Offerpad Financial Highlights For 4th Quarter

Offerpad, a tech-enabled platform for buying and selling residential real estate has released its 4th quarter 2021 highlights, calling them record-setting.

“We finished the quarter with record results capping off a remarkable year,” Chairman and CEO of Offerpad Brian Bair said. “We exceeded our growth targets and financial expectations as demand for our services continues to grow. Our team successfully delivered a personal and customized experience to thousands of customers in 2021, earning us a 93% customer satisfaction rating. Customers recognize the benefits Offerpad brings to their real estate experience, and our exceptional results highlight the value of our customer-centric approach.”

According to company officials, 2021 4th quarter highlights compared to 2020 included: revenue increasing 289%, to $867.5 million; gross profits increasing 178% to $70.3 million; homes acquired increasing 195% to 3,049 homes; and homes sold increasing by 185% to 2,423.

Company officials said other operational highlights for 2021 overall included: doubling the team to over 1,000 employees, highlighting Offerpad as a desirable workplace where innovation and creativity are redefining residential real estate; setting a new record by completing over 8,000 home renovations, increasing the supply of upgraded and move-in ready homes; increasing acquisitions by 156%; and maintaining an average time from acquisition to sale below its 100-day target.