for the industry.
An evidence-based, 100+ slide presentation looking at the top real estate portals from around the globe. It gives an illuminating view of best practices, emerging trends, growth strategies, and common insights and challenges.
Everywhere you look this is significant innovation occurring in the real estate space. In this session, Mike DelPrete looks at new models that are gaining traction and disrupting real estate agents, and how property portals around the world are adapting to these changes. Finally, Mike dusts off the crystal ball and looks at the future of the online real estate industry.
Inside Opendoor: what two years of transactions say about their prospectsMike DelPrete
A data-driven analysis of Opendoor, the real estate disruptor, looking at its business model and traction since launch. Based on actual MLS data in its launch markets.
eMarketer Webinar: Key Digital Trends for 2012eMarketer
Please join us for this webinar featuring eMarketer Principal Analysts David Hallerman, Debra Aho Williamson and Noah Elkin. To get you ready for the upcoming year, they’ll be covering a variety of topics including digital advertising, social media, mobile devices and platforms, video, and digital audience, content and commerce.
Property portals around the world have ready access to a vast range of information on home sales and rental prices. From these, it is possible to create a series of market indices that can track the performance of a market.
ZAP in Brazil has partnered with FIPE (Institute of Economic Research Foundation) to create a series of FipeZAP indices covering sales and rentals. This session looks at how they approached this and the lesson learned in building these indices.
2018 Emerging Models in Real Estate ReportMike DelPrete
A 190+ slide presentation where I take a global view of emerging models in real estate that are changing the way consumers buy and sell houses. It’s a data-heavy, representative scan of the market that pulls out facts, highlights insights and draws conclusions.
Marketplace unicorns valuations soar to $5.0 trillion since January 2020 as record levels of investment see the sector outpace the entire tech market. Speedinvest, Dealroom and Adevinta take a deep dive into the current and future state of digital marketplaces.
E-commerce sector new startup funding has witnessed a gradual slowdown in Q1 2019, compared to 2018. Explore global e-commerce trends in our Insights Report here http://bit.ly/ec_sector
The 2022 iBuyer Report is 200+ slides of smart, crisp, evidence-based analysis of the evolving world of instant home buyers. Unmatched in its breadth and depth, it explores behind-the-scenes, national data and presents an unbiased strategic analysis of the sector, the players, and implications for the industry.
2018 Emerging Models in Real Estate Report Shared by Dawayne ButlerDawayne David Butler
Go through this presentation of more the 190 slides for emerging models in real estate reports in 2018. Keep in touch with Dawayne Butler for more updates, news and events at https://dawaynedavidbutler.wordpress.com
An evidence-based, 100+ slide presentation looking at the top real estate portals from around the globe. It gives an illuminating view of best practices, emerging trends, growth strategies, and common insights and challenges.
Everywhere you look this is significant innovation occurring in the real estate space. In this session, Mike DelPrete looks at new models that are gaining traction and disrupting real estate agents, and how property portals around the world are adapting to these changes. Finally, Mike dusts off the crystal ball and looks at the future of the online real estate industry.
Inside Opendoor: what two years of transactions say about their prospectsMike DelPrete
A data-driven analysis of Opendoor, the real estate disruptor, looking at its business model and traction since launch. Based on actual MLS data in its launch markets.
eMarketer Webinar: Key Digital Trends for 2012eMarketer
Please join us for this webinar featuring eMarketer Principal Analysts David Hallerman, Debra Aho Williamson and Noah Elkin. To get you ready for the upcoming year, they’ll be covering a variety of topics including digital advertising, social media, mobile devices and platforms, video, and digital audience, content and commerce.
Property portals around the world have ready access to a vast range of information on home sales and rental prices. From these, it is possible to create a series of market indices that can track the performance of a market.
ZAP in Brazil has partnered with FIPE (Institute of Economic Research Foundation) to create a series of FipeZAP indices covering sales and rentals. This session looks at how they approached this and the lesson learned in building these indices.
2018 Emerging Models in Real Estate ReportMike DelPrete
A 190+ slide presentation where I take a global view of emerging models in real estate that are changing the way consumers buy and sell houses. It’s a data-heavy, representative scan of the market that pulls out facts, highlights insights and draws conclusions.
