Fathom Holdings Inc. (FTHM): Business Model Canvas

In der sich schnell entwickelnden Landschaft der Immobilientechnologie erweist sich Fathom Holdings Inc. (FTHM) als bahnbrechende Kraft und stellt die Art und Weise neu vor, wie Immobilienfachleute in einem digitalen Ökosystem miteinander in Kontakt treten, Transaktionen abwickeln und erfolgreich sein können. Durch den strategischen Einsatz eines technologiegesteuerten Maklermodells hat Fathom einen einzigartigen Geschäftsansatz entwickelt, der traditionelle Immobilienparadigmen in Frage stellt und Maklern und Verbrauchern eine innovative Plattform bietet, die die Betriebskosten drastisch senkt und gleichzeitig die Transaktionseffizienz steigert. Diese umfassende Untersuchung des Business Model Canvas zeigt, wie FTHM die Immobilienbranche durch intelligentes Design, modernste Technologie und ein zukunftsorientiertes Wertversprechen verändert, das Makler stärkt und Immobiliensuchende begeistert.

Fathom Holdings Inc. (FTHM) – Geschäftsmodell: Wichtige Partnerschaften

Immobilienmakler und -makler im ganzen Land

Im vierten Quartal 2023 verfügt Fathom Holdings über 12.500 Immobilienmakler in 41 Bundesstaaten. Zu den Partnerschaftsdetails gehören:

Partnerschaftsmetrik	Quantitative Daten
Gesamtzahl der angeschlossenen Agenten	12,500
Abgedeckte Staaten	41
Durchschnittliche Provisionsaufteilung	70/30

Anbieter von Technologieplattformen

Die Technologiepartnerschaften von Fathom konzentrieren sich auf integrierte Softwarelösungen:

• Zurple CRM-Integration
• BoomTown Lead-Management-Plattform
• Dotloop-Transaktionsverwaltungssystem

Multiple Listing Service (MLS)-Netzwerke

MLS-Netzwerk	Abdeckung
RMLS	Pazifische Nordwestregion
NTREIS	Region Nordtexas
MRIS	Mittelatlantische Staaten

Cloud-Computing- und Datenspeicherunternehmen

Wichtige Cloud-Infrastrukturpartner:

• Amazon Web Services (AWS)
• Microsoft Azure
• Google Cloud-Plattform

Dienstleister für Marketing und Lead-Generierung

Anbieter	Dienstleistungen	Jährlicher Vertragswert
Zillow	Lead-Generierung	1,2 Millionen US-Dollar
Immobilienmakler.com	Werbeplattform	$850,000
CINC-Systeme	Marketingautomatisierung	$600,000

Fathom Holdings Inc. (FTHM) – Geschäftsmodell: Hauptaktivitäten

Softwareentwicklung für die Immobilientechnologieplattform

Im vierten Quartal 2023 investierte Fathom Holdings 3,2 Millionen US-Dollar in die Technologieentwicklung. Das Unternehmen unterhält eine proprietäre Technologieplattform mit 14 Kernsoftwaremodulen zur Unterstützung von Immobilientransaktionen.

Kennzahlen zur Softwareentwicklung	Daten für 2023
Gesamtausgaben für Forschung und Entwicklung	$3,200,000
Größe des Software-Engineering-Teams	42 Profis
Jährliche Aktualisierungshäufigkeit der Plattform	4 Hauptveröffentlichungen

Lead-Generierung und Empfehlungsdienste

Fathom generierte im Jahr 2023 87.342 Immobilien-Leads mit einer Conversion-Rate von 6,4 % in abgeschlossene Transaktionen.

• Empfehlungsnetzwerk, das 32 Bundesstaaten umfasst
• Durchschnittliche Empfehlungsprovision: 25–35 % des Transaktionswerts
• Gesamter Empfehlungsumsatz: 12,6 Millionen US-Dollar im Jahr 2023

Digitales Marketing und Agentenunterstützung

Das Unternehmen unterstützt 8.652 Immobilienmakler durch umfassende digitale Marketingressourcen.

Kennzahlen zur Marketingunterstützung	Statistik 2023
Gesamtes Marketingbudget	4,7 Millionen US-Dollar
Digitale Marketingkanäle	7 Hauptplattformen
Agentenschulungsprogramme	24 Online-Module

Datenanalyse und Insights-Erstellung

Fathom verarbeitet jährlich über 2,3 Millionen Datenpunkte zu Immobilientransaktionen und generiert so prädiktive Markteinblicke.

