Opendoor is trying to make it easier to buy a home. Kaz Nejatian just joined as CEO to help them succeed. In this episode, a16z General Partners Alex Rampell and Erik Torenberg sit down with Kaz to cover all things real estate and marketplaces. They cover Kaz’s vision for Opendoor, the problem with copying the hedge fund model, how to build through economic downturns, and the importance of ambition and long-term thinking. Timecodes: 00:00 Introduction 00:25 Becoming Opendoor CEO: Mindset & Mission 01:51 The Opendoor Origin Story & Market Dynamics 04:43 The Real Estate Marketplace Problem 09:15 Real Estate Agents & Industry Misalignments 12:00 Attempts to Disrupt Real Estate 14:13 Agency Problems & Transaction Frictions 16:49 Financing, Insurance, and the Home Buying Chain 20:54 Lessons from Other Industries: Cars, Amazon, eBay 26:39 Regulations and Networks 33:02 Opendoor’s Business Model Evolution 33:40 Market Shocks: Interest Rates & Company Response 40:28 Learning from Mistakes & The Path Forward 49:01 Strategic Vision & Future Priorities 51:58 Community, Intuition, and Opendoor’s Mission Resources: Follow Kaz on X: https://x.com/CanadaKaz Follow Alex on X: https://x.com/arampell Stay Updated: Find a16z on X: https://x.com/a16z Find a16z on LinkedIn: https://www.linkedin.com/company/a16z Listen to the a16z Podcast on Spotify: https://open.spotify.com/show/5bC65RDvs3oxnLyqqvkUYX Listen to the a16z Podcast on Apple Podcasts: https://podcasts.apple.com/us/podcast/a16z-podcast/id842818711 Follow our host: https://x.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details, please see a16z.com/disclosures.