a16z Podcast

How to Build a Real Estate Marketplace - Kaz Nejatian, Opendoor CEO

94 snips
Oct 7, 2025
Guest
Kaz Nejatian
Kaz Nejatian, CEO of Opendoor and a seasoned leader in tech-driven marketplaces, shares his vision for transforming real estate. He discusses the shift from viewing Opendoor as just a real estate investor to a software-first marketplace. The conversation touches on the pitfalls of traditional agent practices, the need for integrated financing solutions, and why a focus on new builds can streamline home buying. Kaz emphasizes ambition and resilience in navigating economic challenges, highlighting the importance of creating customer value.
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Episode notes

Mission Over Flip Economics

  • Kaz sees Opendoor as a mission-driven software company to fix a broken home-buying process.
  • He believes home ownership benefits society and the company can make buying/selling seamless.
00:00 / 00:00

Small Supply, Big Demand

  • Alex frames Opendoor like Amazon: win one niche supply to capture demand and expand.
  • Getting a small proprietary share of supply can attract all the demand in a market.
00:00 / 00:00

Think Like A Software Company

  • Kaz argues Opendoor is misunderstood when treated as a real-estate investor instead of software.
  • Thinking like software changes product, capital, and growth decisions fundamentally.
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