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
Portfolio Managers (PMs) are responsible for our inventory from acquisition close of escrow to final resale. The Portfolio Manager role is one of the largest drivers of the company’s Profit and Loss (P&L) impact for an individual contributor. Portfolio Managers are responsible for up to 300 properties directly under their supervision, working closely with Listing Partners and Homes Ops teams, guiding resale decisions while Opendoor owns the properties.
What You'll Do
This role is based in our Phoenix, AZ office, in-person four days per week (Monday, Tuesday, Thursday, Friday). Candidates must be based within commuting distance of the office.
The Pay Range For This Role Is
74,880 - 93,600 USD per year(US Zone 3)
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
Portfolio Managers (PMs) are responsible for our inventory from acquisition close of escrow to final resale. The Portfolio Manager role is one of the largest drivers of the company’s Profit and Loss (P&L) impact for an individual contributor. Portfolio Managers are responsible for up to 300 properties directly under their supervision, working closely with Listing Partners and Homes Ops teams, guiding resale decisions while Opendoor owns the properties.
What You'll Do
- Setting Initial List Prices (ILP): Determine the value of Opendoor’s acquired properties based on market changes since acquisition and the home condition after renovations. Calculate markup based on active and closed competition as well as submarket resale indicators.
- Price Drops (PDs) and Weekly Triages: Make highly-informed decisions on a weekly basis regarding any necessary price drops for hundreds of homes, by interpreting data and market-level demand signals received. Balance total cost of renovations against a price drop to determine if any homes that received buyer feedback require additional renovations by the Homes team.
- List Price Reviews (LPRs): Review property values every 30 days to adjust markup based on changes in the resale environment.
- Buyer Offer Escalations: Evaluate buyer bids below the calculated price based on resale demand data, previous offers, and local market signals, to determine if offer value is fair or should be denied.
- Appraisals: Assess external appraisals that differ from our valuation to confirm if appraisal value is fair/unfair. Make recommendations for negotiating contributions from the buyer or placing the property back on the market as appropriate.
- 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.
- Expertise in the markets in which you operate.
- Proven ability to review large amounts of data to guide effective and impactful decision-making
- Experience with Excel, Amazon Quicksight 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 (ex. S&S)
This role is based in our Phoenix, AZ office, in-person four days per week (Monday, Tuesday, Thursday, Friday). Candidates must be based within commuting distance of the office.
The Pay Range For This Role Is
74,880 - 93,600 USD per year(US Zone 3)