brian bair, offerpad net worth
Since [the second quarter], the economy, consumer sentiment and the real estate market have changed significantly, Offerpad CEO Brian Bair said during an earnings call. 
Whats next for you? Opendoor Technologies Inc., another homeselling platform, also went public through a SPAC deal at a valuation of at $4.8 billion. If you are a Home delivery print subscriber, unlimited online access is, Cyber attacks. 
loanDepot, the second largest non-bank consumer lender in the US, and OfferPad, an on-demand direct home buyer and seller, announced recently on a partnership which will include several initiatives designed to streamline real estate processes both for consumers and real estate professionals. The Thousand ranks the top one half of one percent of over 963,000 real estate agents nationwide. The top end of its price range is now typically $400,000 and will go to $1 million, Brian Bair, founder and chief executive at Offerpad. WebBrian Bair. For example, statements regarding Offerpads financial outlook for first quarter 2022, expectations regarding profitability and anticipated growth in the industry in which Offerpad operates are forward-looking statements. The share of transactions made up by Offerpads Flex listing and buying service rose from 7 percent in second-quarter 2020 to 29 percent in third-quarter 2022, according to Bair. It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. Offerpad. Offerpad calculates Adjusted EBITDA as Adjusted Net Income (Loss) adjusted for interest expense, amortization of capitalized interest, taxes, depreciation and amortization and stock-based compensation expense. WebThe closing of $100 million in debt is an extension of OfferPads existing credit facilities. Offerpad believes these measures facilitate meaningful period over period comparisons and illustrate Offerpads ability to generate returns on assets sold after considering the costs directly related to the assets sold in a presented period. Click here to see the complete history of Brian Bairs form 4 insider trades. Brian ranked Americas #2 Real Estate Agent, according to The Thousand, the real estate industrys most prestigious ranking report released yearly by REAL Trends, Inc and The Wall Street Journal. Register here. In summary, during the past 3 months, insiders sold 0 shares of Offerpad Solutions Inc (OPAD) in total and bought 0 shares, with a net Im a lifelong learner, he says. The company calls Flex asset light because it involves selling a home on the open market through a partner real estate agent, rather than Offerpad buying the home directly. My mother was the first person to teach me life is about results., Working for Brian is truly a pleasure. Offerpad may calculate or present their non-GAAP financial measures differently than other companies who report measures with similar titles and, as a result, the non-GAAP financial measures Offerpad reports may not be comparable with those of companies in Offerpads industry or in other industries. Like me on Facebook | Follow me on Twitter. We continue to navigate through this period of market dislocation by appropriately managing down our inventory levels and strategically acquiring homes that reflect current conditions, said Mike Burnett, CFO of Offerpad, in a statement. [1] Based on over 3,600 customer surveys conducted in 2021. If theres one thing you should know about Brian Bair its that he doesnt like being told something is unachievable. Maximize your shed space with these easy hacks! , Arizona-based Offerpad provides an online platform for selling and buying homes. 
I believe people are good, people are caring, people are kind. Im sure theres some impact of Zillow exiting the market., Your email address will not be published. WebBrian Bair has served as Offerpads Chief Executive Officer and a member of its board of directors since he founded Offerpad in July 2015 with a mission to provide the best way to buy and sell a home. Required fields are marked *. Analysts also pressed whether Offerpad can expand its buy box that is the price range for which they feel comfortable to buy a home, and then resell it in around 90 days. purchase Contribution Profit After Interest helps management assess Contribution Margin performance, per above, when fully burdened with costs of financing. 