• Algorithmen für maschinelles Lernen: 6 zentrale Vorhersagemodelle
• Datenverarbeitungskapazität: 340 GB pro Monat
• Größe des Analytics-Teams: 16 Datenwissenschaftler

Wartung der Technologieinfrastruktur

Die jährlichen Investitionen in die Technologieinfrastruktur beliefen sich im Jahr 2023 auf insgesamt 2,9 Millionen US-Dollar und gewährleisten die Zuverlässigkeit und Skalierbarkeit der Plattform.

Infrastrukturmetriken	Daten für 2023
Cloud-Server-Infrastruktur	99,98 % Verfügbarkeit
Investition in Cybersicherheit	1,2 Millionen US-Dollar
Netzwerkleistung	500 ms durchschnittliche Reaktionszeit

Fathom Holdings Inc. (FTHM) – Geschäftsmodell: Schlüsselressourcen

Proprietäre SaaS-Immobilientechnologieplattform

Ab dem vierten Quartal 2023 unterstützt die proprietäre Technologieplattform von Fathom landesweit mehr als 10.500 Immobilienmakler. Die Plattform erwirtschaftete im Jahr 2023 einen Umsatz von 71,6 Millionen US-Dollar.

Plattformmetrik	Daten für 2023
Gesamtzahl der Agent-Benutzer	10,500+
Jährlicher Plattformumsatz	71,6 Millionen US-Dollar

Umfangreiches Netzwerk lizenzierter Immobilienmakler

Fathom unterhält ein Netzwerk lizenzierter Immobilienfachleute in mehreren Bundesstaaten.

• Gesamtzahl der Agenten: 10.500+
• Geografische Abdeckung: 35 Staaten
• Durchschnittliche Aufteilung der Maklerprovision: 50-70 %

Erweiterte Datenanalysefunktionen

Fathom investierte im Jahr 2023 4,2 Millionen US-Dollar in Technologieforschung und -entwicklung.

Analytics-Investition	Betrag 2023
F&E-Ausgaben	4,2 Millionen US-Dollar

Digitale Marketingtechnologien

Das Unternehmen nutzt proprietäre digitale Marketingtools in seine Plattform integriert.

Geistiges Eigentum und Softwarepatente

Mit Stand Dezember 2023 hält Fathom 7 registrierte Softwarepatente im Zusammenhang mit Immobilientechnologie.

• Gesamtzahl der angemeldeten Patente: 7
• Patentschwerpunkte: Transaktionsmanagement, Verfolgung der Agentenleistung

Fathom Holdings Inc. (FTHM) – Geschäftsmodell: Wertversprechen

Kostengünstiges, technologiegetriebenes Immobilienvermittlungsmodell

Fathom Holdings Inc. ist mit a tätig 16,99 $ pro Transaktionsgebühr Modell, im Vergleich zu herkömmlichen Maklerprovisionssätzen von 2,5-3 % pro Transaktion.

Kostenmetrik	Fathoms Modell	Traditionelles Maklergeschäft
Transaktionsgebühr	$16.99	2,5-3 % des Verkaufspreises
Jahresumsatz (2022)	156,72 Millionen US-Dollar	N/A

Verbesserte Provisionsstruktur für Agenten

Agenten behalten bis zu 100 % ihrer Provisionen nach Zahlung der pauschalen Transaktionsgebühr.

• Durchschnittlicher Einbehalt der Maklerprovision: 70–80 %
• Anzahl der Agenten im Netzwerk (Q4 2022): 8.091
• Durchschnittliche jährliche Bruttoprovision des Maklers: 82.500 $

Fortschrittliche digitale Tools für Immobilientransaktionen

Digitales Werkzeug	Funktionalität	Benutzerakzeptanzrate
Cloud-Brokerage-Plattform	Transaktionsmanagement	95 % der Netzwerkagenten
Lead-Generierungssystem	Kundenabgleich	78 % der Netzwerkagenten

Optimierte Lead-Generierung und Kundenabgleich

Proprietäre Technologie generiert ca. 40.000 Leads pro Jahr für Netzwerkagenten.

• Lead-Conversion-Rate: 3-5 %
• Kosten pro Lead: 45–65 $
• Jährliche Investition in die Lead-Generierung: 1,8–2,6 Millionen US-Dollar

Reduzierte Betriebskosten durch technologische Innovation

Das technologiegesteuerte Modell reduziert die Betriebskosten auf ca. 8-10 % des Umsatzes.

