Offerpad Provides Company Update on Agent Momentum & New Growth Opportunities Around Services

Multiple market zones sold out as part of new Offerpad Max tier; program to expand to all Offerpad markets, beginning with Charlotte, Houston, Orlando, Tampa, and Atlanta on March 1

Services including Offerpad Renovate unlock new revenue streams and attract a growing list of clients

CHANDLER, Ariz., March 12, 2024--(BUSINESS WIRE)--Offerpad Solutions Inc. ("Offerpad") (NYSE: OPAD), a leading tech-driven platform for residential real estate, has announced it is expanding its new Offerpad Max agent program to all of its remaining markets, after nearly selling out of the initial launch markets – beginning on March 1 the program will launch in Charlotte, Houston, Orlando, Tampa and Atlanta with the remaining markets to follow.

Announced on January 13, Offerpad Max is the company’s top tier, invite-only program, designed for highly motivated agents with significant market reach and influence. Max agents get exclusivity in defined market zones, gaining access to highly qualified sellers and the ability to list other Offerpad-owned homes in their zones. These benefits are on top of Offerpad’s core benefits for agents which include an industry-leading compensation.

Partner Network Drives Growth

Offerpad’s partner network, encompassing Home Builder Services, the Agent Partnership Program, and the Agent Referral Network, has been a key driver of the company’s growth strategy, as reported on the February 26 earnings call. By incentivizing partners to leverage Offerpad for property buying, selling, and renovations, the company can expand its reach and serve customers beyond the markets where it operates.

Started in 2019, the Offerpad Agent Partnership Program has provided an industry-leading compensation fee to agents whose sellers accept the company’s cash offer. With more than 130,000 cash offer requests, the program has grown from generating 5 percent of Offerpad’s overall requests, to more than 20 percent in the most recent quarter. The program is tailored to meet consumers at their exact point of need, enabling them to utilize Offerpad in the way that best suits their home selling situation, while also serving as a valuable resource and option for real estate agents with their clients.

New Services Take Off

Offerpad’s mission is to take the friction out of real estate by serving customers with buying and selling solutions and through additional services. The company continues on its path toward sustained profitability, with significant growth in its additional service offering programs, which include Listing Services, Direct+, and Offerpad Renovate.

Offerpad Renovate was a shining star in 2023, growing by 70 percent and seeing a 148 percent increase in closed renovation projects compared to the previous quarter, generating over $12 million in revenue during the inaugural year of operating this product line. With Renovate, Offerpad is able to tap into its operational expertise in renovating the homes it purchases, along with its established network of contractors and professionals, to deliver top-notch renovations in a cost-effective and efficient manner for a growing list of B2B clients. With national, regional, and local clients across the country, including single-family and multi-family operators, Offerpad is helping them by enhancing their own profitability and customer satisfaction.

A Path to Success

Offerpad’s unwavering commitment to simplifying real estate is part of the foundation of the company. "2023 was a challenging year, but the team has brought an outstanding adaptability and commitment to navigating obstacles that kept us on the path to success," explains Offerpad CEO Brian Bair. "Going forward, we’re going to continue to foster our strategic imperatives to take the friction out of real estate, grow our additional service offerings, and expand our partnership ecosystem. With every decision we make, we consider how best to meet our customers where they are and anticipate their needs."

About Offerpad

Offerpad’s mission is to deliver the best home buying and selling experience. From cash offers and flexible listing options to mortgages and buyer services, Offerpad has been helping homeowners since 2015. We pair our local expertise in residential real estate with proprietary technology to put you in control of the process and help you find the right solution that fits your needs. Visit www.offerpad.com for more information.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20240312543835/en/

Contacts

Media Contact:
Cortney Read, Chief of Staff
press@offerpad.com