Fathom Holdings Continues to Execute Growth Plan Through Geographic Expansion

Rhea-AI Summary

Fathom Holdings Inc. (Nasdaq: FTHM) has expanded into the Oklahoma and West Virginia markets, bringing its operational reach to 26 states and 112 local markets. In Oklahoma, the focus is on Tulsa and Oklahoma City, capitalizing on a favorable housing market. West Virginia's expansion includes consolidating a local brokerage in Lewisburg. CEO Joshua Harley emphasized efficient market entry and a unique commission structure that supports agent income and growth. This strategy aims to enhance Fathom's national agent network and drive long-term growth.

Positive

• Expansion into Oklahoma and West Virginia increases market presence.
• Focus on growing agent count through consolidation of local brokerages.
• Oklahoma's housing demand and affordability support business potential.
• Unique commission structure provides agents with more income.

Negative

• Dependence on effective management of rapid growth represents a risk.
• Forward-looking statements carry inherent uncertainties regarding future growth.

CARY, N.C., Oct. 15, 2020 /PRNewswire/ -- Fathom Holdings Inc. (Nasdaq: FTHM), a holding company that primarily operates through its wholly owned subsidiary, Fathom Realty, LLC, a national, cloud-based, technology-driven, residential real estate brokerage, today announced that it has entered the Oklahoma and West Virginia markets.  With the addition of these two new markets, Fathom now operates across 26 states and 112 local markets.

With a newly obtained license to operate in Oklahoma, Fathom is focusing initially on growth in the Tulsa and Oklahoma City regions as they continue to see demand and price appreciation.  Cost of living and housing affordability are key factors supporting the Oklahoma housing market.  With state licensing in place, local leadership opportunities are available and are being identified in these markets.  Oklahoma's proximity to Fathom's existing Arkansas, Texas and Missouri markets allows Fathom to focus on bringing its agent-centric value proposition to real estate professionals across state lines.

In West Virginia, Fathom is initially focusing on the Greater Appalachian area, which will complement its operations in Virginia and other neighboring states.  A local independent real estate brokerage in Lewisburg, West Virginia has agreed to move all of its agents under the Fathom umbrella to help it continue to enhance its business, and providing an immediate footprint for Fathom in the state.

"We are excited to expand our operations to the beautiful and great states of Oklahoma and West Virginia, as we continue toward our goal of serving all 50 states.  Because we have an efficient and cost-effective process for entering new markets, geographic expansion and consolidating small real estate brokerage firms under the Fathom umbrella is one of the best ways to increase our agent count and grow our company," said Fathom CEO, Joshua Harley.  "Our unique commission structure provides agents with more income, allowing them to invest money into growing their businesses with us, which, in turn, drives Fathom's growth.  We are continuing to execute our long-term plan, and believe we have built a strong business that will continue to prosper."

About Fathom Holdings Inc.

Fathom Holdings Inc. is the parent company of Fathom Realty Holdings, LLC, a national, virtual, full-service real estate brokerage that leverages proprietary cloud-based software called IntelliAgent to operate a Platform as a Service model (PaaS) for the residential real estate industry.  Fathom offers real estate professionals 100% commission, small flat-fee transaction costs, support, technology, and training, all powered by best in class operational efficiencies.  For more information visit www.fathomrealty.com.

Cautionary Note Concerning Forward-Looking Statements

This press release contains "forward-looking statements," including, but not limited to, geographic growth and growth the Company's national agent network.  No assurance can be given that the Company will grow geographically or be able to attract new agents.  Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including: risks in effectively managing rapid growth in our business; reliance on key personnel; technology risks; competitive risks; and the others set forth in the Risk Factors section of the Company's registration statement for its initial public offering filed with the SEC.  Copies are available on the SEC's website, www.sec.gov.  The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Investor Relations and Media Contacts:

Roger Pondel/Laurie Berman
PondelWilkinson Inc.
investorrelations@fathomrealty.com
(310) 279-5980

Marco Fregenal
President and CFO
Fathom Holdings Inc.
investorrelations@fathomrealty.com
(888) 455-6040

 

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SOURCE Fathom Realty

FAQ

What recent markets has Fathom Holdings entered?

Fathom Holdings has recently entered the Oklahoma and West Virginia markets.

How many states does Fathom Holdings operate in now?

Fathom Holdings now operates in 26 states.

What is the focus of Fathom in the Oklahoma market?

Fathom is initially focusing on growth in Tulsa and Oklahoma City.

What benefits does Fathom offer its agents?

Fathom offers a unique commission structure that allows agents to retain 100% of their income and incur only small flat-fee transaction costs.

What is the significance of West Virginia for Fathom Holdings?

West Virginia complements Fathom's operations in neighboring states and allows for immediate agent consolidation.