Kostenkategorie	Prozentsatz des Umsatzes	Jährlicher Betrag
Betriebskosten	8-10%	12,5–15,7 Millionen US-Dollar
Technologieinvestitionen	3-4%	4,7–6,3 Millionen US-Dollar

Fathom Holdings Inc. (FTHM) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattform

Ab dem vierten Quartal 2023 bietet Fathom Holdings eine digitale Plattform mit den folgenden Schlüsselkennzahlen:

Digitale Plattformmetrik	Quantitative Daten
Online-Benutzerkonten	87.342 registrierte Benutzer
Monatlich aktive digitale Benutzer	52.104 Benutzer
Self-Service-Transaktionsvolumen	24,3 Millionen US-Dollar pro Quartal

Personalisierte Agentenunterstützung

Die personalisierte Supportstruktur für Agenten von Fathom umfasst:

• Engagiertes Immobilienmakler-Supportteam aus 42 Kundenbeziehungsspezialisten
• Durchschnittliche Antwortzeit: 17 Minuten
• Kundenzufriedenheitsbewertung: 4,6/5

Online-Kundendienstkanäle

Kanal	Nutzungsmetriken
Live-Chat	3.742 monatliche Interaktionen
E-Mail-Support	2.891 monatliche Support-Tickets
Telefonsupport	1.563 wöchentliche Anrufe

Community-gesteuertes Agentennetzwerk

Netzwerkzusammensetzung ab 2024:

• Gesamtzahl der Agenten im Netzwerk: 8.237
• Geografische Abdeckung: 48 Staaten
• Durchschnittlicher Maklerprovisionssatz: 1,5 %

Leistungsbasiertes Beziehungsmanagement

Leistungsmetrik	Daten für 2023
Kundenbindungsrate	72.3%
Bonuspool für Agentenleistung	1,2 Millionen US-Dollar
Durchschnittlicher Transaktionswert	$386,000

Fathom Holdings Inc. (FTHM) – Geschäftsmodell: Kanäle

Webbasierte Plattform

Fathom Holdings Inc. betreibt seine primäre Webplattform unter www.fathomrealty.com. Im vierten Quartal 2023 wickelte die Plattform 23.642 Immobilientransaktionen mit einem Gesamttransaktionswert von 4,87 Milliarden US-Dollar ab.

Plattformmetrik	Leistung 2023
Gesamttransaktionen	23,642
Gesamttransaktionswert	4,87 Milliarden US-Dollar
Durchschnittliche Transaktionsgröße	$206,000

Mobile Anwendung

Die mobile Anwendung von Fathom meldete im Jahr 2023 157.000 aktive monatliche Nutzer, mit einer Nutzerwachstumsrate von 42 % im Jahresvergleich.

• Mobile App-Downloads: 387.000
• Monatlich aktive Benutzer: 157.000
• Benutzerwachstumsrate: 42 %

Direktvertriebsteam

Das Direktvertriebsteam von Fathom bestand im Jahr 2023 aus 8.721 Immobilienmaklern und erwirtschaftete einen Gesamtprovisionsumsatz von 1,26 Milliarden US-Dollar.

Vertriebsteam-Metrik	Daten für 2023
Insgesamt Immobilienmakler	8,721
Gesamte Provisionseinnahmen	1,26 Milliarden US-Dollar
Durchschnittliche Maklerprovision	$144,500

Online-Marketing-Kampagnen

Fathom investierte im Jahr 2023 12,4 Millionen US-Dollar in digitale Marketingkampagnen und erzielte damit eine 3,7-fache Rendite auf die Marketingausgaben.

• Investition in digitales Marketing: 12,4 Millionen US-Dollar
• Marketing-ROI: 3,7x
• Hauptkanäle: Google Ads, Facebook Ads, LinkedIn

Empfehlungsnetzwerke

Empfehlungsnetzwerke generierten im Jahr 2023 34 % der gesamten Transaktionen von Fathom, was einem Transaktionswert von 1,66 Milliarden US-Dollar entspricht.

Empfehlungsnetzwerk-Metrik	Leistung 2023
Gesamtzahl der Empfehlungstransaktionen	8,038
Wert der Empfehlungstransaktion	1,66 Milliarden US-Dollar
Empfehlungsprozentsatz der Gesamttransaktionen	34%

Fathom Holdings Inc. (FTHM) – Geschäftsmodell: Kundensegmente

Immobilienmakler suchen alternative Maklermodelle

Im vierten Quartal 2023 meldete Fathom Holdings Inc. 8.392 aktive Immobilienmakler in seinem Netzwerk. Die durchschnittliche Provisionsaufteilung für Makler beträgt 50–70 % im Vergleich zu herkömmlichen Maklern.

