Draft:Offerpad
American real estate technology company
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Offerpad Solutions Inc., or simply Offerpad, is an American real estate technology company based in Chandler, Arizona. Founded in 2015, it operates as an iBuyer, using online pricing tools to purchase, renovate, and resell homes. The company became publicly traded in 2021 following its merger with Supernova Partners Acquisition Company.
Submission declined on 14 November 2025 by Bonadea (talk).
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Comment: In accordance with the Wikimedia Foundation's Terms of Use, I disclose that I have been paid by my employer for my contributions to this article. Toometa (talk) 17:43, 14 November 2025 (UTC)
| Company type | Public |
|---|---|
| NYSE: OPAD | |
| Industry | Real estate technology |
| Founded | 2015 in Gilbert, Arizona, U.S. |
| Founders |
|
| Headquarters | Chandler, Arizona, U.S. |
Key people |
|
| Revenue | US$378.6 million (Q2 2021)[1] |
| US$9.2 million (Q2 2021)[1] | |
| Website | offerpad |
History
Offerpad was founded in 2015 in Gilbert, Arizona, by Jerry Coleman and Brian Bair.[2] Before founding the company, Coleman co-founded Invitation Homes, while Bair worked as a real estate broker.[2]
In 2017, Offerpad raised $30 million in equity and $230 million in debt financing from LL Funds, valuing the company at about $110 million.[2] It initially operated in six markets, including Phoenix and Las Vegas.[2]
In 2019, Offerpad partnered with Keller Williams Realty to expand its iBuying services.[3] The partnership enabled Offerpad to make direct cash offers to homeowners in markets such as Phoenix and Dallas.[3]
In March 2021, Offerpad announced a plan to go public through a merger with Supernova Partners Acquisition Company, a SPAC co-chaired by former Zillow CEO Spencer Rascoff.[4] The transaction included a $200 million private investment from BlackRock, Zimmer Partners and Taylor Morrison Home Corporation.[5]
The merger closed in September 2021, after which Offerpad began trading on the New York Stock Exchange under the ticker OPAD.[4] Following the transaction, CEO Brian Bair retained high-vote shares representing about 35% of total voting power, while existing shareholders rolled over their equity.[4]
That year, Offerpad reported its first quarterly profit, with net income of $9.2 million on revenue of $378.6 million for Q2 2021, compared with a $7.4 million loss a year earlier.[1][4]
Business model and operations
Offerpad operates as an iBuyer, purchasing residential properties directly from homeowners, renovating them, and reselling them on the open market.[6] The company uses algorithmic pricing models to determine its offers and aims to simplify transactions compared with traditional listings.[6][7] Its model is based on high transaction volume with relatively small margins per home.[1]
In addition to buying and reselling homes, Offerpad provides services including home improvement advances, title and mortgage facilitation, and optional listing support.[5] In 2020, the company launched a platform enabling sellers to list homes, request renovations, or obtain a backup cash offer.[8]
As of 2021, Offerpad operated in 16 U.S. markets, including Denver, Nashville, Columbus, Kansas City, St. Louis, Columbia, and Indianapolis.[4][5] Since its founding, the company has completed about 30,000 home transactions, totaling roughly $7 billion in volume.[5][4]
Offerpad competes in the U.S. iBuying sector alongside Opendoor, Zillow, and Redfin.[6][9]
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