Offerpad's B2B Renovate program demonstrated strong growth in 2024, achieving $18 million in revenue for the full year, a 49% increase year-over-year. This program leverages Offerpad's expertise in property rehabilitation to serve institutional investors and local operators. The average revenue per renovation project also saw significant growth, increasing from $11,000 to over $22,000.
In the fourth quarter of 2024, the Renovate program completed 187 projects, generating over $4 million in revenue. This performance underscores the company's ability to diversify its business model beyond its core Cash Offer service. The expansion of renovation services to third-party clients is a strategic move to enhance operational efficiencies and provide flexible solutions for real estate partners.
Recent partnerships with organizations such as Freddie Mac and Fannie Mae further validate the strength and reliability of Offerpad’s B2B capabilities. This growth aligns with Offerpad's broader strategy to optimize its renovation services and drive long-term, sustainable growth.
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