AgentTechnology

OfferPad, Opendoor competitor, makes public debut with $260M in funding

OfferPad has quietly been operating in Las Vegas, Salt Lake City, Tampa Bay and Orlando

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Take a deep real estate technology dive, Aug 7, 2017

A real estate tech startup has bounded out of the shadows with $260 million in financing to turbocharge an alternative to the traditional listing brokerage. Co-founded by a former top-producing real estate agent and closely resembling property-exchange platform Opendoor, OfferPad buys homes directly from homeowners, inviting homesellers to receive "our top purchase price within 24-hours." The company's public debut underscores the momentum of property-exchange platforms, which may take a bite out of the real estate commission pie if they can lower fees and weather a market slowdown. "I've been involved in thousands of transactions in dealing with homeowners, and there's a lot of pain points there in the the traditional model," said co-founder Brian Bair, who was once ranked the second-highest selling real estate agent in the U.S. "The idea is to empower  to be able to move on their timeframe, and they can control the entire process." OfferPad uses technology, "in uni...