Offerpad - Sales Distinction of the Year - Services
Company: Offerpad, Chandler, AZ
Company Description: Offerpad’s mission is to provide your best way to buy and sell a home. We use technology-enabled solutions to remake the real estate experience by offering customers the convenience, control and certainty to solve their housing needs. We combine our fundamental real estate expertise with our data-driven digital “Solutions Center” platform to give users a holistic, customer-centric experience.
Nomination Category: Sales Awards Distinction Categories
Nomination Sub Category: Sales Distinction of the Year - Services
Nomination Title: Offerpad
Real estate is in Offerpad’s DNA but customer service is our heart.
Since 2015, Offerpad has been on a mission to provide your best way to buy and sell a home. Period. We’ve successfully driven positive change in the real estate industry by meeting the growing demand for technology-enabled real estate solutions and are now recognized as one of the top iBuyers in the country.
In an industry traditionally known for complex processes and customer dissatisfaction, customer satisfaction is what sets Offerpad apart. As we’ve grown, so have our customer satisfaction ratings, including a CSAT of 94% year to date through September 30, 2021, up from 89% in July 2019.
Offerpad uses a consultative sales approach to maximize its results with the goal of finding the solution that works best for the customer. Using our proprietary technology platform, we’re able to route offer requests as they’re received to our solutions experts and within 15 minutes proactively reach out to 90% of those potential customers to walk them through their options, which significantly increases our ability to successfully close the sale.
Since July 2019, Offerpad has experienced unprecedented growth, expanding its geographic footprint from 12 markets to 21 nationwide. Business volume has increased proportionately, posting a record-number 9.9k homes bought and sold Q1’21-Q3’21, surpassing the full year 2019 amount of 9.7k. In 2021, Offerpad reported record revenue of $1.2B YTD through Q3’21, surpassing the full year 2019 mark of $1.1B, and record gross profit of $138M YTD through Q3’21, nearly doubling the full year 2019 amount of $74M.
Our first quarter as a public company in Q321 highlighted key outcomes of our strategy: high customer satisfaction, operational efficiency and strong revenue growth, all supporting our path to sustained long-term profitability. The backbone of our approach is a combination of our team’s deep local industry expertise with technology, working together to make the customer experience simple and convenient. This approach has led to rigorous underwriting and a strong track record of accurately estimating what the homes we buy will ultimately sell for. From the time Offerpad was founded in 2015 through the first half of 2021, we achieved a less than 1% variance between our aggregate estimated and actual sales prices.
Offerpad’s success rates achieved since 2019 include record increases in contracts signed (+15%), homes purchased (+20%) and conversion rates (+36%). We also earned a higher NPS score of 77, up 35% from 57 in 2019.
The following citations and links are provided to substantiate data referenced in questions above.
Press Kit
Investor Presentation
California Home Buyers and Sellers Soon to Enjoy Offerpad’s Digital-First Real Estate Experience
Offerpad Now Serves Ohio Home Sellers and Buyers
Offerpad Brings Tech-enabled Home Selling and Buying to Kansas City and St. Louis
Offerpad’s Market Expansion Continues with Columbia, South Carolina
Offerpad Introduces One-Stop Digital Real Estate Solutions in Indiana
Offerpad Reveals 2021 Expansion Plans in Midwest and Southeast
Offerpad Announces Indianapolis is the Next Market in its Expansion Plan
In a word: human. We’re not robots. We’re real humans and homeowners, just like our customers. It’s our people that make Offerpad’s approach to real estate in a digital world unique.
Our sales organizations work proactively with customers to ensure a smooth, seamless transaction from the time they submit an offer all the way through closing. Using our consultative approach, we take the time to actually talk to customers at the outset to educate them on our solutions and their best options. Compared to competitors who are not licensed sales agents and who respond to customers only when setting an appointment, we use technology and our licensed sales team members to lower customer effort and make a traditionally stressful process stress free, resulting in Offerpad winning a sale two out of three times when up against multiple iBuyers.