Offerpad isn't exactly a household name, despite being one of the larger players in the rapidly growing iBuying industry. And with the company set to go public via a SPAC merger with Supernova Partners Acquisition (SPNV), it's a name that growth investors might want to put on their radar. In this Fool Live video clip, recorded on Aug. 23, Fool.com contributor Matt Frankel, CFP, sits down with Offerpad CEO Brian Bair to get an idea of what the company does and why it could be an interesting opportunity in the years ahead.
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Matt Frankel: Today, we have a special guest. He is Brian Bair, he is CEO and founder of Offerpad. Brian, before we get into it, can you just give us the quick version of what Offerpad does because I have a feeling there are some people who aren't too familiar with your company?
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 that. Now, a customer can come to Offerpad, they spend three to five minutes, tell us about their home, and then they'll get a cash offer within 24 hours. We also have a lot of other products that we'll talk probably more about. It's a direct homebuyer. Instead of having to go through the process of listings and all the uncertainty with no control, now homeowners can come to Offerpad and within a few minutes get a cash offer on their home.
Frankel: Actually, you mentioned other products, so Offerpad doesn't just buy and sell homes. What are some of the other services you offer to customers to make it like a one-stop experience?
Bair: Sure. When I started Offerpad, we got named an iBuyer along the way somewhere because we were buying a lot of homes, but really what I created Offerpad to do was to be a solution center, a one-stop solution center. Whatever you can think of real estate, we're going to have a product or solution for that customer that's going to help them with the timing, the convenience, and the certainty. We have our iBuying product, which is our cash offer that we'll give a customer within 24 hours, but we also have another product to people who come to Offerpad. Let's say, "Hey, listen, I want to explore the open market. I got your cash offer, but because the market is in a really hot place right now, maybe I want to explore the open market and see if I can get more." We say that's great. We put them into what we call our Flex division and we'll work with that homeowner and really partner with them to see if they can maximize the price of that home. For instance, we will even front repairs for that home. We put that house in the open market, we'll renovate that house for them, carpet, paint, appliances, whatever. Whatever they can do to see if they can maximize the value of that home. If they do, that's great, and if they can't, we'll keep our backup offer in a backup position for 60 days. It really gives them that certainty in control and whatever is right for them for that customer in that moment.
