Quarterly earnings reports are trickling in, giving us an inside look at just how strong of a start brokerages and real estate companies are having in this new year.
Technology-enabled real estate platform Offerpad is out with its earnings report, posting its best quarter in company history. Per company report, Offered increased revenue 384 percent to $1.37 billion, while net income increased to $41 million.
That’s up from a loss of $233,000 during Q1 of 2021.
“This was Offerpad’s best quarter in Company history,” said Brian Bair, Chairman and CEO of Offerpad. “Not only did we achieve exponential growth, but we continued to grow profitably. Our real estate expertise continues to be an X-factor for Offerpad’s success. It is the foundation on which we’ve layered three key priorities to achieve our exceptional results: strategic application of our proprietary technology, best-in-class operational execution and growth in a disciplined and responsible manner.”
Other highlights from Q1 included the expansion of Offerpad Home Loans mortgage service to nine states, while adding 600 new zip codes. The earnings report notes that Offerpad increased its service territory by nearly 15 percent last quarter.
Additionally, the company announced plans to expand into five new markets, including: Cincinnati; Colorado Springs and Fort Collins, CO.; Fort Myers; and Fort Wayne, IN.
Offerpad is expected to complete its Fort Myers opening in the second quarter of 2022 and plans to expand to Cincinnati and the additional markets later this year. When these five markets open, buyers and sellers across 29 U.S. markets.