Eric Wu is the cofounder and CEO of Opendoor, a leading company in the iBuying market, using algorithms to determine valuations of homes before buying and reselling them on its platform. In 2013, Wu joined the original brainchild of Opendoor, Keith Rabois, before the two launched the company in 2014.
Under Wu’s leadership, Opendoor has overhauled how it enters new markets, utilizing technology to launch in new markets with just one person on the ground, instead of hiring several people in every city. In fact, Wu is so confident in Opendoor’s likelihood for continued success, despite Zillow Offers exiting the iBuying space, that Opendoor no longer mandates a physical or virtual inspection of a home prior to purchasing it.
In recent years, Opendoor has expanded its vision to be a “digital platform for residential real estate,” adding services such as Trade-in and home lending. In 2019, it began Opendoor Home Loans, which currently operates in 26 markets and eight states. Additionally, Opendoor recently acquired RedDoor, a tech-minded mortgage brokerage that can reportedly preapprove a loan applicant in under a minute.