Growing up in Vancouver, Ian Wong didn’t dream of transforming a trillion dollar industry. That dream took shape in 2014 when he co-founded one of the biggest disruptors in the real estate market.
“Five million Americans buy and sell a home every year, but the process is still extremely complex, stressful, and time consuming” says Wong, CTO of Opendoor, a digital platform that uses AI and machine learning to streamline residential real estate deals. “What we set out to do is turn this complex, traditional home transaction into a simple, on-demand transaction that allows people to buy, sell, and move with the tap of a button.”
An insightful and mission-driven leader of a billion-dollar business, Wong joined ITWC CIO Jim Love for a February 2022 episode ofLeadership in the Digital Enterprise, an ITWC podcast series focused on authentic discussions of leadership in this new digital era. A lively conversation focused on Wong’s perspective on leadership and his personal insights on the real estate sector.
Defining a Great Leader
In describing the qualities of a leader, Wong made a distinction between being a great manager and a great leader, describing the former as being centred around practical functions, such as taking care of employees and executing plans. “These are all bread and butter to being a great manager, and they are important components of becoming a great leader, but ultimately the thing that defines great leadership is having a vision of change and actually driving that change through the systems that you build around you,” he said.
Lessons Learned Along the Way
When asked by Love to describe some of the lessons learned along the way to creating a new real estate marketplace, Wong hypothesized that it is often easier and more straightforward to tackle the harder, more ambitious version of a problem instead of tiptoeing around it. He allowed that this may raise some uncomfortable questions, but in the end makes the problem easier to solve.
Other learnings came when assembling a team of data scientists, engineers, designers, and product managers to transform the real estate market. “You have to create a system, but also be able to adapt to individual needs and talents,” said Wong, who holds masters’ degrees in electrical engineering and statistics from Stanford University. “In a highly skilled field like software engineering or data science, each engineer and each data scientist has their own hopes and fears, and strengths and weaknesses. You actually have to modify your style of communication, depending on who you are with.”
The Intersection of Interest and Impact
On the subject of his greatest successes, Wong said he is most proud of accomplishments that are both interesting and impactful, including the founding of Opendoor. “It was really fun being part of that co-founding team because it was just three or four of us sitting around a table trying to dream up a pitch, create a website, create algorithms, and then get the people around us excited about the vision,” he recalled. “You think it’s going to be huge, but you also need to make sure you can instill that level of confidence in the people who have placed their faith in you, and rally them to get through the tough moments.”
Concurring with Love’s assertion that everyone is struggling to attract and hold good talent, Wong spoke to the critical role played by intrinsic motivators, like job satisfaction, personal fulfillment, opportunities to master a craft, and working for a company with shared values. He dismissed extrinsic motivators, such as compensation, titles, and company reputation, as mere table stakes, saying, “If I don’t get those things right, people won’t even join to me.”
Leveraging Technology to Make a Difference
Shifting gear to talk about technologies, Wong expressed his excitement at the consumer transition to online dealings. “We have become accustomed to hailing rides and ordering groceries with a click of a button, and I think this consumer expectation is going to reach over to real estate,” he said. “This is where I think technology entrepreneurship is so exciting, because on one hand you get to solve really hard, almost seemingly impossible problems, and on the other, you get to help people.”
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