Marketplace unicorns valuations soar to $5.0 trillion since January 2020 as record levels of investment see the sector outpace the entire tech market. Speedinvest, Dealroom and Adevinta take a deep dive into the current and future state of digital marketplaces.
E-commerce sector new startup funding has witnessed a gradual slowdown in Q1 2019, compared to 2018. Explore global e-commerce trends in our Insights Report here http://bit.ly/ec_sector
The 2022 iBuyer Report is 200+ slides of smart, crisp, evidence-based analysis of the evolving world of instant home buyers. Unmatched in its breadth and depth, it explores behind-the-scenes, national data and presents an unbiased strategic analysis of the sector, the players, and implications for the industry.
2018 Emerging Models in Real Estate Report Shared by Dawayne ButlerDawayne David Butler
Go through this presentation of more the 190 slides for emerging models in real estate reports in 2018. Keep in touch with Dawayne Butler for more updates, news and events at https://dawaynedavidbutler.wordpress.com
The 2017 Brokered Patent Market - the Fightback BeginsErik Oliver
In our sixth annual report on the secondary patent market, we find stabilization and even recovery. Years of negative results for patent holders have created a community feel that does not comport with the market data. Sales increased to just under $300M from $165M last year.
The Brokered Patent Market in 2022 - Richardson Oliver Insights - IAM Media -...Erik Oliver
"Every Patent, Everywhere, All at Once" is the subtitle to this year's Richardson Oliver secondary patent market report. Erik Oliver, Michael Costa, and Kent Richardson have greatly expanded the data sets to cover more than 16,000 patent sales offerings including more than 280,000 patent assets. Some key takeaways: it's a great time to be a patent buyer; of the deals that closed, brokers closed an amazing 90% of them; prices declined but not across the board and not for patents that sell (prices of patents that sell are more consistent). Whether you are buying, selling, valuing, or monetizing patents, you're sure to find answers in our latest report.
Grow + Sell Your Business Part Three: Practical Tips To Facilitate a TransactionKegler Brown Hill + Ritter
Presented by Eric Duffee and Michael Shaw, Copper Run Capital, on 10/17 as part of a Four Part Series. This segment of the series offered 8 clear steps to follow in pursuit of facilitating a successful transaction. It covered areas such as securing your assets, awareness of current market trends, a visual analysis of our current market update, and surrounding yourself with the right team.
iTitleTransfer Introduces Anti-Monopoly and Pro-Costumer Choice "Alternative to Title Insurance" for a Third of the Closing Cost, Authorized by Fannie Mae and Freddie Mac, utilizing Real Estate Attorney Opinion Letters.
A state of the industry summary of the evolving iBuyer landscape and potential impact on the real estate industry. Talk given by Mark Choey, cofounder of Climb Real Estate. Location was at the Docusign offices in San Francisco's South Beach / SOMA neighborhoods. Hosted by TET Conferences
DealMarket Digest Issue128 - 14th February 2014Urs Haeusler
SEE WHATS NOTEWORTHY IN PRIVATE EQUITY THIS WEEK /// ISSUE 128 - February 14th, 2014:
• New Source for Private Equity Performance Data and Analysis
• Large Buyout to Grow French Car Park Specialist
• New Mega-Funds May Have Trouble Finding Mega Targets
• Global M&A Stats Show Private Equity is Finding the Exit
• Cleantech Investment Declines Again in 2013
• Quote of the Week: Bitcoin Anomaly
DealMarket Digest Issue 83 - 15th February 2013Urs Haeusler
SEE WHAT’S NEW AND NOTEWORTHY IN PRIVATE EQUITY THIS WEEK /// ISSUE 83 - 15th February 2013:
• Corporate Venture Grows in Importance
• Cleantech Predictions 2013
• Global Warming in Secondaries Market
• Taking a Little Private Time
• A Ten Billion Pound Telecoms Buyout in the UK?