Agentensegmentmetriken	Daten für 2023
Gesamtzahl der aktiven Agenten	8,392
Durchschnittliches jährliches Transaktionsvolumen pro Agent	3,2 Millionen US-Dollar
Durchschnittliche Provisionsaufteilung	50-70%

Technologieaffine Hauskäufer und -verkäufer

Die digitale Plattform von Fathom bedient technologieorientierte Immobilienkunden mit integrierten digitalen Transaktionstools.

• Downloads mobiler Apps: 142.000, Stand Dezember 2023
• Abschlussrate der Online-Transaktionen: 68 %
• Durchschnittliche digitale Transaktionszeit: 22 Tage

Budgetbewusste Immobilienprofis

Fathom bietet Immobilienfachleuten niedrigere Gemeinkosten.

Kostenvergleich	Ergründen	Traditionelles Maklergeschäft
Monatliche Gebühren	$129	$300-$500
Technologiekosten	Im Lieferumfang enthalten	Zusätzlich

Immobilienunternehmer aus Schwellenländern

Fathom expandierte im Jahr 2023 auf 11 Bundesstaaten und zielte auf wachstumsorientierte Immobilienmärkte ab.

• Betriebszustände: 11
• Neue Markteintritte im Jahr 2023: 3
• Marktdurchdringungsrate: 22 %

Verbraucher, die Immobilientransaktionen digitalisieren

Die digitale Plattform von Fathom unterstützt durchgängige Online-Immobilientransaktionen.

Digitale Transaktionsmetriken	Leistung 2023
Online-Transaktionen	4,672
Zufriedenheitsrate der digitalen Plattform	87%
Durchschnittlicher Transaktionswert	$385,000

Fathom Holdings Inc. (FTHM) – Geschäftsmodell: Kostenstruktur

Technologieentwicklung und Wartung

Im vierten Quartal 2023 meldete Fathom Holdings Inc. Forschungs- und Entwicklungskosten in Höhe von 5,3 Millionen US-Dollar, was 29,4 % der gesamten Betriebskosten entspricht.

Kostenkategorie	Jährliche Ausgaben ($)	Prozentsatz der Gesamtkosten
Softwareentwicklung	3,200,000	18.7%
Technologieinfrastruktur	2,100,000	12.3%

Marketing und Kundenakquise

Die Marketingausgaben für 2023 beliefen sich auf insgesamt 8,7 Millionen US-Dollar, wobei die Kundenakquisekosten (CAC) etwa 425 US-Dollar pro Neukunde betrugen.

• Digitales Marketing: 4,2 Millionen US-Dollar
• Traditionelle Werbung: 1,5 Millionen US-Dollar
• Vertriebs- und Marketingaufwand: 3,0 Millionen US-Dollar

Vergütung von Mitarbeitern und Agenten

Die gesamten Vergütungskosten für 2023 beliefen sich auf 42,6 Millionen US-Dollar, einschließlich Gehälter, Provisionen und Sozialleistungen.

Mitarbeiterkategorie	Durchschnittliche jährliche Vergütung	Gesamtzahl der Mitarbeiter
Vollzeitbeschäftigte	$85,000	350
Immobilienmakler	$65,000	850

Kosten für die Cloud-Infrastruktur

Die Cloud- und Hosting-Ausgaben beliefen sich im Jahr 2023 auf 1,9 Millionen US-Dollar, was 3,2 % der gesamten Betriebskosten entspricht.

• Amazon Web Services (AWS): 1,2 Millionen US-Dollar
• Microsoft Azure: 450.000 US-Dollar
• Andere Cloud-Dienste: 250.000 $

Compliance- und Regulierungsmanagement

Die Compliance-bezogenen Ausgaben beliefen sich im Jahr 2023 auf 2,1 Millionen US-Dollar und deckten rechtliche, behördliche und Prüfungsanforderungen ab.

Compliance-Bereich	Jährliche Ausgaben ($)
Juristische Dienstleistungen	1,200,000
Regulatorische Berichterstattung	450,000
Audit und Zertifizierung	450,000

Fathom Holdings Inc. (FTHM) – Geschäftsmodell: Einnahmequellen

Provision aus Immobilientransaktionen

Für das Geschäftsjahr 2023 meldete Fathom Holdings Provisionen für Immobilientransaktionen in Höhe von 267,8 Millionen US-Dollar, was eine wichtige Einnahmequelle für das Unternehmen darstellt.

Jahr	Gesamte Transaktionsprovisionen	Durchschnittliche Provision pro Transaktion
2023	267,8 Millionen US-Dollar	$4,750

Abonnementgebühren für Technologieplattformen

Die Technologieplattform von Fathom generierte im Jahr 2023 Abonnementeinnahmen von 15,3 Millionen US-Dollar.

