In March, Governor Ducey signed House Bill 2673 – the property technology sandbox bill – to officially cement Arizona as the leader in property technology innovation. The sandbox allows startups, entrepreneurs and existing property technology companies to test their products with little-to-no governmental chaperoning for a limited time.
Offerpad – one of the PropTech pioneers in the state – has already capitalized on this opportunity, making strides to revolutionize the way consumers buy and sell homes in the state.
The PropTech innovator recently hired former Zillow senior manager Bryan LaFranchi to direct the company’s Homebuilder Alliance branch – a partnership program that helps consumers buy and sell their homes more efficiently. The program offers homeowners – who are working with Offerpad-partnered homebuilders – added benefits to ensure the fastest sale of their home.
“Offerpad’s Homebuilder Alliance program was designed to provide consumers with another innovative real estate solution, helping them more easily purchase a new construction home,” Offerpad communications manager David Stephan explains. “Offerpad is about streamlining the home transaction processes, and our partnership program with builders optimizes our tech solutions for those buying new construction homes, eliminating the contingency of selling their existing home before moving forward with the purchase.”
Presently, real estate is more important than ever. According to Medium, 60 percent of the world’s assets are in real estate, and 75 percent of that figure belongs to residential real estate. Property technology firms aid businesses and consumers in designing, constructing and managing real estate, and according to Stephan, there’s no better place than Arizona for PropTech operations.
“Arizona has been great for PropTech for many reasons,” said Stephan. “The untapped talent and the ability to recruit from high cost of living areas like Silicon Valley and Seattle provide a more affordable opportunity for growing, younger families. The business friendly environment allows companies like Offerpad to take on predictable risk without government roadblocks or interference. The state understands that people and companies, especially on the west coast, are looking to move away and the state has positioned itself to be the best place to move to. From more advantageous taxing for businesses, to better cost of living, coupled with the new PropTech sandbox bill, Arizona is making our state a clear best option for those relocating; and for those of us already here, we’re proud our home is increasingly recognized as a great place to live and do business, confirming what we’ve always believed.”
Offerpad’s Homebuilder Alliance represents a perfect opportunity for anyone buying and selling a home. In fact, with heightened new home construction in the Phoenix West and East Valleys, the program represents a perfect opportunity for people in those areas.
Customers that request an offer for their existing home on Offerpad can expect a cash offer within an hour, 270 days to close after accepting the offer, five extra days to move (free of charge), and a free local move. The tech firm’s unprecedented operations provide a win-win for both consumers and businesses in the state, Stephan notes.
“From our headquarters in the East Valley, we’ve shown how powerfully a company deeply rooted in both tech and real estate can affect the real estate market and better meet consumers’ evolving needs,” Stephan said. “Our leadership has invited competition and is providing consumers with more options in real estate than they’ve ever previously been offered.”