Such forward-looking statements are subject to risks, uncertainties, and other important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Offerpad Solutions Inc (OPAD)'s detailed insider trading history can be found in Insider Trading Tracker table. Above is the net worth, insider trading, and ownership report for Brian Bair. New markets require new approaches and new tactics. Farm your area with an innovative program to build community and help address our homelessness challenge. of 40,000 shares made by Kenneth D Degiorgio Access to a replay of the webcast will be available from the same website address shortly after the live webcast concludes. Inventory impairment prior period is the inventory valuation adjustments recorded in prior periods associated with homes that sold in the period presented. Offerpad, which expects revenue of $1.4 billion in 2021, said the company will be listed on the New York Stock Exchange under the ticker OPAD, after the deal closes. Subscribe now to read the latest news in your city and across Canada. How Much are Closing Costs for Home Sellers, What to Do If a Home Appraises for Less than What You Offered. Much of the companys current success can be attributed to Brians acumen as a leader. Create an account or sign in to continue with your reading experience. This in-between phase is the most challenging period for the entire real estate market, including iBuyers.. Forward-looking statements generally relate to future events or Offerpads future financial or operating performance. There are always things I can do better and I work hard every day to improve at them. The one that would ultimately define his career was life is about results. The closing of $100 million in debt is an extension of OfferPads existing credit facilities. Brian sold 868 homesthe second most homes in the country and his sales numbers and track record landed him in The Wall Street Journal, saying A career in real estate is not a sales position, and it goes far beyond locating product. I saw a lot of pain points that my clients dealt with and I knew there was a better solution we could provide. Offerpads senior and mezzanine secured credit facilities are secured by their homes in inventory and drawdowns are made on a per-home basis at the time of purchase and are required to be repaid at the time the homes are sold. and In fact, our customers select their closing date. Leading commentary by award-winning journalists. Supernova stock was down nearly 2% on Thursday. On average, the real estate technology leader receives new offer requests from homeowners every 30 seconds and acquires a home every 20 minutes throughout regular business hours. Our brand awareness is market specific, Bair said. When I got out of high school, I assumed I could go work with her and be an immediate big deal. Customers recognize the benefits Offerpad brings to their real estate experience, and our exceptional results highlight the value of our customer-centric approach.. If so please contact customer support at (510) 658-9252, Password Reset Instructions have been sent to. The composition of Offerpads holding costs is described in the footnotes to the reconciliation table below. We are passionate about real estate and being the solution that people turn to, allowing them to move freely. Insider Ownership Summary of Accordingly, these measures should not be considered in isolation or as a substitute for analysis of Offerpads results as reported under GAAP. I met with Coleman to chat about the single family market, the companys strategy and the new partnership with the Zillow Group. Experts and industry leaders will take the stage atInman Connect New Yorkin January to help you navigate the market shift and prepare for the next one. The downstream impact left residential consumers in a temporary state of shock., Bair noted that the majority of people buying and selling are those who have to move. She represented models and actors all over the world. WebBrian Bair. But we arent there yet, he said. National Director of Homebuilder Alliances, Intelligent Assistance and Bots Ecosystem. AI Is Moving Fast Enough to Break Things. 2023 Forbes Media LLC. Here is where it is likely to increase the most over the next few years. Refer a Friend and Earn One Month of Free Membership. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Get the week's leading headlines delivered straight to your inbox. Offerpad posts net loss of $80M, ending profitability streak, The iBuyer brought in higher-than-expected revenues but racked up a much higher net loss than the previous year, according to a Q3 earnings call on Wednesday, What you need to know to start your day with all the latest industry developments. Age : 46. Brian empowers the Offerpad team by giving everyone plenty of autonomy. It combines fundamental real estate expertise with the data-driven digital Solutions Center platform to give users a holistic, customer-centric experience, enabling them to efficiently sell and buy their homes online with streamlined access to other services including mortgage, listing, and buyer representation services. Offerpad has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted net income (loss) within this press release because Offerpad is unable to calculate certain reconciling items without making unreasonable efforts. WebBrian Bair is Chairman/CEO/Founder at Offerpad Solutions Inc. See Brian Bair's compensation, career history, education, & memberships. Covid-19 is the agent of change driving advances and acquisitions in a sector long-resistant to tech. 1 Includes $15.6 million non-cash credit in Q4 2021 to mark to market the Warrant Liability. Unclear is whether Offerpad can remain in the black. Sorry, the comment form is closed at this time. . By continuing to use our site, you agree to our Terms of Service and Privacy Policy. 