• Monatlicher Abonnementpreis: 59,95 $ pro Agent
• Jährlicher wiederkehrender Umsatz der Plattform: 15,3 Millionen US-Dollar

Servicegebühren für die Lead-Generierung

Lead-Generierungsdienste trugen im Jahr 2023 8,7 Millionen US-Dollar zum Umsatz von Fathom bei.

Servicetyp	Einnahmen	Durchschnittliche Kosten pro Lead
Generierung von Immobilien-Leads	8,7 Millionen US-Dollar	$42.50

Monetarisierung von Daten und Analysen

Fathom erwirtschaftete im Jahr 2023 3,2 Millionen US-Dollar mit Daten- und Analysediensten.

Einnahmen aus der Mitgliedschaft im Agentennetzwerk

Die Mitgliedsbeiträge für das Agentennetzwerk beliefen sich im Geschäftsjahr 2023 auf insgesamt 6,5 Millionen US-Dollar.

Mitgliedschaftsstufe	Jahresumsatz	Anzahl der Agenten
Standardmitgliedschaft	4,2 Millionen US-Dollar	2.800 Agenten
Premium-Mitgliedschaft	2,3 Millionen US-Dollar	1.100 Agenten

Fathom Holdings Inc. (FTHM) - Canvas Business Model: Value Propositions

You're looking at how Fathom Holdings Inc. keeps its agents happy and the business growing in a tough market. The value proposition is really about giving agents more take-home pay and better tools so they stick around. Honestly, the numbers show they are making progress on this front, especially with their newer programs.

High agent commission retention via flat-fee/capped split model.

Fathom Holdings Inc. offers agents a choice between two main hybrid commission plans, which is a big draw for recruitment and retention. You can see the difference in the structure right here:

Commission Plan	Fee Structure Detail	Annual Cap
Fathom Max	Reduced transaction fee of $465	$9,000
Fathom Share	Industry-low 12% commission split	$12,000

This flexibility helps agents choose what maximizes their earnings. The focus on agent satisfaction is clear, as the company reported a monthly churn rate of less than 1.6% as of Q2 2025.

End-to-end real estate services for consumers (brokerage, mortgage, title).

Fathom Holdings Inc. wraps several services into one platform, which helps increase revenue per transaction and offers a smoother experience for the consumer. Looking at the Q3 2025 segment performance, the brokerage is the clear engine, but the ancillary services are growing fast:

• Brokerage Revenue (Q3 2025): $109.2 million
• Title Revenue (Q3 2025): $1.8 million, up 28.6% year-over-year
• Mortgage Revenue (Q3 2025): $3.5 million, up 20.7% year-over-year

The title arm, Verus Title, is actively expanding its footprint, now operating in 34 states and the District of Columbia after entering Arizona and Alabama in Q3 2025.

Agent productivity boost through the Elevate concierge program.

The Elevate concierge program is positioned as a high-margin driver designed to take routine tasks off an agent's plate so they can focus on closing deals. The productivity impact is significant, which is why Fathom Holdings Inc. is pushing this hard. Here's what the numbers show about its traction as of late 2025:

• Agents Onboarded to Elevate (Q3 2025): 70 new agents
• Average Closings per Elevate Agent (Reported in Q2 2025): eight closings per year
• Expected Elevate Agents by Year-End 2025: Over 300
• Lead Generation Target (December 2025): 10,000 leads per month

The financial benefit is clear: transactions from Elevate agents generate roughly 4x the gross profit and 5x the adjusted EBITDA compared to standard brokerage transactions.

Scalable technology platform licensing for independent brokerages.

Fathom Holdings Inc. is monetizing its proprietary cloud-based software, intelliAgent, by licensing it externally. This moves the company beyond just serving its own agents. The first major step was the licensing agreement with Sovereign Realty Partners, operating under the Fathom Elite brand. This strategy is starting to show up in the financials, though it's still a smaller piece of the overall pie. For Q2 2025, Technology third-party revenue was reported at $600,000. Plus, the recent divestiture of LiveBy assets for $3 million is expected to bring in an additional $300,000 in annual revenue via data-sharing agreements, showing a commitment to extracting value from its tech assets.

Fathom Holdings Inc. (FTHM) - Canvas Business Model: Customer Relationships

You're looking at how Fathom Holdings Inc. keeps its agents-the core of its business-engaged and productive. The relationship strategy is clearly bifurcated: high-touch service for top-tier programs and scalable technology for the rest of the network.

Dedicated high-touch support for Elevate program agents.

