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This is the first in a four-part series on how agents can get started if they choose to partner with an iBuyer. Check back throughout February as Inman digs into iBuyers to determine what the new year has in store, where opportunities lie for real estate agents and what brokerages should expect. It’s iBuyer Month at Inman.
Since launching in 2015 in Arizona, Offerpad has grown into the second leading iBuyer in the country. The company operates in 21 markets, largely across the south and southwest, and has worked with over 25,000 agents to date.
During the third quarter of 2021, Offerpad acquired 2,753 homes— a 258 percent increase from the 769 homes it acquired the previous year. It sold a record of 1,673 homes during Q3, up 123 percent from 749 homes sold the year before.
As of the release of its Q3 earnings in early November, the company anticipated selling 5,800 to 6,000 homes over the entire course of 2021. Final fourth-quarter results won’t be available until the end of February.
Offerpad still trails in terms of its physical footprint in the iBuyer space compared to rival Opendoor, which operates in nearly twice as many markets and generates about four times as much transaction volume. But it can’t be denied that Offerpad is still growing rapidly — it opened in seven new markets in 2021 and is committed to a goal of launching in a total of 15 markets over the course of 2021 and 2022. The iBuyer is also planning to launch soon in three different California markets: Riverside, San Bernardino and Sacramento.
And in terms of some of the other main players still remaining in the iBuyer space following the bowing out of Zillow Offers (like Redfin Now and Keller Offers) Offerpad has a differentiating factor that may work slightly to its advantage, since it’s the only other major company solely dedicated to iBuying aside from Opendoor. Plus, its leadership team is made up of individuals with real estate backgrounds, a fact that some agents may find…
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