• Highs and Lows for PE in Emerging Markets
• Quote of the Week: The Wine Industry Indicator
DealMarket Digest Issue111 - 4th October 2013Urs Haeusler
SEE WHATS NOTEWORTHY IN PRIVATE EQUITY THIS WEEK /// ISSUE 111 - October 4th, 2013:
- Venture Capital in Europe Rebounds Ahead of US
- Buyouts Are up 19% This Year To-Date
- Europe’s Hottest Tech Startup You’ve Never Heard Of
- Mega-buyout for Blackstone Hotel Investment
- Family Offices’ Growing Role in Silicon Valley
- Choosing a Private Equity Partner - The Investors View
2014 Tech M&A Monthly - New World of BuyersCorum Group
The world of buyers for technology companies is very different than it was just a few years ago. The rise of Private Equity, a new generation of international buyers, disruptive change creating new tech giants and destabilizing old ones – today, your ultimate buyer may be someone you've never heard of, in a country you've never visited. In the August edition of the Tech M&A Monthly webcast, join Corum Group dealmakers and experts as they examine the new classes of buyers that you need to be aware of as you consider your company’s future. Plus the key deals trends and valuations of the last month, and a special report on M&A in the gaming sector.
Encryption in Microsoft 365 - ExpertsLive Netherlands 2024Albert Hoitingh
In this session I delve into the encryption technology used in Microsoft 365 and Microsoft Purview. Including the concepts of Customer Key and Double Key Encryption.
Accelerate your Kubernetes clusters with Varnish CachingThijs Feryn
A presentation about the usage and availability of Varnish on Kubernetes. This talk explores the capabilities of Varnish caching and shows how to use the Varnish Helm chart to deploy it to Kubernetes.
This presentation was delivered at K8SUG Singapore. See https://feryn.eu/presentations/accelerate-your-kubernetes-clusters-with-varnish-caching-k8sug-singapore-28-2024 for more details.
zkStudyClub - Reef: Fast Succinct Non-Interactive Zero-Knowledge Regex ProofsAlex Pruden
This paper presents Reef, a system for generating publicly verifiable succinct non-interactive zero-knowledge proofs that a committed document matches or does not match a regular expression. We describe applications such as proving the strength of passwords, the provenance of email despite redactions, the validity of oblivious DNS queries, and the existence of mutations in DNA. Reef supports the Perl Compatible Regular Expression syntax, including wildcards, alternation, ranges, capture groups, Kleene star, negations, and lookarounds. Reef introduces a new type of automata, Skipping Alternating Finite Automata (SAFA), that skips irrelevant parts of a document when producing proofs without undermining soundness, and instantiates SAFA with a lookup argument. Our experimental evaluation confirms that Reef can generate proofs for documents with 32M characters; the proofs are small and cheap to verify (under a second).
Paper: https://eprint.iacr.org/2023/1886
Enhancing Performance with Globus and the Science DMZGlobus
ESnet has led the way in helping national facilities—and many other institutions in the research community—configure Science DMZs and troubleshoot network issues to maximize data transfer performance. In this talk we will present a summary of approaches and tips for getting the most out of your network infrastructure using Globus Connect Server.
The Art of the Pitch: WordPress Relationships and SalesLaura Byrne
Clients don’t know what they don’t know. What web solutions are right for them? How does WordPress come into the picture? How do you make sure you understand scope and timeline? What do you do if sometime changes?
All these questions and more will be explored as we talk about matching clients’ needs with what your agency offers without pulling teeth or pulling your hair out. Practical tips, and strategies for successful relationship building that leads to closing the deal.
PHP Frameworks: I want to break free (IPC Berlin 2024)Ralf Eggert
In this presentation, we examine the challenges and limitations of relying too heavily on PHP frameworks in web development. We discuss the history of PHP and its frameworks to understand how this dependence has evolved. The focus will be on providing concrete tips and strategies to reduce reliance on these frameworks, based on real-world examples and practical considerations. The goal is to equip developers with the skills and knowledge to create more flexible and future-proof web applications. We'll explore the importance of maintaining autonomy in a rapidly changing tech landscape and how to make informed decisions in PHP development.
This talk is aimed at encouraging a more independent approach to using PHP frameworks, moving towards a more flexible and future-proof approach to PHP development.
UiPath Test Automation using UiPath Test Suite series, part 4DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 4. In this session, we will cover Test Manager overview along with SAP heatmap.
The UiPath Test Manager overview with SAP heatmap webinar offers a concise yet comprehensive exploration of the role of a Test Manager within SAP environments, coupled with the utilization of heatmaps for effective testing strategies.
Participants will gain insights into the responsibilities, challenges, and best practices associated with test management in SAP projects. Additionally, the webinar delves into the significance of heatmaps as a visual aid for identifying testing priorities, areas of risk, and resource allocation within SAP landscapes. Through this session, attendees can expect to enhance their understanding of test management principles while learning practical approaches to optimize testing processes in SAP environments using heatmap visualization techniques
What will you get from this session?