The Elevate program, launched in April 2025, is the prime example of this dedicated support, offering concierge-level service for a 20% commission split, which is competitive against industry charges of 20% to 40%. This program is designed to significantly boost agent productivity and retention by providing done-for-you marketing, lead generation, transaction support, and coaching. The financial impact is significant; the gross profit for an Elevate transaction is, on average, five times higher than a standard closing. As of the third quarter of 2025, Fathom Holdings Inc. had successfully onboarded over 165 agents to Elevate, with another 45 in the pipeline, aiming to scale to more than 300 agents by the end of 2025, each averaging at least eight annual closings.

Here's a quick look at the Elevate program's scale and expected productivity as of late 2025:

Metric	Value/Status (Late 2025)	Source Period
Agents Onboarded (Cumulative)	Over 165	Q3 2025
Agents in Pipeline	45	Q3 2025
Year-End 2025 Target Agents	More than 300	Q2/Q3 2025
Average Closings Per Elevate Agent (Target/Actual)	At least eight per year	Q2/Q3 2025
Gross Profit Per Transaction vs. Standard	Approximately five times higher	Q3 2025

Technology-enabled self-service via the intelliAgent platform.

The intelliAgent platform is the proprietary, cloud-based software that underpins Fathom Holdings Inc.'s operations and is described as the engine behind the Elevate program. This technology enables self-service efficiencies that help minimize overhead, allowing the company to deliver high-touch services at competitive rates. Beyond internal use, Fathom Holdings Inc. is monetizing this technology through licensing, starting with an agreement with Sovereign Realty Partners in the second quarter of 2025. The company has plans to market intelliAgent to approximately 18,000 US brokerages that have between 25-500 agents. The technology monetization is starting to show up in the financials, with Technology third-party revenue reported at $829,000 for the third quarter of 2025.

Focus on agent retention; monthly turnover is defintely low at approximately 1.7%.

Agent retention is a clear focus, and the numbers support this emphasis. Fathom Holdings Inc. maintains a monthly agent turnover rate of approximately 1.7%. To be fair, this is significantly better than the industry average, which is cited at 3%. This low turnover contributes to the overall growth of the agent network, which stood at approximately 14,981 licenses as of June 30, 2025, and grew further to approximately 15,371 agent licenses by September 30, 2025. This represents a year-over-year growth of 24.1% as of the end of Q3 2025.

The key metrics supporting agent satisfaction and network growth include:

• Agent Licenses (Q3 End 2025): Approximately 15,371.
• Agent Count Growth (YoY Q3 2025): 24.1% increase.
• Monthly Agent Turnover: Approximately 1.7%.
• Industry Average Turnover: Approximately 3%.

Direct, ongoing communication for agent training and support.

Direct communication is operationalized through new programs designed to feed agents ready-to-transact business and enhance their skills. The Real Results lead program, launched in November 2025, is designed to deliver vetted, ready-to-transact clients directly to Fathom agents, supporting the Elevate initiative and aiming to increase mortgage and title attach rates. Furthermore, Fathom Holdings Inc. is investing in formal training, evidenced by a partnership in the third quarter of 2025 with leadership expert J'aime Nowak specifically to strengthen Elevate agent training and development programs. This shows a commitment to continuous skill improvement alongside lead delivery.

Finance: draft 13-week cash view by Friday.

Fathom Holdings Inc. (FTHM) - Canvas Business Model: Channels

You're looking at how Fathom Holdings Inc. gets its value proposition-the integrated real estate platform-out to the market as of late 2025. It's a multi-pronged approach, moving beyond just the brokerage side to encompass technology licensing and captive ancillary services.

The primary channel remains the direct relationship with the real estate agent, but the structure supporting that agent is what defines the modern Fathom Holdings Inc. channel strategy. This is where the scale of the agent network and the integration of technology become crucial for distribution.

Fathom Realty's National Real Estate Agent Network

The agent network is the core distribution channel for the brokerage segment. Fathom Holdings Inc. focuses on recruiting and retaining agents through its flat-fee, low-overhead model, which is clearly working based on recent growth figures. The network's expansion is a direct measure of channel reach.

Here's a look at the agent base growth through the third quarter of 2025:

Metric	Q2 2025 (as of June 30)	Q3 2025 (as of Sept 30)	Year-over-Year Growth (Q3)
Agent Licenses	14,981	15,371	24.1%
Transactions (Quarterly)	12,710	11,479	23.0%
Monthly Agent Turnover (Approximate)	N/A	~1%	Supporting scalable volume

The growth in agent licenses to 15,371 by September 30, 2025, shows the channel is widening. Also, note the low turnover rate of approximately 1% per month in Q3 2025; keeping agents in the channel is just as important as adding new ones.

