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pendoor's latest moves signal a shift towards greater efficiency as it navigates tough third-quarter results. The company has announced layoffs, cutting 300 employees or 17% of its workforce, in addition to the over 500 jobs eliminated in 2023 and 2022. CEO Carrie Wheeler attributes these cuts to a "reorganization aimed at prioritizing strategic growth initiatives" that will save Opendoor around $50 million this year.

    The company's rental-focused market intelligence arm, Mainstay, is being spun off, which will also save an additional $35 million, according to Wheeler. Despite significant losses of nearly $80 million in the third quarter, Opendoor is showing signs of improvement, with revenue increasing 41% compared to last year and a 12% rise in home purchases.

    Industry experts believe these moves towards greater efficiency are crucial for Opendoor's success. The company has also begun transitioning from paying buyer broker commissions to offering concessions to buyers, who can then decide how to compensate their agents. This shift is part of the industry's adaptation to new rules and emerging models.

    Opendoor is expanding its offerings with a newly launched product called List with Opendoor, which allows buyers to put their homes up for sale with a backup cash offer from Opendoor valid for 30 days. The company also highlighted its Exclusives marketplace as a way to serve customers who might not have chosen or been able to work with Opendoor otherwise.

    Other notable players in the iBuying space, such as Offerpad and Fathom Holdings, reported mixed results. Offerpad saw a Q3 loss of $13.5 million, a 32% improvement over last year, while Fathom Holdings acknowledged the impact of commissions lawsuits on its $8.1 million loss.