1. Insights into SAP testing best practices
2. Heatmap utilization for testing
3. Optimization of testing processes
4. Demo
Topics covered:
Execution from the test manager
Orchestrator execution result
Defect reporting
SAP heatmap example with demo
Speaker:
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
Climate Impact of Software Testing at Nordic Testing DaysKari Kakkonen
My slides at Nordic Testing Days 6.6.2024
Climate impact / sustainability of software testing discussed on the talk. ICT and testing must carry their part of global responsibility to help with the climat warming. We can minimize the carbon footprint but we can also have a carbon handprint, a positive impact on the climate. Quality characteristics can be added with sustainability, and then measured continuously. Test environments can be used less, and in smaller scale and on demand. Test techniques can be used in optimizing or minimizing number of tests. Test automation can be used to speed up testing.
Dev Dives: Train smarter, not harder – active learning and UiPath LLMs for do...UiPathCommunity
💥 Speed, accuracy, and scaling – discover the superpowers of GenAI in action with UiPath Document Understanding and Communications Mining™:
See how to accelerate model training and optimize model performance with active learning
Learn about the latest enhancements to out-of-the-box document processing – with little to no training required
Get an exclusive demo of the new family of UiPath LLMs – GenAI models specialized for processing different types of documents and messages
This is a hands-on session specifically designed for automation developers and AI enthusiasts seeking to enhance their knowledge in leveraging the latest intelligent document processing capabilities offered by UiPath.
Speakers:
👨🏫 Andras Palfi, Senior Product Manager, UiPath
👩🏫 Lenka Dulovicova, Product Program Manager, UiPath
Observability Concepts EVERY Developer Should Know -- DeveloperWeek Europe.pdfPaige Cruz
Monitoring and observability aren’t traditionally found in software curriculums and many of us cobble this knowledge together from whatever vendor or ecosystem we were first introduced to and whatever is a part of your current company’s observability stack.
While the dev and ops silo continues to crumble….many organizations still relegate monitoring & observability as the purview of ops, infra and SRE teams. This is a mistake - achieving a highly observable system requires collaboration up and down the stack.
I, a former op, would like to extend an invitation to all application developers to join the observability party will share these foundational concepts to build on:
In his public lecture, Christian Timmerer provides insights into the fascinating history of video streaming, starting from its humble beginnings before YouTube to the groundbreaking technologies that now dominate platforms like Netflix and ORF ON. Timmerer also presents provocative contributions of his own that have significantly influenced the industry. He concludes by looking at future challenges and invites the audience to join in a discussion.
Welcome to the first live UiPath Community Day Dubai! Join us for this unique occasion to meet our local and global UiPath Community and leaders. You will get a full view of the MEA region's automation landscape and the AI Powered automation technology capabilities of UiPath. Also, hosted by our local partners Marc Ellis, you will enjoy a half-day packed with industry insights and automation peers networking.
📕 Curious on our agenda? Wait no more!
10:00 Welcome note - UiPath Community in Dubai
Lovely Sinha, UiPath Community Chapter Leader, UiPath MVPx3, Hyper-automation Consultant, First Abu Dhabi Bank
10:20 A UiPath cross-region MEA overview
Ashraf El Zarka, VP and Managing Director MEA, UiPath
10:35: Customer Success Journey
Deepthi Deepak, Head of Intelligent Automation CoE, First Abu Dhabi Bank
11:15 The UiPath approach to GenAI with our three principles: improve accuracy, supercharge productivity, and automate more
Boris Krumrey, Global VP, Automation Innovation, UiPath
12:15 To discover how Marc Ellis leverages tech-driven solutions in recruitment and managed services.
Brendan Lingam, Director of Sales and Business Development, Marc Ellis
Elevating Tactical DDD Patterns Through Object CalisthenicsDorra BARTAGUIZ
After immersing yourself in the blue book and its red counterpart, attending DDD-focused conferences, and applying tactical patterns, you're left with a crucial question: How do I ensure my design is effective? Tactical patterns within Domain-Driven Design (DDD) serve as guiding principles for creating clear and manageable domain models. However, achieving success with these patterns requires additional guidance. Interestingly, we've observed that a set of constraints initially designed for training purposes remarkably aligns with effective pattern implementation, offering a more ‘mechanical’ approach. Let's explore together how Object Calisthenics can elevate the design of your tactical DDD patterns, offering concrete help for those venturing into DDD for the first time!