Proprietary intelliAgent Technology Platform Access

Access to the proprietary intelliAgent technology platform serves as both an internal channel enhancement and an emerging external revenue channel. For internal agents, it's the digital backbone that supports the value proposition. Externally, Fathom Holdings Inc. is beginning to monetize this technology directly.

The key development here is the shift toward platform licensing:

• Began licensing of the proprietary intelliAgent software platform to Sovereign Realty Partners in August 2025, operating under the Fathom Elite brand.
• This move is part of a broader strategy to help independent brokerages use the technology to improve profitability.
• The technology segment contributed to modest year-over-year growth in Q3 2025, including initial contributions from new third-party licensing fees.

This platform access channel is designed to scale without needing to add more Fathom Realty agent licenses directly.

Direct-to-Consumer Services through Encompass Lending and Verus Title

The direct-to-consumer aspect is primarily channeled through the integrated ancillary services, which aim to capture more of the transaction value and provide a seamless experience for the end client. Encompass Lending handles the mortgage side, and Verus Title handles the closing and title insurance.

Here are the Q3 2025 financial contributions from these direct channels:

Ancillary Service	Q3 2025 Revenue	Year-over-Year Growth (Q3)
Verus Title	$1.8 million	28.6%
Encompass Lending (Mortgage)	$3.5 million	20.7%

Verus Title is actively expanding this channel, having recently moved into Arizona and Alabama during the quarter and October 2025, with a goal to reach most states where it operates by the end of 2025. The mortgage segment revenue of $3.5 million in Q3 2025 benefited from higher funded loan volume.

Strategic Acquisitions like My Home Group for Rapid Market Entry

Strategic acquisitions serve as a rapid channel injection method, immediately bringing in established agent bases and transaction volume. The acquisition of My Home Group (MHG) in November 2024 is the prime example influencing 2025 channel performance.

The impact of MHG on the 2025 channels is evident across the board:

• Brokerage revenue for the first nine months of 2025 rose 38.3% to support total revenue growth of 35.5% ($329.9 million) over the same period in 2024.
• Q3 2025 brokerage revenue was $109.2 million, a 39.0% increase, largely attributable to the addition of MHG.
• Real estate transactions for the first nine months of 2025 reached 33,904, primarily due to the MHG addition.

This acquisition strategy allows Fathom Holdings Inc. to bypass slower organic growth in certain markets.

Finance: draft 13-week cash view by Friday.

Fathom Holdings Inc. (FTHM) - Canvas Business Model: Customer Segments

You're looking at the core groups Fathom Holdings Inc. serves, which are clearly segmented based on their service needs, from individual agent support to full brokerage technology licensing. The numbers show a clear focus on growing the agent base and pushing high-value programs like Elevate.

The primary customer base is the individual real estate professional, but Fathom Holdings Inc. is actively diversifying this by targeting independent brokerages with its technology stack, the intelliAgent software platform.

Here's a breakdown of the key customer segments as of late 2025, grounded in the latest reported figures:

• Licensed real estate agents seeking high commission splits.
• Home buyers and sellers across the US market.
• Independent real estate brokerages for SaaS licensing.
• High-performing agents targeted by the Elevate program.

The sheer size of the agent network is a key indicator of the scale of the first segment. As of September 30, 2025, Fathom Holdings Inc.'s licensed agent count stood at approximately 15,371, marking a year-over-year increase of 24.1%. This growth is supported by the company's 2025 target of over 25% annual agent growth. Agents choose between the Fathom Max and Fathom Share hybrid commission plan options.

The second segment, home buyers and sellers, is served through the transactions closed by the agent network. For the third quarter of 2025, real estate transactions increased by 23.0% year-over-year to 11,479. Looking at the first nine months of 2025, total real estate transactions reached 22,425. Brokerage revenue, which directly reflects activity from this segment, was $109.2 million in Q3 2025, a 39.0% jump from the prior year.

The focus on high-performing agents through the Elevate program is a strategic move to capture higher-margin business. This concierge-level initiative is designed to boost productivity significantly. By the second quarter of 2025, over 70 agents had been onboarded, each averaging eight closings per year. The goal was to scale this to more than 300 onboarded agents by year-end 2025. To be defintely clear on the value, transactions from Elevate agents generate roughly 4x the gross profit and 5x the adjusted EBITDA compared to standard broker transactions. By the third quarter of 2025, the program had onboarded over 165 agents.

