Fathom Holdings Inc. has released its latest financial results for the third quarter of 2023. Here’s a quick rundown of the highlights:
Impressive Growth in Agent Network
Fathom continues to defy industry trends with a 13% increase in its real estate agent network, boasting approximately 11,333 agents as of September 30, 2023. This remarkable growth sets Fathom apart from the competition, especially considering the broader industry saw a decline of about 1.6% during the same period (according to the National Association of REALTORS®).
Strong Transaction Performance
Despite market fluctuations, Fathom Holdings completed approximately 10,303 real estate transactions in the third quarter of 2023. While this represents a 14.7% decrease relative to Q3 2022, it’s important to note that the overall market experienced an over 20% decline (according to the National Association of REALTORS® and the Census Bureau).
Fathom Realty has expanded its operations in various states, reinforcing its commitment to growth:
- In California, Fathom welcomed Advance 1 McKeever Realty, an award-winning brokerage with approximately 70 agents offering comprehensive services to buyers and sellers in Stockton.
- Adding Team Adkins Real Estate, a leading brokerage team in Baton Rouge with 13 agents, further enhances Fathom’s presence in Louisiana.
- Massachusetts welcomed Council Realty, a renowned name in Pioneer Valley, boasting 22 agents, strengthening Fathom’s regional reach.
Joshua Harley, CEO of Fathom, expressed confidence in the company’s ability to navigate challenging market conditions, emphasizing their disruptive business model’s resonance among agents. Fathom remains dedicated to growing its agent network, offering an industry-leading flat fee commission split. It aims to achieve operating cash flow breakeven as early as Q2 2024 while staying committed to positive Adjusted EBITDA in Q1 2024.
Marco Fregenal, Fathom’s President and CFO, highlighted the benefits of cost-reduction measures already implemented, emphasizing their position for profitable growth and operational leverage.
In conclusion, Fathom Holdings continues to make waves in the real estate industry with its impressive growth, strategic expansions, and unwavering commitment to agents’ success. Despite challenging market conditions, the company’s innovative approach and resilient performance suggest a bright future.
Read the full press release HERE.