15 stories covering tech, special reports, video and opinion. purchase Bair and Mike Burnett, the companys chief financial officer, acknowledged on the call the favorable role for their bottom line played by home price appreciation. Amortization of capitalized interest represents all interest related costs, including senior and mezzanine secured credit facilities, incurred on homes sold in the period presented that were capitalized and expensed in cost of sales at the time of sale. The companys stock price has not been above $1 since October 26. Sign up for Individual Select membership today. WebBrian Bair. Our rigorous, analytically driven underwriting practices and deep industry expertise again demonstrated our ability to provide attractive offers to homeowners in a fiscally responsible manner, said Mike Burnett, CFO of Offerpad. Offerpad Chairman and CEO Brian Bair and CFO Mike Burnett will host a conference call and accompanying webcast on Feb. 23, 2022, at 5 p.m. EST. Phoenix is the largest market for iBuyers with between 5% and 6% of houses being bought by iBuyers. My most important role is to provide extensive information, market property and, most importantly, negotiate contracts.. It uses technology-enabled solutions to remake the home selling and buying experience by offering customers the convenience, control, and certainty to solve their housing needs. In addition to Offerpads results of operations above, Offerpad reports certain financial measures that are not required by, or presented in accordance with, U.S. generally accepted accounting principles (GAAP). Fourth-Quarter 2021 Financial Highlights compared with the prior-year fourth quarter: Revenue increased 289% to $867.5 million Gross profit increased 178% to The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Based on ownership reports from SEC filings, as the reporting owner, Brian Bair owns 1 companies in total, including Forgot your username? They recently announced a major re-brand, as well as $150 million in new funding. The seven-year-old business went public in September, through a special purpose acquisition company helmed by former Zillow CEO Spencer Rascoff. We look forward to providing you with even more cutting-edge market research, as Topio Networks. Unauthorized distribution, transmission or republication strictly prohibited. Were constantly looking for great real estate tech entrepreneursto feature. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Team, Weve had some amazing accomplishments and pretty big obstacles over the years. Request a free offer on your home today or if youre in the market to buy a house, check out our latest available homes for sale near you. * Trained market and Brian Bair was a co-founder of Lexington Financial, LLC, (Lexington) which purchased, renovated and leased single family homes acquired through various methods such as trustee sales, direct purchases from financial institutions and the retail market. Certain statements in this press release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc. A welcome email is on its way. WebFebruary 23, 2022, 7:09 pm By Matthew Blake. Brian Bair has served as Offerpads Chief Executive Officer and a member of its board of directors since he founded Offerpad in July 2015 with a mission to provide the best way to buy and sell a home. In less than two years the Offerpad raised $30M in equity and $230M in debt from LL Funds in order to expand its home-buying model. A mastermind for real estate tech innovators. The questions of when I should sell my home, how much can I actually get for it, will I need to renovate it before putting it on the market, how long will it sit there and what double expenses may I incur, is part of the uncertainty one may face. If youd like to connect, findhim on LinkedIn here. Editors note: This story has been updated. Overall, I value and love people. Hear from the experts on how to protect yourself and your business. Brian Bair enjoys a challenge leading with his own brand of unrelenting optimism, theres perhaps no one better positioned to resolve some of the biggest of those real estate has to offer. Terms and conditions apply. These and other important factors discussed under the caption Risk Factors in Offerpads Quarterly Report on Form 10-Q for the three months ended September 30, 2021 filed with the Securities and Exchange Commission on November 10, 2021, and Offerpads other reports filed with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. . I am the co-CEO and co-founder at Offerpad. This gross revenue sum includes fees Offerpad charges consumers, plus money from home sales. We encountered an issue signing you up. Also, Offerpad is not taking the risks other instant home buyers have when it comes to price. of 10,000 shares made by Ryan Ohara Contribution Profit / Margin After Interest. As for what Offerpad is doing better, Bair pointed to the companys relatively small operating expenses of $188 million. Branson's Virgin Orbit files for bankruptcy, JPMorgan's Dimon says US banking crisis not over, sees long repercussions, UBS names Sergio Ermotti as new CEO and president, Dogecoin jumps as Musk's Twitter flips logo to Shiba Inu dog, In the background, Inditex heiress sets tone for Zara revamp, Marketmind: Bank fears ease but yields curb investors' enthusiasm, Musk, experts urge pause on training of AI systems that can outperform GPT-4, Bill Gates says calls to pause AI won't 'solve challenges', U.S. Brian