This post is part of our new Future of Real Estate series which interviews the leading founders and executives who are on the front lines of the industry to get a better understanding of what problems the industry is facing, what trends are taking place, and what the future looks like.
1. What’s the history of OfferPad? Where and how did you begin?
CR: In 2009, Brian Bair and Jerry Coleman joined forces to combine decades of real estate experience to buy and sell tens of thousands of homes across the country.
The company’s leadership team has a combined 100,000+ homes purchased, renovated, and then rented or sold over the last decade. To say the least, Brian and Jerry truly have a deep understanding of the process that people go through when trying to buy or sell a home.
In 2015, OfferPad was born with the goal of giving freedom to home sellers by using on-demand technology, along with industry experience. The primary focus is to allow people to keep living their lives without all the hang ups of the traditional real estate process. The OfferPad process is in a class by itself.
2. What specific problem does OfferPad solve? How do you solve it?
CR: Right off the bat, OfferPad takes the process of selling a home and makes it easy and convenient for the homeowner. Consumers can take on an enormous amount of stress when selling possibly the largest financial asset in their name. The questions of ‘When I should sell my home? How much can I actually get for it? Will I need to renovate it before putting it on the market? How long will it sit there and what double expenses may I incur?, etc. are only part of the uncertainty one may face when selling a home.
OfferPad can eliminate that stress, plus more. Our customers don’t need to worry about showing their home, making renovations or even finding movers – OfferPad can absorb that responsibility and the others mentioned above.
In fact, our customers select their closing date. This allows them to sit behind the driver’s seat during the entire process and guide a timeline that works best for their schedule.
3. How does OfferPad work?
CR: Requesting an offer with OfferPad is simple. People can go online, enter in their property address, upload photos and other important details on their home, and within 24-hours we will send over a purchase offer for review.
After accepting our offer, the homeowner selects their closing date, whether that is within 10 days or 80+ days, we will work with them to align with their schedule.
For consumers that are interested in buying a home, we can provide a new solution for them as well. Those looking to buy a new home can view specific details online including a virtual tour, physically visit homes of interest by themselves and on their own time. Buyers simply arrive at the house, text the code from the sign in front yard, and the door will unlock. If interested in purchasing the home, they can work directly with OfferPad or go back online and submit an offer to purchase directly from their home computer or mobile device.
4. Why is the Real Estate industry ripe for disruption?
CR: We’ve seen nearly every industry change over the last decade. From home entertainment by companies like Netflix and Hulu, to the continued evolution of smartphones and the way people shop. The real estate industry was in need to align with customer’s wants – a more seamless, on-demand process.
On average we see OfferPad customer’s looking for an immediate move, request 22- days to close. That’s far faster than the traditional process that can take months to complete and is filled with uncertainty. It was time for the real estate industry to catch up and OfferPad customers are loving it.
About Cortney Read
Cortney Read serves as director of communication and outreach for OfferPad, focusing on the company’s strategic communications and media relations efforts. Cortney was most recently a director with global public relations agency, Allison+Partners, where she managed strategic media relations plans to support large brands such as Baidu and Toyota Motor North America. Prior to Allison+Partners, Cortney was an early employee at LifeLock, Inc. where she was responsible for managing crisis communications and leading regional and national media relations efforts. She managed internal and external communication for LifeLock’s first acquisition, along with handling the company’s public relations and marketing efforts to support the IPO in October 2012.