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Offerpad’s Brian Bair on the future of iBuying

Today’s RealTrending features Brian Bair, founder and CEO of Offerpad. Brian talks about the future of iBuying, if the company strategy may change due to the market shift and what they are doing to streamline the process.

Here is a small preview of today’s interview with Brian Bair. The transcript below has been lightly edited for length and clarity:

Tracey Velt: Do you feel like you’re a little pickier than other iBuyers with the homes that you choose to purchase? We know that margins are slim with iBuyer models, as with most real estate models, honestly.

Brian Bair: Well, I think it depends on the market and it depends on the type of home. Real estate, if you peel it all back, is pretty simple — especially in our model. It’s supply and demand.

And so, for example, if we’re going to buy a home and there’s already 15 of the exact same home in that subdivision, we’re going to have to be pickier. We’re going to have to make sure that we build more risk into that home because it’s not just price driven.

Are there going to be enough trades or enough buyers that are wanting to buy in that area? So, it’s pretty specific and that’s where we use our data and technology. We try to get smarter with every home that we buy. But yeah, we have to be, and as the market starts to normalize and as we see really the shift happening with more inventory hitting the market, we want to make sure that we understand exactly what’s happening out there. We want to be really specific about what we’re buying and how we’re buying it.

RealTrending features the brightest minds in real estate. Twice a month, brokerage leaders, top agents, team leaders, and industry experts share their success secrets, trends, and lessons learned navigating this ever-changing industry. Hosted by Tracey Velt and produced by Elissa Branch.

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