AgentTechnology

Why a top agent started OfferPad, an Opendoor competitor

Co-founder sees 'a lot of pain points' in the traditional brokerage model
  • Brian Bair, formerly one of the most productive U.S. real estate agents, co-founded OfferPad, a property-exchange platform that's raised $260 million and competes with Opendoor.
  • Read Inman's Q&A with Bair, and the other OfferPad co-founder Jerry Coleman, for insight into OfferPad's business model.

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Brian Bair (left) and Jerry Coleman (right) Brian Bair, once ranked the second highest-selling agent in the U.S., and Jerry Coleman -- a co-founder of Invitation Homes, Blackstone's single-family rental investment arm -- are the co-founders of OfferPad, a property-exchange platform and Opendoor competitor that just announced $260 million in funding. The following is an edited and condensed version of Inman's interview with the two.  How does OfferPad work? Bair: The number one thing we try to do is basically empower homeowners. We try to give complete control to homeowners, and with my background in traditional real estate, I've been involved in thousands of transactions in dealing with homeowners, and there's a lot of pain points there in the traditional model. The idea is to have homesellers come to our website, upload their home and tell us about their home's amenities, and then we give them an offer within 24 hours, and we let them close on their schedule. How is Off...