Offerpad isn’t exactly a household name, despite being one of the biggest players in the rapidly growing iBuying industry. And with the company’s IPO via a SPAC merger with Acquisition of Supernova partners (NYSE: SPNV), it’s a name growth investors might want to put on their radar. In this fool live Video clip, registered on 23 augustFool.com contributor Matt Frankel, CFP, chats with Offerpad CEO Brian Bair to get a feel for what the company is doing and why it could be an exciting opportunity in the years to come.
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Matt Frankel: Today we have a special guest. This is Brian Bair, he is CEO and founder of Offerpad. Brian, before I get into the thick of it, can you just give us a quick version of what Offerpad is doing, because I have a feeling there are some people out there who are unfamiliar with your business?
Brian Bair: Sure. I founded Offerpad about six years ago. Before Offerpad, I was involved in tens of thousands of real estate transactions and realized how broken the traditional process was. Offerpad was born to really change all of that. Now a customer can come to Offerpad, they spend three to five minutes, tell us about their house, and then they will receive a cash offer within 24 hours. We also have a lot of other products that we’ll probably talk about more. He is a direct buyer. Instead of having to go through the registration process and all the uncertainty without any control, homeowners can now come to Offerpad and get a cash offer on their home within minutes.
Frankel: In fact, you mentioned other products, so Offerpad doesn’t just buy and sell houses. What other services do you offer to customers to make it a unique experience?
Bair: Sure. When I started Offerpad we got named iBuyer somewhere because we bought a lot of houses, but in reality I created Offerpad to be a solution center, a one stop solution center. Whatever you think of real estate, we’ll have a product or solution for that client that will help them with timing, convenience, and certainty. We have our product iBuying, which is our cash offer that we will give to a customer within 24 hours, but we also have another product for people who come to Offerpad. Let’s say, âHey listen, I want to explore the free market. Got your cash offer, but because the market is really hot right now, maybe I want to explore the open market and see if I can get more. . âWe say it’s great. We put them in what we call our Flex division and we will work with this owner and we will really partner with them to see if they can maximize the price of this house. For example, we will even do some repairs before for this house. We put this house on the open market, we renovate this house for them, carpet, paint, appliances, whatever. Anything they can do to see if they can maximize the value of that house. If they do, that’s fine, and if they can’t, we’ll keep our backup offer in a backup position for 60 days. It really gives them that certainty of control and whatever works for them for that client at that time.
Matthew Frankel, CFP has no position in the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.