CHANDLER, Ariz.–(BUSINESS WIRE)–Offerpad Solutions Inc. (“Offerpad”) (NYSE: OPAD), a leading tech-driven platform for residential real estate, has unveiled a new 3% + 1% agent program, a significant expansion of its current Agent Partnership Program.
Since 2020, Offerpad has received over 130,000 cash offer requests from agents, offering them an industry-leading 3% fee upon a successful closing. The enhanced agent program empowers agents to seamlessly integrate with Offerpad’s suite of products like never before. This aligns with the company’s overarching objective to serve as a comprehensive real estate solutions center for everyone – sellers, buyers, and real estate agents alike.
“Since our inception, our primary mission has been to streamline the home buying and selling journey for consumers. This dedication is the very reason our company was founded. Sellers opting for representation by an agent can still enjoy the advantages of receiving cash offers from us, as we continue to prioritize this foundational focus,” states Kyle Rush, Senior Vice President of Growth. “Agents who partner with Offerpad can not only expect to increase their earnings substantially but also gain access to an extensive suite of tools to diversify their consumer offerings.”
The company’s trailblazing program introduces an exciting addition of two principal tiers:
Offerpad PRO presents an attractive opportunity for agents, enabling them to earn 3% on the successful closing of homes. What’s more, agents can now list the home and earn an additional 1% commission. Through new training and a certification program, agents can also access powerful Offerpad marketing tools and branding (a new Powered by Offerpad designation that can be used as a rider on signage, flyers, a website, and more). As one of the nation’s leading renovations company, agents enrolled in the program can leverage Offerpad’s exceptional, cost-effective, and timely renovation services. This provides them with the opportunity to enhance their seller’s homes before listing, ultimately maximizing the listing price. Sellers will continue to benefit from Offerpad’s cash offer, as well as a Free Local Move and Extended Stay Program. PRO will launch in all Offerpad markets mid-February.
Offerpad MAX, an exclusive invite-only program, is designed for highly motivated agents with significant market reach and influence, aiming to establish a long-term partnership with Offerpad for increased revenue and collaboration opportunities. In addition to the PRO 3% + 1% program benefits, agents will gain access to highly qualified sellers in exclusive zip code “zones.” They’ll also secure listing opportunities for Offerpad-owned homes in their designated zones, along with exclusive access to one of the most sought-after programs, Offerpad’s “Start with Sold” – a backup cash offer for sellers choosing to list their home. MAX is set to officially launch in mid-February in Las Vegas, Indianapolis, Jacksonville, and Phoenix. Notably, during Offerpad’s soft launch, multiple zones in Phoenix and Las Vegas sold out within hours. Further expansion into additional Offerpad markets is anticipated in the first quarter of 2024.
Guided by its founder Brian Bair, a highly esteemed real estate professional and former top agent, Offerpad is committed to providing solutions and steadfast support for real estate agents. Unwavering in its dedication to supporting the agent community, Offerpad stands out as an industry leader that empowers agents to receive top compensation and maximize their revenue.
For agents interested in being the first to know about this and future programs and products, please visit here.
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.
Certain statements in this press release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Offerpad’s future financial or operating performance. For example, statements regarding Offerpad’s financial outlook, including homes sold and Adjusted EBITDA, for the fourth quarter 2023, and expectations regarding profitability, including the timing of reaching sustainable positive Adjusted EBITDA, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “pro forma,” “may,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to, Offerpad’s ability to respond to general economic conditions; the health of the U.S. residential real estate industry; Offerpad’s ability to grow market share in its existing markets or any new markets it may enter; Offerpad’s ability to manage its growth effectively; Offerpad’s ability to accurately value and manage inventory, and to maintain an adequate and desirable supply of inventory; Offerpad’s ability to successfully launch new product and service offerings, and to manage, develop and refine its technology platform; Offerpad’s ability to maintain and enhance its products and brand, and to attract customers; Offerpad’s ability to achieve and maintain profitability in the future; the success of strategic relationships with third parties; and Offerpad’s failure to meet the New York Stock Exchange’s continued listing standards. These and other important factors discussed under the caption “Risk Factors” in Offerpad’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on February 28, 2023, and Offerpad’s other reports filed with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Offerpad and its management, are inherently uncertain. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Offerpad undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Cortney Read, Chief of Staff