Alt. GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using ...James Anderson
Effective Application Security in Software Delivery lifecycle using Deployment Firewall and DBOM
The modern software delivery process (or the CI/CD process) includes many tools, distributed teams, open-source code, and cloud platforms. Constant focus on speed to release software to market, along with the traditional slow and manual security checks has caused gaps in continuous security as an important piece in the software supply chain. Today organizations feel more susceptible to external and internal cyber threats due to the vast attack surface in their applications supply chain and the lack of end-to-end governance and risk management.
The software team must secure its software delivery process to avoid vulnerability and security breaches. This needs to be achieved with existing tool chains and without extensive rework of the delivery processes. This talk will present strategies and techniques for providing visibility into the true risk of the existing vulnerabilities, preventing the introduction of security issues in the software, resolving vulnerabilities in production environments quickly, and capturing the deployment bill of materials (DBOM).
Speakers:
Bob Boule
Robert Boule is a technology enthusiast with PASSION for technology and making things work along with a knack for helping others understand how things work. He comes with around 20 years of solution engineering experience in application security, software continuous delivery, and SaaS platforms. He is known for his dynamic presentations in CI/CD and application security integrated in software delivery lifecycle.
Gopinath Rebala
Gopinath Rebala is the CTO of OpsMx, where he has overall responsibility for the machine learning and data processing architectures for Secure Software Delivery. Gopi also has a strong connection with our customers, leading design and architecture for strategic implementations. Gopi is a frequent speaker and well-known leader in continuous delivery and integrating security into software delivery.
Essentials of Automations: The Art of Triggers and Actions in FMESafe Software
In this second installment of our Essentials of Automations webinar series, we’ll explore the landscape of triggers and actions, guiding you through the nuances of authoring and adapting workspaces for seamless automations. Gain an understanding of the full spectrum of triggers and actions available in FME, empowering you to enhance your workspaces for efficient automation.
We’ll kick things off by showcasing the most commonly used event-based triggers, introducing you to various automation workflows like manual triggers, schedules, directory watchers, and more. Plus, see how these elements play out in real scenarios.
Whether you’re tweaking your current setup or building from the ground up, this session will arm you with the tools and insights needed to transform your FME usage into a powerhouse of productivity. Join us to discover effective strategies that simplify complex processes, enhancing your productivity and transforming your data management practices with FME. Let’s turn complexity into clarity and make your workspaces work wonders!
Securing your Kubernetes cluster_ a step-by-step guide to success !KatiaHIMEUR1
Today, after several years of existence, an extremely active community and an ultra-dynamic ecosystem, Kubernetes has established itself as the de facto standard in container orchestration. Thanks to a wide range of managed services, it has never been so easy to set up a ready-to-use Kubernetes cluster.
However, this ease of use means that the subject of security in Kubernetes is often left for later, or even neglected. This exposes companies to significant risks.
In this talk, I'll show you step-by-step how to secure your Kubernetes cluster for greater peace of mind and reliability.
Smart TV Buyer Insights Survey 2024 by 91mobiles.pdf91mobiles
91mobiles recently conducted a Smart TV Buyer Insights Survey in which we asked over 3,000 respondents about the TV they own, aspects they look at on a new TV, and their TV buying preferences.
GraphRAG is All You need? LLM & Knowledge GraphGuy Korland
Guy Korland, CEO and Co-founder of FalkorDB, will review two articles on the integration of language models with knowledge graphs.
1. Unifying Large Language Models and Knowledge Graphs: A Roadmap.
https://arxiv.org/abs/2306.08302
2. Microsoft Research's GraphRAG paper and a review paper on various uses of knowledge graphs:
https://www.microsoft.com/en-us/research/blog/graphrag-unlocking-llm-discovery-on-narrative-private-data/
2. Instant buyers, or iBuyers, represent one of the
most revolutionary changes to occur in real estate.
They aim to transform how consumers buy and
sell houses – shaking up a large industry.
Billions of dollars have been invested into iBuying
since 2014, and the field is led by ambitious, well-
funded, and well-equipped disruptors.
