OfferPad

OfferPad is a tech-enabled platform for users to buy and sell residential property. For sellers, the platform makes cash offers to purchase homes directly, based on information provided by the seller, allowing seamless sales. Following this, OfferPad sells the home via its platform. Alternatively, the company also allows sellers to directly list their properties on the platform to reach potential buyers. Therefore, the platform claims to attract potential buyers for published property listings within 24 hours.  

Using the platform, clients are able to sell homes through cash offers or requests for a listing. In terms of cash offers, clients are charged a 5% service fee with an additional 1% as transaction closing cost. For property listing and assisted selling, OfferPad charges 6% commission with an additional 1% as transaction closing costs. 

In August 2024, the company introduced the Powered By Offerpad (PBO) portal for agents in its Pro and Max programs. This online tool allows agents to manage listings, track updates, and communicate directly with Offerpad. It simplifies transactions with a centralized dashboard for offers, property details, and lead management.

As of August 2024, OfferPad operated its platform in 24 markets and close to 1,700 cities and towns across 11 states.

Key customers and partnerships

In June 2024, Offerpad partnered with Realtor.com to provide cash offers to home sellers. Users can enter their home address on Realtor.com, complete a short form, and receive an instant cash offer, streamlining the selling process and making it more convenient. This partnership also helps Offerpad reach more sellers, offering consumers additional options and a smoother selling experience.

In September 2021, the company went public through a merger with Supernova Partners Acquisition Partners, a special purpose acquisition company (SPAC), and raised USD 200 million.

Offerpad reported a 67% YoY decline in total revenue to USD 1.3 billion for FY2023, compared to USD 4.0 billion recorded in FY2022. The company reported a net loss of USD 117.2 million and adjusted EBITDA loss of USD 82.4 million for FY2023, compared to a net loss of USD 148.6 million and an adjusted EBITDA loss of USD 103.8 million for FY2022.