Real Estate Solutions provider, Offerpad, recognized as a leading iBuyer that provides sellers competitive cash offers, control, and flexibility during their real estate transactions, has worked closely with the agent community since the company’s founding. Offerpad has paid nearly $100 million in agent commissions and referral fees to brokerages across the country. That amount is expected to multiply as the company’s agent referral fee has increased from 1% to an industry-leading 3%. Since the boost in July 2020, more agents are turning to Offerpad to support sellers who desire a competitive cash offer with a quick closing date. Offerpad internal data indicates that 73% of agent-represented sellers are opting to close between 15 and 30 days.
High demand for speedier closings stems from the seller’s need to move quickly on their next home purchase and their new ability to close both homes on their timeline. A swift close removes the seller’s home contingency, allowing them to be competitive in purchasing their next home. With Offerpad as the direct cash buyer, home sellers can select and adjust their closing date as needed, a value proposition Offerpad has championed over years which offers more freedom in real estate than ever before.
“In today’s seller’s market, houses are selling in a matter of weeks or even days, but sellers often can’t be confident whether the sale will actually close and cannot determine the exact date of funding,” said Offerpad’s chief acquisitions officer Casey Bair. “For someone who’s making a major life move, that certainty is everything. We’re seeing that a growing number of agents are providing their sellers with more options, including our competitive cash offers.”
In addition to Offerpad revealing that nearly three-quarters of sellers represented by agents elected to close in one month or less, analytics also lend insight into homes and markets. Most agent-led home sales to Offerpad since July came from Atlanta and Phoenix. These homes tend to be mid-sized with moderate values.
Home Characteristics of Agent-Represented Requests to Offerpad:
- 2,000-2,600 square feet
- 3-4 bedrooms
- Average national home value: $295,000
- Highest average home values: Phoenix – $427,000; Las Vegas – $383,000
Top Markets for Agent-Represented Requests to Offerpad:
- Volume is highest in Phoenix and Atlanta
- Phoenix transactions through agents close at higher rates
- Atlanta shows more agent-represented home offers than all other markets
Agents representing sellers can become eligible for Offerpad’s new referral fee by navigating to www.offerpad.com and completing the five-minute request form on behalf of their seller. After the request for an offer is submitted, Offerpad will extend a competitive cash offer within 24 hours for the agent to present to their seller.
- Agents must identify themselves as the seller’s agent in the initial request
- Upload current interior and exterior pictures of the home
- The home must not have received an Offerpad offer in the past 30 days
- The home must not be listed on the MLS
If the seller chooses to accept the offer, they will receive Offerpad’s exclusive benefits including a Free Professional Local Move, a flexible close date, no showings, and Offerpad’s Extended Stay – allowing sellers the ability to stay in the home for up to three days after close of escrow. Throughout the process, Offerpad will work directly with the seller’s agent on all aspects of the transaction; if eligibility requirements are met, the representing agent will receive 3% at closing.
“We raised our referral fee to support agents and remind them that we are a valuable option for many of their sellers. Offerpad will compensate agents for their work in representing their seller in the same way they would be when selling to a traditional buyer, while also eliminating the majority of agent and seller stress points,” said Bair.
To learn more about Offerpad’s commitment to the real estate agent community and qualifications to submit an offer request on behalf of a client, visit www.offerpad.com/agents.
