What are the responsibilities and job description for the Portfolio Manager position at Opendoor?
About Opendoor
At Opendoor our mission is to tilt the world in favor of homeowners and those who aim to become one. Homeownership matters. It's how people build wealth, stability, and community. It's how families put down roots, how neighborhoods strengthen, how the future gets built. We're building the modern system of homeownership giving people the freedom to buy and sell on their own terms. We’ve built an end-to-end online experience that has already helped thousands of people and we’re just getting started.
About The Role
The Portfolio Management team plays a core role in our proprietary pricing engine. The team is responsible for executing on and collaborating in the development of our resale strategy across a multi-billion dollar portfolio to support achieving our financial goals, while appropriately managing risk. The Portfolio Manager plays a critical role in optimizing the company's multi-billion dollar inventory by executing resale strategies and managing P&L at the asset level.
What You'll Do
This role is based in one of our offices, in-person four days per week. We're looking for candidates who are enthusiastic about an in-office culture; people who want to build alongside their teammates, not from a distance.
At Opendoor our mission is to tilt the world in favor of homeowners and those who aim to become one. Homeownership matters. It's how people build wealth, stability, and community. It's how families put down roots, how neighborhoods strengthen, how the future gets built. We're building the modern system of homeownership giving people the freedom to buy and sell on their own terms. We’ve built an end-to-end online experience that has already helped thousands of people and we’re just getting started.
About The Role
The Portfolio Management team plays a core role in our proprietary pricing engine. The team is responsible for executing on and collaborating in the development of our resale strategy across a multi-billion dollar portfolio to support achieving our financial goals, while appropriately managing risk. The Portfolio Manager plays a critical role in optimizing the company's multi-billion dollar inventory by executing resale strategies and managing P&L at the asset level.
What You'll Do
- Your role is to generate alpha or edge as compared with the market, clearing faster than the market at the same or better valuation.
- You own the P&L of your book of inventory, making decisions at the asset level from listing to resale close including what price to list a home at; when to drop the price, hold or pull non-price levers; and whether to accept a resale offer.
- You do this by:
- Interpreting diverse signals, including demand metrics, buyer feedback and market events to develop and refine your strategy at the portfolio & asset level
- Understanding the market nuances of the book you operate, responding to dynamic market conditions driven by seasonality, micro and macro trends
- Judging when to accept or override model-driven recommendations based on a nuanced understanding of the strengths & weaknesses of our pricing algorithms
- Prioritizing your time across your book to ensure you’re making the right decisions, on the right assets, at the right time
- Managing risk by using analytics to identify underperforming cohorts & understand how to course-correct them
- You are obsessive about the details. In housing, every home is a unique SKU and a real home that people will live in. Getting into the weeds at the asset level should excite you.
- Providing feedback that drives improvement in our pricing models & algorithms, as well as the tooling that supports PMs core workflows
- At least 3 years of experience in making difficult pricing decisions as either a Pricing Analyst, Options Trader, Single Family Rental manager (REIT), Mortgage Credit Risk Manager, Pricing Strategist, or Real Estate Asset Manager. Real estate experience is not required.
- Expertise in the markets in which you operate.
- Proven ability to review large amounts of data to guide effective and impactful decision-making, demonstrating strong judgment in uncertain situations
- Experience with Excel, dashboards and AI tools (e.g., Co-work) for data analysis
- Coachability - Willingness to be trained in Opendoor Pricing products and tools
- Ability to prioritize workload and complete tasks within deadlines
- Excellent verbal, written, and interpersonal communication skills
- Excellent collaboration skills with team members and portfolio stakeholders (for example, our Opendoor Listing Partners & operations teams, engineers and researchers)
This role is based in one of our offices, in-person four days per week. We're looking for candidates who are enthusiastic about an in-office culture; people who want to build alongside their teammates, not from a distance.