Offerpad co-founder Jerry Coleman is stepping down from his role as one of the two co-CEOs of the homebuying startup, leaving his partner and fellow co-founder Brian Bair to reign as the company’s sole CEO.

Offerpad announced the change abruptly on Tuesday morning in a press release touting other new hires to its leadership team. Coleman, also a co-founder of rental giant Invitation Homes, will stay on at Offerpad as a board member and “will focus on capital raising and high-level initiatives and relationships,” according to the release.

Offerpad co-founder Jerry Coleman

Offerpad co-founder Jerry Coleman. Credit: Offerpad

“The company is evolving quickly at every level. I’m excited to expand our leadership team to continue providing our customers with the best way to buy and sell a home,” Bair said in a statement. “New additions, along with adjustments to our current structure, will further enhance Offerpad’s capabilities and facilitate company growth.”

Bair has consistently been ranked as the No. 2 real estate agent in the country in terms of transaction sides in recent years, according to real estate data ranking service Real Trends.

When asked why Coleman stepped down as co-CEO, Offerpad spokeswoman Cortney Read told Inman: “We’ve made many changes to our expand our executive team. The adjustment to Jerry’s role will allow him to exclusively focus on raising capital and managing investor relationships.”

Along with this change, Offerpad announced the hiring of Rahim Lakhani as chief operating officer and chief of staff, the April hiring of Arindam Bose as chief product and analytics officer, and the move of Matt Bohn from chief operating officer to chief strategy officer.

Bair and Coleman co-founded Offerpad in 2015 with $260 million. The Arizona company buys and resells homes in eight markets nationwide, giving sellers instant cash offers for their homes on-demand while taking service fees between 6 percent and 13 percent if they go through with the transaction, a category of startups dubbed by investment banking firm Evercore ISI as “iBuyers.”

Other iBuyers include Opendoor, Knock and Zillow Instant Offers, all of which now compete with Offerpad in various markets. Offerpad was previously a partner of Zillow’s, but the two companies had a falling out earlier this year after Zillow announced it would buy and sell homes directly with its own money.

Offerpad recently raised another $150 million in equity and debt funding and unveiled a major rebranding.

Developing

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×