Offerpad, an iBuying and real estate technology innovator, continues to show its commitment to the real estate agent community with a significant increase to its referral fee for agents turning to a cash sale on behalf of their client.
The company was founded in 2015 by top real estate agent, CEO Brian Bair. At the time, Bair agreed to pay agents a 1% referral fee when a represented seller selected Offerpad as their buyer. As the interest of a certainty-backed competitive cash offer grew among consumers, the volume in which agents requested offers significantly increased year over year. To date, Offerpad has paid nearly $100 million in commission and referral fees to brokerages across the country.
“I understand the pain points agents manage while a home is on the market. A house that needs work before going to market, a property unavailable for showings, heavy negotiations, uncertainty of a buyer backing out or financing falling through. I am committed to being a continued resource for everyone — sellers, buyers and agents,” said Bair.
Introduced in July, Offerpad’s increase to a 3% referral fee on homes that are brought to Offerpad prior to being listed on the open market is the highest in the industry. “Our continued success and increase year over year in volume allows us to now set agent compensation on par with what they would earn when listing traditionally, all while ensuring that the seller’s offer price will not be impacted,” said Bair. “I encourage all agents to explore Offerpad’s streamlined experience and aggressive cash offers.”
The offer request process for agents remains simple:
- The agent begins at www.offerpad.com to submit an offer request on a home, pre-MLS.
- On behalf of the seller, the agent will complete the short request form and upload current interior and exterior pictures of the home.
- Within 24 hours, the agent will be contacted with a competitive cash offer to present to their seller.
- Throughout the process, Offerpad will work directly with the agent on all aspects of the transaction.
Upon offer acceptance, the seller will receive all Offerpad benefits:
- No showings. No open houses.
- No contingency; a competitive cash offer in hand. No double mortgage payments. No moving twice.
- Select a closing date between 15-90 days.
- Extended Stay option, giving the seller additional days in the home, post-COE.
- A professional local move, paid for by Offerpad.
Following a successful close, the agent will receive a 3% referral fee. Eligibility for the increased referral fee requires that the client’s home has not been listed on the MLS or received an Offerpad cash offer in the past 30 days, and that the offer request includes recent home photos and identifies the represented agent.
For more details on Offerpad’s available markets, benefits, and referral fee qualifications, visit Offerpad.com/agents.