Third quarter earnings reports are rolling out, and we’re covering all the major real estate and mortgage brands for you. Next up: Offerpad
iBuyer platform Offerpad is reassuring investors and the public alike that they’re no Zillow Offers. According to the latest earnings report, the third quarter of 2021 proved to be extremely profitable for the company—with 190 percent revenue growth compared to Q3 of 2020.
According to a company statement, Offerpad saw it’s revenue hit $540.3 million, while gross profit rose 169 percent from the year before to $53.1 million.
“We are proud that our first quarter as a public company has highlighted key outcomes of our strategy: high customer satisfaction, operational efficiency and strong revenue growth, all supporting our path to sustained long-term profitability,” said Brian Bair, Chairman and CEO of Offerpad. “The backbone of our approach is combining our team’s deep local industry expertise with technology, working to make the customer experience simple and convenient. This approach has led to rigorous underwriting and a strong track record of accurately estimating what our homes will ultimately sell for. I’m very proud that from the time we launched Offerpad in 2015 through the first half of this year, we’ve achieved a less than 1 percent variance between our aggregate estimated and actual sales prices.”
The company also set a record in Q3 relating to it’s home sales, which increased 123 percent from the previous year. Some 1,673 homes sold last quarter, compared to 749 homes sold during the third quarter of 2020.
Additionally, the company reports that 99 percent of inventory was owned less than 180 days.