PHOENIX, Ariz – Real estate tech innovator, Offerpad, launched its residential real estate solutions in Houston on Tuesday, January 15. It is the iBuyer’s first market expansion in a year that is projected to be full of growth for the company. Offerpad is operating its Houston services from its new offices located in The Woodlands, a community in the metro’s northern region. The tech-enabled real estate buyer and seller entered two markets, Dallas-Fort-Worth and Tucson, in the final months of 2018, and is building on that momentum in January.
Last fall, Offerpad announced that the company would launch its services in several new markets and become available to more real estate consumers over the course of 2019 than it served in total at the time of that announcement. The company’s consumer reach in October was 534 cities, an estimated 6.7 million home-owning households. Offerpad, whose mission it is to provide the easiest way to navigate real estate selling and buying, projected that it would take that mantra to an additional 9.4 million households in 600+ additional cities within new metro areas. By the end of 2019, Offerpad predicts that it will operate in more than 1,143 cities and be available to help 16.1 million homeowners sell their home directly to the iBuyer for a cash sum.
The company got off to an early start on market expansion with its launches into Dallas-Fort Worth and Tucson at the end of the year. Now open, Offerpad is buying houses in Houston, the company’s second Texas metro area, and it previously announced its expansion to San Antonio later in the first quarter. The company’s Texas regional Market Director, Trent Capps said, “The company has a very concentrated vision to bring our real estate solutions to millions more people this year. Our start in Texas, with Dallas-Fort Worth, has far and away exceeded our expectations and we anticipate the same for our other Texas markets. In Houston, we began receiving home offer requests weeks ago, so we foresee huge success there, as well as in San Antonio later in the quarter.”
Offerpad’s presence in Houston includes service in 86 cities including Bellaire, Pearland, Sugar Land, Seabrook and Friendswood. Its office in The Woodlands employs local experts who add Houston-specific knowledge to Offerpad’s algorithm-generated home valuation and offer prices. Among Offerpad’s unique offerings, is that it also provides a free local move in keeping with its goal to streamline the entire moving process for home sellers.
Offerpad, founded by CEO Brian Bair in 2015, is the first major iBuyer to launch a new market in 2019 and it is the most recent to enter the Houston market. “2018 was a successful year for Offerpad and now we are ready to scale by entering into new markets. Dallas, Houston and San Antonio are all cities we’ve had intentions of offering our service in. I’m confident that Texans are going to value the solution we’ve developed to the once complicated and stressful process of selling a home.” With strategy in place for 2019, Offerpad expects to have its biggest year yet, even as many milestones were met in 2018. In addition to the company’s launch into two Texas metros this quarter, Offerpad has identified many more market areas to open in the coming months—more details to follow.
