Context with Mike DelPrete Court Cunningham: From Growth to Profitability
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Apr 21, 2024 Court Cunningham, CEO of Orchard, discusses the challenges and evolution of the real estate industry, embracing failure for profitability, navigating customer acquisition hurdles, and exploring disruptors aiming for standardization and innovation in real estate.
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Origin Story: Move-First Aha
- Court discovered the core problem by listening to customers who were stuck owning one home while buying another.
- That led to Orchard's 'move first equity events' and strong early consumer interest.
Prepare For Cycles Proactively
- Prepare for downturns during boom periods by conserving capital and planning for cyclicality.
- Expect thousands of transaction edge cases and build operations that can handle exceptions.
Homes Aren't Commodities
- Real estate isn't as fungible as cars because every house and buyer preference is unique.
- Narrow purchase criteria shrink the market liquidity dramatically for any given buyer.