Keller Offers, the iBuying division of Keller Williams, is ending its exclusive contract with Offerpad and allowing other investors to make all-cash offers on the homes it represents if a consumer is interested, the company announced Wednesday.
The shelter-in-place orders enacted across the country due to the spread of COVID-19 temporarily caused many of the nation’s top iBuyers to shut down, including Zillow Offers, RedfinNow, Opendoor and Offerpad. Keller Offers, however, never shut down during the pandemic.
“As Keller Williams does with any product or service for associates, Keller Offers consistently measures the value we provide to ensure we remain a product that agents want in their tool belts,” Gayln Zeigler, director of operations at Keller Offers, said. “As part of that process, we now recognize the need to expand the program beyond Offerpad.”
Going forward, the company will use multiple offers for each home that requests an offer through Keller Offers. The aim, according to Zeigler, is to provide homeowners with more competitive offers and fuel the company’s expansion plans in 2020 and beyond.
The company declined to disclose which other investors it will be working alongside, and decline to disclosed the exact numbers of investors.
“We’ve diversified our funding sources and partners in the best interest of our agents and consumers,” Ziegler said. “Our goal, working with multiple funding partners, is to also provide more than one cash offer on a property.”
The platform Keller Offers is currently live in 21 markets. In all of those markets, Keller Willams previously had an exclusive deal with Offerpad. Offerpad, as a result of the changes to Keller Offers, confirmed to Inman it has decided to part ways with Keller Williams.
“Offerpad agreed to part ways with Keller Offers, allowing us to expand our buying power and solutions to additional brokerages and agents, providing benefits to more agents and customers,” Cortney Read, Offerpad’s chief of staff and communications, said in a statement.
Keller Williams plans to expand the platform to Denver, Oklahoma City and Nashville in the next six months.