Keller Williams iBuying business Keller Offers says it no longer has an exclusive agreement with Offerpad, and will start adding funding partners to its instant offers program for home sellers.
The company said it wants to give homeowners more options, providing them with multiple cash offers on their properties so they can choose the best one.
“When the major iBuyers shut down operations earlier this year due to COVID, Keller Offers pivoted quickly, via multiple funding partnerships, and continued operating in the best interests of our agents and consumers,” said Gayln Ziegler, COO of Keller Offers. “We did not want our consumers to experience what many did—when the big players in our competitive set exited the market so quickly due to COVID.”
Most major iBuying companies suspended their business operations in mid-March when the coronavirus pandemic took hold in the U.S. Companies including Opendoor and Offerpad, as well as the iBuying programs run by Realogy and Redfin, halted operations, holding off on making instant offers to give the nation time to respond to the crisis.
Most have since resumed operations as the lockdown eases.
Since Keller Williams launch Keller Offers, it’s had an exclusive agreement with Offerpad, which is one of the country’s largest iBuying companies. Earlier this month, Offerpad said it would be expanding its services beyond instant offers, giving sellers a chance to list their homes on its Real Estate Solutions Center website. Should sellers choose to do this, Offerpad will act much like a typical listing agent. And sellers can still choose to accept an instant cash offer at any time they wish.
Keller Offers will still work with Offerpad, but will also use other partners going forward. It has not disclosed the names of those partners just yet though.
“We’ve diversified our funding sources and partners in the best interest of our agents and consumers,” Ziegler said. “Our goal working with multiple funding partners is to also provide more than one cash offer a property.”
Keller Offers began operating in May 2019 in the Dallas/Fort Worth market, and has since expanded to 21 U.S. markets. The company is planning to expand even more this year, with Denver, Nashville and Oklahoma City all being targeted for launch later in 2020.