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Fathom Realty, a wholly owned subsidiary of Fathom Holdings Inc. (NASDAQ:FTHM) ("Fathom" or the "Company"), a national, technology-driven, end-to-end real estate services platform integrating residential brokerage, mortgage, title, insurance, and SaaS offerings for brokerages and agents, today announced a revision to its real estate agent fee structure, effective January 1, 2024.
"Fathom Realty offers one of the best industry commission structures that recognizes our agents' hard work and dedication while providing them with the necessary resources to excel," explained Marco Fregenal, Fathom's Chief Executive Officer. "We believe that this small increase to agent fees will have a minimal impact on our agents, while helping Fathom achieve our objectives and provide our agents with an ever-improving agent offering. We expect this change to add an estimated $3.1 million in EBITDA for 2024."
The revision to Fathom Realty's agent fee structure includes two changes. The first is an increase of the agent's annual fee which is charged on an agent's first transaction of each anniversary year. The fee will increase from $600 to $700.
The second change includes a new fee which affects sales of properties for over $600,000 and will be in addition to the agent's transaction fee of $550. This new 'High-Value Property Fee' will consist of an additional $200 on properties priced between $600,000 and $999,999. Then, there will be an additional fee of $250 charged for each $500,000 over a $1,000,000 property price.
Samantha Giuggio, Fathom Realty's Chief Operations Officer added, "We remain committed to providing the highest level of support and resources for our agents, and as the real estate industry evolves, we will continue looking for new ways to help our agents achieve their best. This change is designed to help us accomplish exactly that."
Posted In: FTHM
