The iBuying platform Offerpad and Realtor.com are teaming up. In an announcement on Tuesday, the firms said that Offerpad was integrating with Realtor.com.
According to the release, the integration will allow Offerpad to provide a cash offer to more sellers and will extend Offerpad’s reach to a larger audience of potential sellers.
“Over the past year, with all of the adversity happening for buyers and sellers and the industry in general, we have really been focused on trying to find buyers and sellers where they are at,” Offerpad CEO Brian Bair said in a statement. “We have our homebuyer partnership network and our real estate agent partnership network, so the next best place for us to be is a large marketplace.”
Bair said Realtor.com felt like the right firm for Offerpad to partner with because they share the same core belief of wanting to provide choices to consumers.
“If they want to list their home and go the traditional route, that is great, and if they want a cash offer, then we can be there providing that to consumers through the power of their platform,” Bair said.
Offerpad is currently operational in 25 markets nationwide, and Bair clarified that Offerpad’s instant cash offers would only be available to consumers in these existing markets.
Since becoming the first iBuyer to turn a profit in fourth-quarter 2021, the firm has struggled to consistently replicate its success, especially as mortgage rates rose and the housing market cooled in 2022. Despite these challenges, which continue to plague the industry, Bair believes that Offerpad’s integration with Realtor.com will help it grow.
“Everyday, we continue to see that it comes back to finding the seller where they are at and giving them a bit more control and certainty to know their home sale is closed,” Bair said. “It has been a bit more of a challenge recently for buyers to obtain financing and afford homes, so for a seller, having a cash offer that is backed by a company that has bought tens of thousands of homes can give them the security they may want.”
Homeowners interested in listing their home can visit Realtor.com and input information about their property to get an Offerpad Estimated Offer on its value. If they are in a market served by Offerpad, they will be able to click a button to get a cash offer within 24 hours.
“The integration with Offerpad is a natural fit for Realtor.com as we continue to innovate to meet the needs of home sellers in a dynamic market environment,” Blake Elmquist, vice president of seller category management at Realtor.com, said in a statement. “This will also complement our RealChoice Selling experience, which provides consumers selling options, and enables them to compare listing agents to find a trusted expert.”
In August 2022, iBuyer Opendoor announced a similar partnership with Zillow.
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