Bair is a master negotiator who has closed over 3,000 transactions and over $600 million in residential real estate over the past several years, Brian is ranked by Real Trends, as Arizonas #1 Real Estate Agent for homes sold, earning him the distinction of being Arizonas top-producing agent for sales since 2010. Sellers can upload photos and videos for a virtual tour, a feature that has been gaining popularity during the global pandemic. We finished the quarter with record results capping off a remarkable year, said Brian Bair, Chairman and CEO of Offerpad. When she finally hired me, I spent the next year at the front desk answering phones and scheduling appointments. So, I did. She wouldnt hire me until I got a job working for someone else for at least a year. Money raised through SPAC IPOs so far this year has already overtaken the $83.4 billion they raised in all of 2020, according to SPAC Research. , For more details on our payment terms and how to cancel, click here. Customers that are looking for an immediate move, on average are selecting 22-days to close. The company plans to expand into 29 markets, but analysts on the call questioned if consumers have heard of Offerpad in environs like Kansas City, Missouri and San Bernardino, California. Offerpad also presents Adjusted Net Income (Loss) and Adjusted EBITDA, which are non-GAAP financial measures, which the management team uses to assess Offerpads underlying financial performance. Although those around him would be quick to describe Brian as a gregarious guy with a sunny outlook, simply accepting things at face value because this is the way its always been done is one area where hes unwilling to compromise. Stay tuned. With Offerpad, buyers receive competitive cash offers in as few as 24 hours. , Offerpad Inc said on Thursday it would go public through a merger with a blank-check company in a deal that values the U.S. home-selling platform at $3 billion. The nice-to-moves are not happening right now.. Factors that may impact such forward-looking statements include, but are not limited to, Offerpads ability to respond to general economic conditions; the health of the U.S. residential real estate industry; Offerpads ability to grow market share in its existing markets or any new markets it may enter; the impact of the COVID-19 pandemic; Offerpads ability to manage its growth effectively; Offerpads ability to accurately value and manage inventory, and to maintain an adequate and desirable supply of inventory; Offerpads ability to successfully launch new product and service offerings, and to manage, develop and refine its technology platform; Offerpads ability to maintain and enhance its products and brand, and to attract customers; Offerpads ability to achieve and maintain profitability in the future; and the success of strategic relationships with third parties. GuruFocus.com is not operated by a broker or a dealer. Want to be the boss the next time you buy or sell a home? However, he said that Offerpads value proposition is even stronger in a buyers market, when homes typically take longer to sell, and therefore he sees an opportunity for enormous growth ahead if the company is smart about how it underwrites its homes. People are free to do what they do best when youre not breathing down their necks, says Brian. Represents holding costs incurred on homes sold in the period presented and expensed to Sales, marketing, and operating on the Consolidated Statements of Operations. Additional information regarding Offerpads fourth quarter and full-year 2021 financial results and management commentary can be found by accessing the Companys Quarterly Letter to Shareholders on the Offerpad investor relations website. IBuying startup Offerpad posted a net loss of $80 million for the third quarter, a huge jump from a $15.3 million net loss a year ago and ending its three-quarter Adjusted Gross Profit, Contribution Profit and Contribution Profit After Interest (and related margins) are supplemental measures of Offerpads operating performance and have limitations as analytical tools. Chief Financial Officer Michael S. Burnett Gurus may be added or dropped from the GuruFocus site at any time. no insider transaction in Offerpad Solutions Inc (OPAD). In markets where home sales prices are volatile, Offerpad is pushing more and more sellers toward Flex and being selective about the homes the company chooses to buy, according to Bair. Improve at them high school, I spent the next time you buy or sell a home to the... Passionate about real estate experience, and our exceptional results highlight the value of our customer-centric..! 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Week 's leading headlines delivered straight to your inbox your inman Select Membership sell a home delivery print subscriber unlimited! Former Zillow CEO Spencer Rascoff Brian Bair 's compensation, career history, education, &.! One Month of Free Membership //dxtww98cr0lum.cloudfront.net/uploads/2872/images/bios/brian-bair-620379ad5ad31.jfif '' alt= '' '' > < /img > a PAID,! The black so please contact customer support at ( 510 ) 658-9252, Reset! Should not place undue reliance on forward-looking statements generally relate to future events OfferPads. [ 1 ] Based on over 3,600 customer surveys conducted in 2021 in as few as 24 hours that! How to cancel, click here to see the complete history of Brian Bairs form 4 insider.! '' > < /img > a PAID Membership, PRIVATE COMMUNITY receive competitive cash offers as... Remain in the black, market property and, most importantly, negotiate contracts Weve had some amazing and. 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