Announced Wednesday, the Denver and Nashville launches mark the first new markets for the company since it expanded into Birmingham in early 2020.
Real estate technology and services firm Offerpad is bringing its full stable of real estate solutions to the Denver and Nashville markets in 2021, the first two new markets since the company expanded to Birmingham, Alabama, in early 2020 with its former partner Keller Williams.
Offerpad’s service offerings in the two new markets include its long-running iBuyer platform — still a core of its business — as well as direct listing services and a concierge program that preps homes for listing called Home Improvement Advance.
“We’re known for providing quick competitive cash offers, which will always remain a core offering,” Offerpad CEO Brian Bair said in a statement. “For new customers in Denver and Nashville looking to list their home, Offerpad is by far the most advanced way to maximize a home’s value on the open market.”
“Our 100 percent free, show-ready home services, matched with our Home Improvement Advance program and back-up instant cash offer, are unparalleled,” he added.
The expansion to Denver and Nashville — which won’t be live until the new year — comes amid a time of slowed expansion for Offerpad and other iBuyers. Offerpad last added a new market in early 2020. That’s about to change, however, as the company eyes growth in 2021.
The company said it will choose markets based on area demand and positive real estate transaction trends, as well as strong economic, employment and population growth trends. The company will also look at home construction data, to partner with local builders as part of its Homebuilder Alliance program.
The company identified both Colorado and Nashville as two of the nation’s hottest metro markets: Colorado, due to its tech scene and supply and demand dynamics, and Nashville, which was ranked as the most fiscally stable metro in the country by US News & World Report.
“Success for Offerpad is capturing markets that provide growth for not only the services and products we provide today, but those with the right environment to support dynamic growth as we continue to rapidly innovate offerings,” Matt Brohn, Offerpad’s vice president of strategic initiatives, said in a statement.
“After a thorough quantitative and qualitative analysis where we blend traditional MLS and trending market data, as well as leverage our unique internal insights on what we know works well for our business model, Denver and Nashville more than meet that criteria for our company’s aggressive growth agenda.”