Lenny Rachitsky: belief

Transcript context

…Yeah, I mean another one more recent for Opendoor was when COVID hit, physically we buy and sell homes, and so we were physically going into people's homes and suddenly March 2020 going into people's homes was not something people were comfortable with. And you look at the real estate data coming out of China at the time and it looked like coming to a standstill, and so we actually turned off the core business and we stopped buying homes for a few months. hey, we can't go in and we don't know if anyone's going to be buying any homes, and so what do we do? And we took those few months and then came out the other side and had virtualized the whole process. Then it was pretty stressful, right, because looking at a business that relies on going into people's homes and suddenly you can't do that anymore, what do you do? So, again, a fond memory to look back on a very stressful time in the moment where it feels very, very difficult. Just since you mentioned Opendoor, I think many people have heard of Opendoor. Maybe just give a quick explanation of what Opendoor does for people that aren't exactly sure. So we're a digital platform to buy and sell real estate. The core product today is a seller focused product where people can go online, enter some information about their home, and we'll make an all cash offer to be able to sell simplicity and certainty. So the product really works for people who want something that is certain and simple and easy. I don't know if you've ever sold a home, but it can be a very, very, very successful difficult process with showings and open houses and how to price it and will it sell and all of that stuff. And so we offer basically a way to skip the whole process.…

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