(Disclosure: Rose Law Group represents Offerpad.)
By Angela Gonzales | Phoenix Business Journal
Chandler-based Offerpad Solutions Inc. (NYSE: OPAD) reported a record $540 million quarterly revenue and gross profit this week just as competitor Zilllow Group Inc. (Nasdaq: Z) is shutting down its Zillow Offers and selling off its homes to anyone who will buy them, including institutional investors.
The Business Journal got a chance to catch up with Brian Bair, chairman and CEO of Offerpad, to talk about what’s next for the ibuyer.
Will you bid on Zillow’s inventory? Offerpad is open to evaluating new partnerships, but currently we don’t have any specific plans to bid or purchase homes from Zillow’s inventory.
What is your strategy to reduce losses? With the strong performance through the third quarter 2021, we were able to raise our full-year 2021 Adjusted EBITDA guidance range to between $0M-$10M, projecting a positive full-year result.
Our operations, execution and strategy are unique and differentiate our approach from others. Underwriting accuracy, dependent upon a deep understanding of local and national markets, has a very important role. One strategy that we employ is building in margins that vary to account for varying levels of risk in our acquisitions.
