Just like other iBuyers, Offerpad buys homes directly from sellers, makes repairs and/or upgrades and then sells the homes back into the market.
But NOT like other iBuyers, Offerpad is now offering buyers a choice of what they want in that house and the company makes those choices reality for buyers prior to their moving into that house.
Let’s say a buyer wants hardwood floors rather than carpet. Done. Or let’s say a buyer wants glass kitchen cabinets rather than solid wood. Done.
All the buyer has to do is select an available listing through Offerpad’s app or website and BAM, the buyer can visualize and select their own customized options via this new customization feature. And, the buyer is able to save money on their customized choices because Offerpad is offering such customized choices at cost.
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To make sure buyers know how much their customized choices will cost, Offerpad has a built-in mortgage calculator that provides a running estimate of the cost associated with the buyer’s customized choices. Any such costs will be rolled into the buyer’s new mortgage so there are no out-of-pocket expenses and no downtime because all of the customized choices will be executed and finished prior to the buyer moving into the house.
According to Cortney Read, Offerpad’s director of communications, “The $5,000 quartz countertops that once seemed unfathomable, you can now receive at cost for $3,000, with an additional small monthly amount included in your mortgage. No out-of-pocket costs and no downtime. Offerpad’s renovation experts will complete your desired options before you even move in.”
To be available in Phoenix and Tucson by the end of Q4 2019, Offerpad estimates that this customization program will be an option on all Offerpad properties throughout the country by the end of 2021.
Thanks to HousingWire’s Maleesa Smith for source data.