Offerpad

How it happened

Offerpad is a US iBuyer that makes instant cash offers on homes, valued near $3B after going public via SPAC in 2021. The model proved vulnerable to the housing slowdown and rising rates, which hit margins on home flipping, and the stock collapsed roughly 99% to a micro-cap after a reverse split and steep losses. Employee reviews from the 2022-23 downturn describe the whipsaw inside: several hundred positions cut within a few months as rates spiked, layoff rounds that kept returning after staff said they had been told no more were coming, and commission and pay structures rewritten so often that agents struggled to keep up.

Employee accounts paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗. See our methodology.