Offerpad has grown beyond the iBuyer identity consumers are familiar with.

The Chandler, Arizona-based firm's bread-and-butter is still the cash offer, in which it gives sellers a cash offer for their property within 24 hours, forgoing listings and offering flexible closing dates in as few as 3 days. The business has evolved, working more with real estate agents and growing its renovation business that completed 284 projects in the second quarter and generated $3.9 million in revenue, according to a recent earnings report. 

The nearly decade-old company's financial performance has waned with the sluggish market. It disclosed a $13.8 million net loss and $251.1 million in revenue for the second quarter, with 742 homes sold. Those figures are far from the $1 billion-plus in revenue, and thousands of homes sold, in the few quarters following Offerpad's initial public offering in September 2021. Offerpad stock, which peaked at $207 per share that month, has since dwindled to $3.36 per share as of Monday. 

Founder and CEO Brian Bair today said his company is leaning on a strategy of less volume in favor of wider margins from Offerpad-renovated properties. In the discussion that follows, Bair describes Offerpad's outlook and how the cash offer player is geared to adapt to a changing real estate market. He also described Offerpad's effort to integrate in-house lending with its expanding products. 

The following questions and answers have been edited and condensed.