The agreement comes on heels of Lower's acquisitions of Neat Labs and Movoto — and takes place as mortgage lenders look to real estate brokerages to win more homebuyers
START Real Estate has just 70 agents, but founders Randy and Terri Bell have built a business model with a 70 percent mortgage attach rate that Fathom wants to take nationwide
CEO Marco Fregenal says company will use proceeds to 'invest in sales and marketing initiatives, pursue strategic opportunities that enhance our platform and support ongoing operations'
At $2 per share, the latest offering of 3M shares is priced nearly 3 times higher than a March raise, when the North Carolina-based real estate brokerage was flirting with delisting
Sean Varin and Paul Marsh have been promoted to senior roles at Fathom Holdings and its subsidiary, Encompass Lending Group, and will be responsible for stoking growth opportunities
Since hitting a June 21 low of $1.33, shares in the flat-fee real estate brokerage are up 125% as the company continues to add agents and pursue plans to expand operations to all 50 states
The agent fee increases the flat-fee brokerage previously implemented for 2023 haven't stopped Fathom from growing, with Sept. 30 agent count up 13% from a year ago, to 11,333
While transactions fell 15% from 2022, Fathom executives said during a Q3 earnings call Wednesday that its flat fee commission split model helped its agent network grow by 13%
The real estate brokerage and tech platform is accelerating cost cutting after posting a $6M third-quarter loss, with revenue up 10.2% to $111.3M and agent count up 33% to 9,991
Revenue was up 80%, real estate transactions were up 42% and agent count grew by 50% at the end-to-end services platform