Zillow’s Homebuying Flop Has Rival CEO Eyeing Tech-Flipping Lead
- Opendoor has invested in tools to price homes, Wu says
- Struggles at competitor raised questions about iBuying
Eric Wu
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
The implosion of Zillow Group Inc.’s home-flipping operation isn’t an indictment of a business model that uses algorithms to buy and sell houses, according to the chief executive officer of the company’s chief competitor.
Opendoor Technologies Inc., which pioneered a tech-powered spin on home-flipping called iBuying, has invested heavily to accurately price houses and manage repairs efficiently, CEO Eric Wu said.