Interim CFO Christy Schwartz was integral in helping to steer Opendoor’s business through the macroeconomic uncertainties of the 2023 real estate market, and stabilizing the business relative to market volatility. Through her leadership and financial acumen, Opendoor closed 2023 with an improved cost structure, strong balance sheet, and scaled customer acquisition channels, all while doubling down on its mission to reinvent the traditional real estate model into a modern, digital consumer experience on par with booking airfare or hailing a ride. Schwartz’s contributions have helped lay the foundation to reaccelerate revenue in 2024 as Opendoor builds for a future of sustained, profitable growth.
Schwartz stepped into the interim CFO role during a complex time in the housing market. Mortgage rates climbed to their highest level in over 20 years, which softened buyer demand and amplified the typical seasonal decline in market clearance rates. Schwartz has helped CEO Carrie Wheeler stabilize the business relative to the market by focusing on driving operational excellence through pricing improvements, cost savings, and risk management.
Notably, Schwartz helped deliver significant improvements to the company’s cost structure, with adjusted operating expenses down 51% in 3Q 2023 compared to 3Q 2022. This was achieved through disciplined focus including workforce changes, investments in the company’s proprietary transaction management software, improvements to data collection for home pricing and assessments, and expansion of repair and renovation capabilities that doubled the company’s efficiency on home projects.
By reducing Opendoor’s cost structure and investing in improvements to the company’s pricing accuracy, Opendoor was able to reduce spread. This drove a 17% increase in home acquisitions quarter-over-quarter in Q3 despite average new listings being down 8% within Opendoor’s buybox in its markets — demonstrating the company’s ability to gain share despite lower market transaction volumes. As a result, Opendoor’s third quarter results in 2023 — in-line or ahead of prior guidance — showcased continued execution in what remains an ambiguous U.S. housing market. The company generated $980 million of revenue, in line with Opendoor’s guidance range of $950 million to $1.0 billion.
Name:
Christy Schwartz
Title:
Interim Chief Financial Officer
Company Name:
Opendoor
