Dubbed Powered by Offerpad, the platform enables the iBuyers’s PRO and MAX agent partners to manage listings, get real-time transaction updates and directly communicate with Offerpad support staff.
Innovation is in our DNA at Inman — that’s why we’re excited about August’s Technology and Innovation Month. We’ll kick it off by celebrating the companies and individuals pushing the industry forward with an expanded slate of Inman Innovator Awards at Inman Connect Las Vegas. Then, we’ll continue to celebrate the brightest minds in real estate all month long.
Seven months after revamping its Agent Partner Program, Arizona-based iBuyer Offerpad has released Powered by Offerpad, a new platform geared at helping its agent partners manage their transactions quickly and seamlessly.
Brigham Weight | Credit: LinkedIn
“Offerpad is dedicated to empowering agents by offering robust support and enhanced incentives to thrive in today’s competitive market,” Offerpad VP of Business Development Brigham Weight said in a prepared statement. “Through our innovative use of technology, we aim to simplify transactions and partnerships across the real estate industry.”
Through the platform, Offerpad PRO and MAX members can view cash offers, access detailed homeseller and property information, and manage homeseller leads and referrals. The platform also gives members real-time updates on Offerpad listings and transactions and allows members to chat instantly with Offerpad support staff.
“Powered by Offerpad achieves this with an intuitive dashboard, real-time information access, and straightforward tools for obtaining the answers and resources agents need,” Weight added.
Offerpad said the launch of Powered by Offerpad comes on the heels of impressive Agent Partner Program growth during the first half of the year. From January to June, the program accounted for 23 percent of all Offerpad requests — a 91 percent increase from the first half of 2023 (12 percent).
Offerpad unveiled its revamped Agent Partner Program tiers, dubbed Offerpad PRO and Offerpad MAX, in January.
With Offerpad PRO, listing agents can earn a 4 percent referral fee through the “sell then list” initiative, which allows agents to receive a 3 percent referral fee when their client sells to Offerpad and an additional 1 percent fee by selling the home again on behalf of Offerpad.
The invite-only MAX tier offers the same “sell then list” opportunity; however, agents can also purchase designated zones, where they’ll list Offerpad-owned homes and receive exclusive access to the “Start with Sold” backup cash offer program for homesellers listing on the open market.
“Since our inception, our primary mission has been to streamline the home buying and selling journey for consumers,” Offerpad SVP of Growth Kyle Rush told Inman in January. “This dedication is the very reason our company was founded. Sellers opting for representation by an agent can still enjoy the advantages of receiving cash offers from us, as we continue to prioritize this foundational focus.”
“Agents who partner with Offerpad can not only expect to increase their earnings substantially but also gain access to an extensive suite of tools to diversify their consumer offerings,” he added.
Offerpad teased the launch of Powered by Offerpad in its second-quarter earnings report on Tuesday, which saw the company’s revenue decline 12 percent from Q1. However, Offerpad is gaining ground on slimming net losses and bolstering its gross margins and gross profit per home, which increased 10 percent to $29,500.
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