Going Public, Market Expansion & More!
2021 was a record-breaker at Offerpad.
Milestone moment achieved with start of OPAD trading on NYSE
Record number of new customers reached with regional expansion into 7 new markets, bringing total number of markets to 21 serving nearly 1,500 cities and towns across the U.S.
Marked first profitable quarter in company history in 2Q21, followed by record revenue and gross profit in 3Q21
Bought and sold more homes than ever in company history, with 258% increase in acquisitions and 123% increase in home sales in 3Q21 over 3Q20
Together with our leading technology and residential real estate and home renovation expertise, Offerpad, one of the nation's top two iBuyers,1 was able to successfully navigate through some of the most challenging and rapidly changing market conditions our industry has seen.
With those challenges, though, came opportunity, driven by increased consumer interest in more streamlined, on-demand real estate services. That demand led to iBuying accounting for 1.9 percent of home sales in the third quarter of this year - nearly doubling the previous high of 1 percent set in the second quarter2 - and making many skeptics believe iBuying is here to stay.3
And that's great news for home buyers and sellers dealing with record-high home prices, record-low home inventories and aggressive bidding wars on the limited houses available. While our ability to help people with their home buying and selling needs continues to grow, there was much more to celebrate in 2021. Read on!
The Year's Big Story: We went public!
After operating for our first six years as a privately held company, Offerpad completed a transaction with Supernova Partners Acquisition Company, Inc. (NYSE: SPNV), a publicly traded special purpose acquisition company, to take us public on September 1, 2021. We began trading under the ticker 'OPAD' on the New York Stock Exchange on September 2.
In a press release announcing this significant milestone, our CEO Brian Bair said, "We're taking home buying and selling from chaotic to controlled, from expensive to efficient, and from the past straight into the future. And we're just getting started. We have a superior team, combining strong technology backgrounds and real estate experience in every kind of real estate cycle, with the skills and vision to operate as a highly capital-efficient company in our industry. We're excited about the tremendous opportunity ahead of us as more and more buyers and sellers opt for our digital-first experience."
Record market expansion
Growth was another huge story for us in 2021. Beginning with Denver and Nashville, we nearly doubled the locations we now serve across the U.S. with expansion into seven new metro areas.
We grew our availability from roughly 800 cities and towns last year to reaching home buyers and sellers in nearly 1,500 locations in 21 markets today. With a focus on regional expansion, we opened our first mid-west markets in Kansas City, Columbus, St. Louis and Indianapolis. We also expanded our operating footprint in the Carolinas where, in addition to the Raleigh and Charlotte, NC metro areas, we now serve home buyers and sellers in greater Columbia, SC.
All that external growth meant we needed to grow internally, too. To meet customer needs and market demand, we grew our awesome and talented team base across the country from 400 employees in 3Q20 to over 800 in September 2021 - more than doubling year-over-year! - with more new hires expected before the end of the year.
More solutions for your best way to buy and sell a home
"We live in Wisconsin and the home we were selling is in Texas. Offerpad was so incredibly simple. Easiest house selling experience ever. Especially since we weren't even in the state!!"
Marisa G. | Arlington , TX
We also expanded our one-stop Real Estate Solutions Center with the addition of more products, services and programs to help home buyers and sellers gain greater convenience, simplicity, cost savings and control over their real estate transactions.
Offerpad Bundle Rewards - Customers in most of our markets* can receive multiple discounts and save thousands when simultaneously selling and buying a home with Offerpad, and by obtaining their home loan with Offerpad Home Loans. The more Offerpad services a customer uses, the more they can save!
Offerpad Home Loans - Our one-stop financing solution for all your home loan needs became available to more customers in more states during 2021.
New FLEX Flash listing option - This summer we started testing a faster way for sellers to list and sell a home with Offerpad. Part of our superior FLEX listing services, FLEX Flash enables sellers to attract multiple offers and sell their home with a concentrated marketing campaign and in-person and virtual open house events over the course of just three days, all with one of our backup EXPRESS cash offers in their pocket.
24-Hour Close - In May, Offerpad launched a pilot program for its fastest home sale solution with our 24-Hour Close option. Working in partnership with First American Title Insurance Company, we were able to help a seller close escrow on their sale in one day instead of the typical 30-45 days it takes for most home sales.
New partnerships benefited builders, agents, customers and race fans
In addition to directly helping home sellers and buyers in each of our markets, Offerpad actively seeks to build partnerships with local real estate professionals such as agents (who can earn a 3% commission assisting clients with a home sale to Offerpad), home builders and renovation contractors to create mutually beneficial business opportunities and provide even better home buying and selling experiences for area residents.
For example, we help remove the contingency of someone needing to sell their existing home before buying a new-construction home by partnering with builders through our Homebuilder Services program. In addition to making our EXPRESS cash offers available through homebuilder partners, in January we started rolling out our FLEX home listing solution to builders beginning with Maronda Homes in Florida. Partnering for the first time in 2021 with NewStyle Communities, a maintenance-free homebuilder based in Charlotte, NC, represented our first collaboration with an active adult community builder and with a homebuilder in the Greenville, SC area.
We also enjoyed an Awesome Different partnership opportunity in 2021 with Joe Gibbs Racing as a sponsor of NASCAR drivers Denny Hamlin and Harrison Burton. It was a major thrill seeing Denny drive the #11 Offerpad car in two major Cup Series events and Burton's #20 Offerpad car in four Xfinity Series races this season.
We're pretty proud, too, that we achieved all of the above while maintaining a world-class NPS score of 77 and a 94% customer satisfaction rating.4 And as exciting as 2021 was, we're even more excited about all the positive momentum it's created to carry us into 2022. We've already announced early expansion plans for the new year that will find us moving into new markets in California for the first time.
We can't wait to see you there! In the meantime, if you're New Year's resolution is to find a stress-free way to sell your home in 2022, get started here with a free, no-obligation EXPRESS cash offer today.
Need to sell and buy? Check out available Offerpad homes for sale here and save a bundle with Offerpad Bundle Rewards.
*Offerpad Bundle Rewards not available in AL, TN and MO (including Kansas City, MO).
1 Marquand, Barbara. What Is an iBuyer? Nov. 23, 2021. Nerdwallet.com
2 Walter-Warner, Holden. "iBuyers reached record housing market share, sales volume." The Real Deal
3 McPherson, Marian. "Zillow Offers is dead. But Zillow (and iBuying) is here to stay." Inman News
4 3Q21 survey results of approximately 2,500 customers who sold their home to Offerpad.