The last time we covered OpenDoor ($OPENDOOR), the easiest way to buy and sell your home online, the startup had laid off 600 employees. Back in March, all purchases were halted because of the Coronavirus, so house-flippers would have to be patient until things became safe again. But earlier this month, the SoftBank ($TYO:9984) backed unicorn announced it was ready to start up business again, which means the company thinks its customers are also ready to buy and sell their homes.
If you're skeptical about this slow reopening, which is only available in Phoenix right now, Opendoor has an entire section of its website dedicated to ensuring your safety. Virtual tours and contact-free business will soon come to 20 more cities around the country in the months ahead, but with the declining number in job listings and employees, can Opendoor successfully keep itself afloat while it gets back to full capacity?
First, let's look at the bad news before we get to the optimistic data for Opendoor's comeback.
So far, only about a quarter of the 600 laid off have unlisted Opendoor as their employer, which means Opendoor is much smaller than it appears to be. If you only look at LinkedIn, you'd think total headcount was down 18.5%, but in reality, it's much more.
When we wrote about Opendoor weeks ago, they were still looking for a decent amount of talent to join the team. But as of today, there is only one opening listed: a staff product designer in Los Angeles. Which means hiring has fallen 99.9%. So Opendoor will have to carry on without anyone new for a while, so the staff they have is the one they'll roll on with through the summer.
The last two months have seen just one new review for Opendoor on the Apple App Store, and it dropped the average review score below 4/5.
Remember the good news we mentioned up top? That was in reference to just this Twitter data, which shows the following has gone up 16% since the start of the year. That's about all we could find for optimism, but hopefully, we are wrong and things go well for Opendoor in the future!
About the Data:
Thinknum tracks companies using the information they post online - jobs, social and web traffic, product sales, and app ratings - and creates data sets that measure factors like hiring, revenue, and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.
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