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Cloud-based brokerage Fathom Realty filing for IPO
The 100% commission brokerage has 2,700-plus agents and wants to grow
A head in the clouds, but eyes on the stock market.
Dallas, Texas-based Fathom Realty announced Tuesday they plan to file paperwork an initial public offering with the Securities Exchange Commission, according to Inman.
Fathom CEO Josh Harley said the IPO would accelerate the company’s growth.
“By creating liquidity, we will have more access to capital for possible acquisitions, improve our brand awareness across our markets, and better support and increase our market expansion,” Harley told Inman by email.
Started in 2010, the brokerage operates on a 100 percent commission model, and gives agents stock for achieving benchmarks for closing deals or referring agents. For the first 12 transactions an agent does in a year, they pay Fathom $450. After that they pay $99 per transaction and $500 annual fee.
At the end of 2018, the company had 2,724 agents.
Cloud-based brokerage EXp Realty went public in May, 2018, crossing $1 billion in market cap on its first day of trading. [Inman] – Decca Muldowney