I’ve been studying iBuyers for years: conducting
extensive research, talking to the top players, and
extracting strategic insights. Let this report
calibrate our thinking on iBuyers and the impact
they are – and will – have on the global industry.
Mike DelPrete
April 2019
Introducing The iBuyer Report
3. “I've been impressed with Mike's ability to extract insights from
the current market and consumer trends, and have the foresight
to make predictions of what's coming next.”
Eric Wu, CEO & Co-founder, Opendoor
iBuyer Report Testimonials
Brian Bair, CEO & Co-founder, Offerpad
“Mike’s comprehensive analysis is the best in the industry. The
knowledge he provides to the market is unparalleled.”
4. Table of Contents
1. Overview
2. Funding
3. Revenues
4. Unit Economics
5. iBuyer Markets
6. Market Expansion
7. Phoenix Deep Dive
8. Zillow’s iBuyer Strategy
9. The Consumer Journey
10. Working with Agents
11. Opendoor vs. Zillow
12. Incumbents React
13. International iBuyers
14. Future of iBuying
6. iBuyers buy homes directly from consumers, turning
the traditional home selling process on its head.
7. The iBuyer movement is led by Opendoor, founded in
2014, and currently the world’s largest iBuyer.
• Opendoor buys homes directly from consumers, quickly
spruces them up, and resells them on the open market.
• As of April 2019, Opendoor has raised over $1.3 billion in
equity, $3 billion in debt, and is valued at close to $4 billion.
• Opendoor offers a compelling customer proposition focused
on speed, certainty, and simplicity.
8. Nationally, in 2018, iBuyers accounted for over 25,000
transactions, or 0.2 percent market share.
0.2%
National Market Share
Includes over 15,000 purchases and over 10,000 sales.
9. National market share includes all transactions, and is
not limited by geography or price range.
Total iBuyer purchases 15,000+
Total iBuyer sales 10,000+
Total national transactions 5.5 million
National iBuyer market share 0.2%
National Market Share Calculations: 2018
Source: A variety of aggregate and market-specific data sources, detailed in the appendix.
10. In Phoenix (the biggest iBuyer market), iBuyers have
nearly 6% market share, with Opendoor the largest.
6%
All iBuyers
Based on February 2019 transactions.
3%
Opendoor
11. iBuyer market share in Phoenix has steadily increased,
up to nearly 6 percent in Feb 2019.
Source: A variety of aggregate and market-specific data sources, detailed in the appendix.
12. Since Zillow’s launch in May, total iBuyer market share
is up 2%, while Opendoor’s share is up 0.7%.
Source: A variety of aggregate and market-specific data sources, detailed in the appendix.
13. Included Excluded
Single-family detached, townhouse and condos New homes
Short sales and pre-foreclosures Mobile and manufactured homes
Normal sales through MLS and outside MLS Bank-owned homes
Investor purchases and sales GSE-owned homes
Maricopa and Pinal counties HUD-owned homes
All price ranges Trustee sales
Sheriff sales
IRS sales
Sales under eminent domain
Bulk sales (e.g. investor to investor)
7,347 + 7,347
446 + 409
= 5.8%February:
Total market share numbers are based on reasonable
criteria to define the “total market.”
15. iBuying is being driven by multi-billion dollar
organizations, not scrappy start-ups.
$150M
equity raised
$60.5M
equity raised
$7.1B
market cap
$1.3B
equity raised
$1.8B
market cap
Source: Company disclosures, public markets March 2019. Offerpad amount based on author’s best estimate.
16. In the world of pure-play iBuyers,
there is a widening gap between
Opendoor and the rest.
17. Opendoor has raised nearly 10 times the amount of
equity funding than its closest competitor.
Source: Company disclosures. Offerpad amount based on author’s best estimate.
18. In 2018, Opendoor purchased more than 3 times the
number of homes than its closest competitor.
Source: A variety of aggregate and market-specific data sources, detailed in the appendix.
19. In 2018, Opendoor purchased more than 3 times the
number of homes than its closest competitor.
While Redfin claims it is neither the most nor least aggressive
iBuyer in the space, the data suggests otherwise.
20. And Opendoor sold twice the number of homes than
its nearest competitor in 2018.
21. Source: Company press releases and direct sources.
In terms of headcount, Opendoor has three times the
number of employees than the competition.
