Anywhere, Offerpad form mutually beneficial partnership
The iBuyer will send potential sellers leads to the brokerage company, while Anywhere agents can present their sellers with a cash offer from Offerpad.
Brokerage giant Anywhere has announced a partnership with Offerpad that is intended to provide the iBuyer with a new avenue for building its inventory while helping Anywhere agents generate new leads.
How does it work? If a homeowner in a city that Offerpad doesn't service reaches out to the company for a cash offer, Offerpad will offer to connect the seller with an Anywhere agent who can list their property on the open market — instead of simply letting the lead go cold.
"This is part of our ongoing effort to bring new lead opportunities to our Network," Kristin Aerts, VP and head of Anywhere Leads, said in the announcement.
What's in it for Offerpad? Through the partnership, Offerpad builds relationships with Anywhere agents, who can help get their clients a cash offer from the iBuyer in one of the 1,000 markets Offerpad currently buys in.
What's in it for agents? For some sellers, going the iBuyer route may be preferable to selling on the open market. Their agents can then close the deal quickly and take advantage of Offerpad's 3% referral fee.
Why join up now? Mortgage rates near 8% are keeping many sellers — not willing to give up their existing locked-in low rates — out of the market. With fewer active sellers, both Offerpad and Anywhere have the potential to benefit from a partnership that delivers new seller leads.
And Offerpad isn't the only company pursuing this strategy: Opendoor, Offerpad's primary competitor, has highlighted the importance of building relationships with brokerages, agents and the major portals this past year. Opendoor recently announced a similar partnership with eXp after previously partnering with Zillow.