Offerpad is the latest company to join the Realtor.com seller marketplace. Both companies said the partnership reflects their commitment to promoting consumer choice.
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Offerpad cash offers are coming to Realtor.com, according to an announcement Tuesday.
Home sellers can request a cash offer through Realtor.com’s Sellers Marketplace. After providing their address and answering a few questions about the condition of their property, The seller will receive an underwritten cash offer from one of Offerpad’s local market underwriters. Once sellers select an offer, they receive a flexible closing date and free moving services.
Blake Elmquist
Blake Elmquist, vice president of seller category management at Realtor.com, said Offerpad is a perfect fit for the seller marketplace and enables the portal to “meet the needs of home sellers in a dynamic market environment.”
“It will also complement our RealChoice sales experience, providing consumers with sales options and allowing them to compare listing agents to find a trusted expert,” he added.
Offerpad founder and CEO Brian Bair echoed Elmquist’s sentiments in an interview with Inman, saying that Offerpad and Realtor.com share the same core value: supporting consumer choice.
“As we work together on this integration, it’s a natural fit – people can choose to list their homes and get [a] Cash offer, or both if they prefer,” he said. “I really, really like that. Especially now that we’re in this market, in this day and age, it’s so important for all of us [meet] The location of the seller. [Well], sellers and buyers, but especially sellers. that’s there [this partnership] here we go.
Brian Bell
Bell said the past four years have created significant headwinds for consumers, who have had to contend with historical ups and downs in mortgage rates, home prices, listing sales pace and other key market factors.
He said that in times of great change, the real estate industry must adapt and provide consumers with multiple options to meet their needs.
“We interviewed someone last week who was a dog owner. When they [had] Go home and let their dog out to look at the house or something like that,” he said. “We get to meet these different little moments in people’s lives, so our cash offers are perfect for them.”
As deadlines approach for multiple multiple listing service (MLS) policy changes related to the National Association of Realtors’ $418 million buyer’s agent commission lawsuit settlement, Bell said he expects consumers to take another look at iBuyers Services provided.
“The reason I started Offerpad is I saw that the real estate world was changing, and it wasn’t through anyone’s fault… it was just that everything was changing and people weren’t as patient as they used to be,” he said. “It’s important to have more control over the trades, and with the settlements that have just happened, I think you’re going to start to see some little tweaks in the traditional trade flow.”
“First and foremost, I don’t think agents are going to disappear in any way, but to provide everything [consumer] Want it,” he added. “First-time homebuyers may want someone to represent them. [and] People who are purchasing a large number of homes may prefer to deal directly with Offerpad. we will see this opportunity [grow]”.
Bair said that in addition to the opportunity to connect with more home sellers, the partnership with Realtor.com finally marks the beginning of a new chapter for Offerpad after a difficult period that included declining profitability, staff layoffs and nearly being delisted from the stock market. Chapter.
The company narrowed its losses in the first quarter, saw higher buying activity and added several new agent-focused initiatives, including a listing platform.
“I’ve been in real estate for 20 years; I haven’t seen anything like it [the market] Coming out of COVID-19. It’s a lot of different challenges,” he said. “We are very tight on the homes we buy… We expect to be net cash flow positive by the end of the year and then continue to grow rapidly again.”
“Probably one of the things I’m most proud of is our ability to adapt to all market conditions and remain flexible,” he added. “This really shows [iBuyer] The overall model and the team’s ability to remain flexible.
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