22. Offerpad Knock
Total equity funding 9x 21x
Homes purchased (2018) 3x 43x
Homes sold (2018) 2x 36x
Employees 3x 13x
Opendoor’s Size vs. Competitors
With its massive funding and growth, Opendoor is
exponentially pulling ahead of direct competitors.
23. Opendoor Offerpad
Total equity funding $1.3 billion $150 million
Homes sold (2018) 7,200 3,500
Funding/Sale $179,000 $43,000
Funding/Sale
(excluding latest rounds)
$138,000 $23,000
Total Funding Compared to Total Sales
Opendoor’s massive funding reflects a business bent
on aggressive growth.
24. The iBuyer business model works best at scale: higher
profits, less risk, and economies of scale.
Few markets
• Low profits and low revenues
(low margin)
• Market concentration risk in
single-market slowdowns
• Limited economies of scale
(tech, procurement, other)
• Per market advertising, one-
off and expensive
• Less volume, less favorable
financing terms
Many markets
• Higher profits and higher
revenues (low margin)
• Market diversification hedges
against single-market slowdown
• Ecosystem economies of scale
(greater buying power)
• National brand marketing
economies of scale
• More volume, more favorable
financing terms
25. From a funding perspective, VCs, investors and
smaller start-ups face two key questions.
• Is the iBuyer model winner take all or winner take most; does
the company with the deepest pockets win?
• Will an iBuyer model work in a small(er) geographic footprint,
or does it only work at scale?
With small profit margins, iBuyer businesses are only
meaningfully profitable at scale (like Amazon).
27. iBuyers have two sources of revenue: service fees, and
the spread on the houses they buy and sell.
Revenue = Service fee + Price appreciation
The difference between
what an iBuyer buys and
subsequently sells a
house for.
The fee
charged to the
home seller.
3%–8%6%–10%
Note: These are gross revenue numbers, and don’t include costs. More details in the unit economics section.
28. Unlike traditional home flippers, the data suggests
that iBuyers are making fair offers on homes.
• A recent analysis shows Zillow and other iBuyers making
offers around 98% of a home’s Zestimate value.
• Offerpad tracks the eventual sale price of the homes it makes
an offer on but doesn’t end up buying, and the sale price is
2.3% higher.
• The most recent month’s buy/sell spread in Phoenix is
between 4%–6% (this doesn’t include fix-up costs, and a sale
price premium for new paint, carpets, and other upgrades).
The evidence suggests that iBuyers make fair offers on the
homes they buy: perhaps 1%–3% below market value.
29. There are different ways to account for revenue which
include or exclude the full value of the home.
Gross revenue Includes the total home sale value as revenue.
Net revenue
Only includes the service fee and price appreciation
as revenue.
30. The big iBuyers operate high gross revenue
businesses, with small profit margins.
Opendoor Offerpad Zillow
Total home sales 7,200 3,500 177
Gross revenue $1.7 billion $840 million $52 million
Net revenue $200 million $118 million $4.5 million
Net revenue per home $27,800 $33,600 $25,000
Net margin Anywhere from 0%–5% 0%–1%
Revenue Build-up: 2018
Note: Net revenue calculations based on 7% service fee and the average price appreciation and sold home price for each iBuyer. Net margin
based on author’s estimates, and Zillow’s public disclosures.
31. Zillow’s 3–5 year target is $20 billion in revenues,
60,000 houses per year, and a net margin of 0%–3%.
Opendoor Offerpad Zillow Zillow Target
Total home sales 7,200 3,500 177 60,000
Gross revenue $1.7 billion $840 million $52 million $20 billion
Net revenue $200 million $118 million $4.5 million $1.9 billion
Net revenue per home $27,800 $33,600 $25,000 $32,300
Net margin Anywhere from 0%–5% 0%–1% 0%–3%
Revenue Build-up: 2018 and Beyond
Note: Net revenue calculations based on 7% service fee and the average price appreciation and sold home price for each iBuyer. Net margin
based on author’s estimates, and Zillow’s public disclosures.
32. Zillow’s 3–5 year goals are aggressive, both in volumes
and profitability.
Current Target
Houses Bought per Month ~250 5,000
National Market Share - 1%
EBITDA* 0%–0.6% 0%–3%
Target EBITDA per Home* $0–$1,700 $0–$10,000
*Range includes “Adjusted EBITDA” vs. EBITDA with share-based compensation included. It’s an accounting thing.
