Fathom Holdings Inc (NASDAQ: FTHM) is a real estate brokerage company that provides residential transaction services through a flat-fee-per-transaction model rather than a traditional commission-split structure. Revenue comes primarily from gross commission income recognized at transaction close, with additional streams from mortgage lending, title insurance, and SaaS services. Fathom operates across 43 state-level subsidiaries under Fathom Realty Holdings LLC, a wholly owned Texas LLC, and expanded its Arizona footprint through the November 2024 acquisition of My Home Group for approximately $4.2 million in combined cash and stock consideration. The company supports its agents through intelliAgent, a proprietary cloud-based platform covering transaction management, CRM, compliance, accounting, business intelligence, and social media marketing. Operations are tied directly to U.S. residential real estate volumes, which remained below long-term historical averages in FY2025, with NAR-reported existing home inventory at approximately 1.15 million units as of December 2024 and the average 30-year fixed mortgage rate at 6.21% in December 2025.

Revenue model

Flat fee charged per closed real estate transaction (gross commission income recognized at close), supplemented by mortgage lending fees, title insurance premiums, and SaaS subscription revenue from the intelliAgent platform. The flat-fee structure gives agents discretion to negotiate their own client commissions without broker interference.

Products and services

Residential real estate brokerage services; intelliAgent proprietary cloud platform (transaction management, CRM, compliance, accounting, agent websites, social media marketing, business intelligence reporting); mortgage lending; title insurance; SaaS tools for agents.

Customers and end markets

Real estate agents seeking a low-overhead, flat-fee brokerage alternative; home buyers and sellers in the U.S. residential real estate market. Demand is directly sensitive to mortgage rates, home prices, and existing-home inventory levels.

Value-chain role

Residential real estate broker and technology platform provider, sitting between home buyers/sellers and independent agents; also offers ancillary financial services (mortgage, title) to capture additional transaction revenue.

Geographic exposure

United States, operating through 43 state-level LLC subsidiaries as of the FY2025 10-K filed 2026-03-30. Arizona presence expanded via November 2024 acquisition of My Home Group.

Source: SEC 10-K, filed 2026-03-30

Industry: Real Estate Agents & Managers (For Others) Peers: Doma Holdings, Inc. CBRE Group Inc Douglas Elliman Inc Offerpad Solutions Inc Redfin Corp Re/Max Holdings Inc