Keller Williams has announced the company’s iBuyer arm—Keller Offers—has decided to terminate its exclusive contract with Offerpad, allowing the service to find other “major funding partners.”
Going forward, Keller Offers says it will use multiple funding partners to fuel its offer funding and expansion plans in 2020 and beyond. At this time, the company is not disclosing the names of its new funding partners or the number of new partners they have, according to Keller Williams spokesperson Darryl Frost. However, the company expects to expand further in 2020 with new cash buyers, starting with Denver, Oklahoma City and Nashville in the next six months.
“As Keller Williams does with any product or service for associates, Keller Offers consistently measures the value we provide to ensure we remain a product that agents want in their tool belts,” said Gayln Ziegler, COO, Keller Offers. “As part of that process, we now recognize the need to expand the program beyond Offerpad.”
Keller Offers partnered with Offerpad in August 2019 to expand into new markets while keeping agents at the center of transactions for consumers looking to sell instant-offer style.
Of the contract termination Offerpad Chief of Staff & Communications Cortney Read stated, “Offerpad agreed to part ways with Keller Offers, allowing us to expand our buying power and solutions to additional brokerages and agents, providing benefits to more agents and customers.”
Some of the industry’s largest iBuyer companies—such as Zillow Offers and Opendoor—are back up and running following a pause in service due to the pandemic, and are often on the hunt for new marketshare, leaving Keller Williams with several funding options.
“We’ve diversified our funding sources and partners in the best interest of our agents and consumers,” said Ziegler. “Our goal, working with multiple funding partners, is to also provide more than one cash offer on a property. And that goal came from us listening to our agents, via KW Labs, the innovation hub of Keller Williams.”
Keller Offers is now operational in 21 markets including: Dallas-Fort Worth, Texas; Houston, Texas; Austin, Texas; San Antonio, Texas; Atlanta, Ga.; Raleigh, N.C.; Charlotte, N.C.; Orlando, Fla.; Jacksonville, Fla.; Tampa, Fla.; Phoenix, Ariz.; Tucson, Ariz.; Las Vegas, Nev.; Birmingham, Ala.; Hoover, Ala.; Burlington, N.C.; Winston-Salem, N.C.; Greensboro, N.C.; High Point, N.C.; Huntsville, Ala.; and Decatur, Ala.
“Currently, we are operating in limited partnership with Offerpad in these markets,” said Ziegler, who added that Keller Offers will also fund deals in these markets with new funding partners too.
Stay tuned to RISMedia for more developments.