Zillow Offers Per Home Profit: Actuals vs. Target
33. Opendoor’s net revenue is increasing – and
accelerating – nicely over time.
Source: Estimates based on market traction figures.
34. Opendoor’s net revenue build-up includes actuals
from in-market performance.
2018
Total home sales 7,200
Average home price $240,000
Service fee 7%
Price appreciation per home $11,000
Net revenue $200,000,000
Opendoor Net Revenue Build-up
Based on Phoenix
From its web site
Based on Phoenix
Or plug in whatever
estimates you like!
36. Purchase the full 160+ slide report! LEARN MORE
• Unit Economics
• iBuyer Markets
• Market Expansion
• Phoenix Deep Dive
• Zillow’s iBuyer Strategy
• The Consumer Journey
• Working with Agents
• Opendoor vs. Zillow
• Incumbents React
• International iBuyers
• Future of iBuying
Get the full picture – don’t miss the following sections:
37.
38. I’m a global real estate tech strategist, and a
scholar-in-residence at the University of Colorado
Boulder. I’m a former tech entrepreneur, CEO, and
strategy director with broad expertise in online real
estate tech.
I’ve travelled the world talking to and working with
leading property portals and real estate tech
businesses, gathering first-hand knowledge and
insights on industry trends and themes. I advise
corporates, work with startups, mentor founders
and executives, and work on challenging
entrepreneurial projects.
About the author: Mike DelPrete
www.mikedp.com Mailing list mike@mikedp.com
39. I split my time between research & writing, teaching,
and working with select clients.
Start-up
Advisor
I’m leading the University’s new
Real Estate Tech program, one of
the world’s first.
www.curealestatetech.com
I’m a strategy and new ventures
consultant for businesses of all sizes,
with a focus on real estate portals
and disruptive models in real estate
tech. Learn more ⟶
I advise and invest in a select group
of real estate tech start-ups and
growth-stage businesses around
the world. Learn more ⟶
Strategy
Consultant
40. My other industry reports
An evidence-based, 130+ slide
presentation looking at the top real
estate portals from around the world.
A 190+ slide presentation where I take
a global view of emerging models in
real estate that are changing the way
consumers buy and sell houses.
42. The data is based on tracking over
60 different buying entities used
by the major iBuyers.
43. Source: https://www.opendoor.com/w/blog/opendoor-year-in-review-celebrating-the-moves-you-made-in-2018
Data accuracy is important! A number of data points
confirm the accuracy of the data in this report.
Buys Sales
Opendoor’s first blog post 10,400 6,800
Opendoor’s revised blog post “Over 10,000” “Over 6,000”
My numbers 10,409 7,252
Difference 0.08% 6.2%
Opendoor released some 2018 numbers in a blog post, which it
subsequently revised. Both data points align with this report’s data.
44. Data accuracy is important! A number of data points
confirm the accuracy of the data in this report.
Buys Sales
Opendoor’s first blog post 10,400 6,800
Opendoor’s revised blog post “Over 10,000” “Over 6,000”
My numbers 10,409 7,252
Difference 0.08% 6.2%
Opendoor released some 2018 numbers in a blog post, which it
subsequently revised. Both data points align with this report’s data.
This is likely a timing issue.
45. Multiple external data sources have been used. In
Phoenix, the difference is less than 3 percent.
Buys Sells
Data Source #1 3,053 2,903
Data Source #2 3,124 2,837
Difference 2.3% 2.2%
Phoenix Data Accuracy
46. In discussions with me, Opendoor and Offerpad have
offered slightly higher volume numbers.
• In both cases, the claims for 2018 volumes (purchases and
sales) were 2%–9% higher than the numbers in this report.
• I believe the discrepancy is timing: signed agreements,
finalized contracts, closing, and recording the public property
record all leave open a margin of error.
• No market data will be 100% accurate. However, the evidence
suggests differences of only a few percentage points – quite
enough for a broad analysis.
47. A note on data sources
The data sources include company reports, investor presentations, earnings
calls (and transcripts), public property records, MLS data, company web site
listing data, and public records sourced from various listing portals. All
information used is in the public domain. No confidential information has been
used in this report. Some data has been estimated from financial statements
and other known data points.
Additional aggregate market data provided by Attom Data Solutions.