Digital Real Estate Solutions
Offerpad was founded in 2015 by entrepreneur Brian Bair and his team, who sought to develop a startup business that would give consumers more control over the sale and purchase of their homes. The startup company offers a simple platform for users seeking an estimate for their house. Users can easily request an offer by submitting photos or videos of their home to the Offerpad platform and expect a response within 24 hours.
After the offer is made, customers have the option of selling their home directly to the startup business and receiving benefits such as a flexible close date, extended stay, and even free, professional moving services if the new house is within 50 miles of the old home. However, consumers also have the option to list their home on Offerpad with a back-up cash offer available if they change their mind.
Riding the Housing Wave
According to an analysis from Zillow, the US full housing stock grew by a value of $2.5 trillion during 2020, representing the largest gain in the market since 2005. Startup businesses like Offerpad are disrupting the traditional process of buying and selling homes at a time of great growth in the industry. Offerpad will likely face competition from other businesses such as Knock and Opendoor as the industry continues to transition to a digital format.
About the Author
James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.