Opendoor’s recently appointed CEO Kaz Nejatian used the firm’s third-quarter earnings call with investors and analysts to introduce himself and reintroduce the company he has been tasked with turning around.
“I’m a computer nerd turned lawyer, turned founder, but I think of myself primarily as a product manager,” Nejatian said during Thursday evenings call. “That’s what I’ve spent most of my career doing: building products and leading teams to build better products faster. I’m not the guy you invite to your place if you want someone to bring to party. I’m the guy you invite to your party if you want someone to fix your Sonos.”
Based on Opendoor’s Q3 2025 financial results, Nejatian will have his work cut out for him. During the third quarter, Opendoor’s revenue shrank from $1.377 billion in Q3 2024 to $915 million, as the net loss for the quarter ballooned to $90 million, as compared to $78 million a year ago.
As he looks to right the ship at Opendoor and bring the company back to profitability, he told investors and analysts that he and his leadership team are “going to make a bunch of changes,” and that the “new Opendoor” will look nothing like the old one.
One of the first changes Nejatian has made at Opendoor is increasing the pace at which the iBuyer purchases homes.
“On my first day at work on September 15, Opendoor had entered into contracts to buy 120 homes in the prior seven days. By last week of October, that number had risen to 230 homes. In seven weeks, we nearly doubled our speed of acquisition,” Nejatian said.
According to Nejatian, the “old Opendoor” was slow and “broken” because it had “lost faith in the power of software to make selling, buying and owning a home easier.”
“It just kind of thought of itself as an asset manager trying to predict the economy. The previous Opendoor also didn’t really believe in the power of AI to do anything, much less to make our work less toilsome,” he said.
When Nejatian joined the firm in September, he claims that “there were a dozen people whose only job it was to copy and paste information from PDFs into glorified spreadsheets.” Nejatian also claims that the company was wasting “millions of dollars” paying a “well-known consulting firm” to make decisions that he feels should have been made by executives. But most importantly, according to Nejatian, Opendoor had “become so risk averse that it no longer really believed in buying and selling homes.”
Bolstering this claim, Nejatian said, is the fact the Opendoor purchased fewer homes in Q3 2025 than it has since 2017, when the firm just launched. During the quarter, Opendoor purchased a total of 1,169 homes, down 3,504 homes purchased a year ago.
“In the last few weeks, we’ve reversed course on all these decisions,” Nejatian said. “We are ditching manager mode. We’re now firmly in founder mode. We are refounding this company.”
Core beliefs remain
Looking to the future, Nejatian said there are a few core beliefs the company maintains. These include that it is a software company, that AI will empower its operation, and that its leaders are there to make hard decisions and drive operational excellence. As Opendoor looks to get back to profitability, Nejatian said the firm is committed to only spending money on channels that give it “great payback” and that they are going to “stop spray and pray marketing.”
“We’re going to profit from flow, speed and tight spreads, not on bets on the direction of the economy. Our business plan is simple: Buy and sell lots and lots of homes quickly, be operationally excellent, and increase our value to each homeowner by launching services like mortgage, insurance, and warranty,” Nejatian said.
He and the Opendoor leadership team are envisioning a future where a homebuyer will choose their home, financing, warranty and insurance all in one place. Hedging on this bet, Opendoor launched Opendoor Checkout earlier this week. The new feature, which is only available in certain markets currently, allows buyers to tour an Opendoor home and place an offer to buy it on Opendoor’s website without ever talking to a person or agent.
“We are shipping the buy now button for homes on the internet,” Nejatian said. “Right now, homeowners have to deal with a bunch of different companies, brokers, agents, a lot of different stuff to get what they need for a house. That doesn’t make sense. We have the internet. We’re going to fix this.”
In addition to Checkout, since Nejatian took the helm at Opendoor, the firm has launched several other new features and products, including automated title and escrow, a home trade in widget for builders and Buyer Peace of Mind, which he said gives buyer’s certainly when they purchase a home through a home warranty and early move-in.
While Nejatian has grand plans for the future of Opendoor, he acknowledged that the path forward would not be easy and that they were bound to make mistakes. However, he assured investors and analysts that he and the leadership team would be accountable.
“At every single step, you’re going to see us care deeply about our mission and be transparent as we build,” he said. “I’m incredibly bullish. I am more bullish today than I was when I took this job. I think we’re going to actually make a change and make a real difference in the future of homeownership in this country.”
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