Practically every market is seeing a disruption for the better due to technology. From autonomous cars to coffee, online schooling to getting better insurance or even ordering food, tech-savvy consumers are seeing industries bend toward user experience. And now the real estate market is seeing this kind of disruption alter the way it’s traditionally run.
One real estate company, Arizona’s own Offerpad, which barely opened its doors in Gilbert in 2015, is already seeing aggressive expansion in opportunity based on industry trends and customer satisfaction. The leadership team at the company, which plans to move to bigger headquarters in Chandler by spring of next year, is outlining ambitious plans to expand to more than 2,100 cities across the country in the next two years.
The company helps homeowners sell their houses and potential buyers obtain a home through online buying, a direct-to-consumer approach that cuts out the middleman. It has seen tripled growth year-over-year since its inception and is planning to reach an estimated 24 million potential clients in just two years. Offerpad execs are touting an estimated $2.5 billion annual rate in real estate transactions as well.
“We don’t plan on slowing down,” says Cortney Read, director of communications. “Offerpad’s goal is to help people sell more efficiently and more easily than ever before. We certainly don’t want to limit that to a number of home owning households in a number of cities. We hope to bring our solution to as many people as possible, wherever possible.”
Currently, Offerpad is active in eight major metro areas including Phoenix and is available in more than 400 cities altogether (134 surrounding cities in the Dallas-Fort Worth area alone). The pace will continue for the company, says Read. Through 2019, the company will make its services available to an estimated 1,000+ cities, pushing for its intended 2,000+ market goal by 2020.
The direct home buying/selling company secured $150 million in financing back in May and promoted its plans to expand to a bigger headquarters in September, a 40,000 square foot campus that’s nearly triple the size of its current San Tan Village location.
“What’s driving us to meet our 2020 expansion projection is the idea of taking our solution to as many people as possible,” adds Read. “Our goal is to allow people to move freely. They should have the ability to take their family and move when they want without needing to worry about the bother that the transaction might be. We want everyone to know that real estate is not the same anymore.”
Leaders from the company noted that the industry itself needed a makeover. The typical experience was moving along at a snail’s pace and technology needed to come in and disrupt things in a big way. Offerpad has made it a point all along to completely change the game, using technology as a the driving force.
“We are pushing real estate to catch up with the way the consumer shops, buys, and lives and technology has a central role,” says Read. “People are able to buy or sell a home all on their own schedule from wherever they happen to be.”