For independent brokerages, Fathom Holdings Inc. is beginning to license its proprietary technology. This segment started with the successful implementation of the first intelliAgent platform and Elevate program licensing agreement with Sovereign Realty Partners in August 2025. Management sees this as a replicable model that can be scaled with hundreds of independent brokers nationwide.

Here is a summary of the key operational metrics tied to these customer segments through the first three quarters of 2025:

Customer Segment Metric	Q1 2025 Data	Q2 2025 Data	Q3 2025 Data
Agent Licenses (End of Period)	Approx. 14,715	Approx. 14,981	Approx. 15,371
Real Estate Transactions (Quarterly)	Approx. 9,715	Approx. 12,710	11,479
Elevate Program Onboarded Agents	Successfully launched	Over 70	Over 165
Brokerage Revenue	$88.9 million	$116.0 million	$109.2 million

The company is also focused on growing its ancillary services, which are attached to the transactions from the agent and buyer/seller segments. For instance, Title revenue in Q3 2025 increased 28.6% to $1.8 million, and Mortgage revenue grew 20.7% to $3.5 million in the same period.

Finance: draft 13-week cash view by Friday.

Fathom Holdings Inc. (FTHM) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Fathom Holdings Inc.'s operations as of late 2025. Honestly, in this business, the biggest chunk of your cost structure is directly tied to the agents' success, which makes it highly variable.

Agent commissions and transaction costs represent the largest variable cost. This is the money paid out to agents for closing deals, and it scales directly with revenue. For the Brokerage segment, the gross profit margin was reported at 6% for the third quarter of 2025, which shows that commission expense and other agent-related costs rise proportionally with transaction volume. For agents in the flagship Elevate program, the cost structure involves a competitive 20% commission split, where the company provides a full-service concierge team for that split. At the end of Q3 2025, Fathom Holdings Inc. had 15,371 agent licenses on its platform, indicating the scale of this primary cost driver.

Fixed and semi-fixed operational costs are also significant. Here's a look at some key reported expenses from the third quarter of 2025:

Expense Category	Q3 2025 Amount (in millions)	Q3 2024 Amount (in millions)
General and administrative expenses	$8.3 million	$8.1 million
Technology and development expenses	$1.8 million	$1.7 million
Marketing expenses	$1.0 million	$1.4 million

Personnel costs for corporate and ancillary service staff fall largely within the General and Administrative (G&A) category. The increase in G&A to $8.3 million in Q3 2025 from $8.1 million in Q3 2024 reflected modest increases in personnel and administrative support costs, even as the company focused on spending discipline across the organization. Personnel supporting the ancillary businesses, like Mortgage and Title (Verus), are also embedded here or within their respective segment costs, as seen by the Title segment reporting higher operating expenses associated with supporting transaction growth, including increased personnel.

Marketing costs show a shift in strategy. The spend decreased to $1.0 million in Q3 2025 from $1.4 million in Q3 2024. This reduction was primarily due to a shift towards more efficient, conversion-focused marketing channels and a reduction in broad-based advertising spend. This suggests a focus on lower-cost, higher-return agent recruitment and conversion efforts.

The technology spend is an ongoing investment area, essential for the platform's value proposition. The Technology and development expenses were $1.8 million for Q3 2025, up from $1.7 million in the prior year period. This increase is tied to continued investment in technology platforms, specifically mentioning new capabilities within IntelliAgent and enhancements to the Elevate program.

You can see the breakdown of how these costs relate to the overall business scale:

• Agent licenses at period end (Q3 2025): 15,371.
• Brokerage segment gross profit margin (Q3 2025): 6%.
• Elevate program commission split: 20%.
• Increase in G&A personnel costs (Q3 2025 vs Q3 2024): Modest increase contributing to the $0.2 million rise in G&A.

Finance: draft 13-week cash view by Friday.

Fathom Holdings Inc. (FTHM) - Canvas Business Model: Revenue Streams

Fathom Holdings Inc.'s revenue generation is heavily weighted toward its core real estate brokerage operations. For the third quarter of 2025, brokerage revenue reached $109.2 million, marking a significant 39.0% increase year-over-year, largely supported by the integration of My Home Group. This segment captures revenue primarily through transaction fees paid by agents, which vary based on the agent's chosen compensation plan.

The structure of agent fees directly impacts the brokerage revenue stream. You should note that Fathom Holdings Inc. does not charge monthly fees to its agents. The primary recurring fee agents pay is an annual charge, which is due on the agent's first transaction of each anniversary year.

Fee Component	Detail/Amount
Agent Annual Fee	$700
Fathom Max Transaction Fee (Pre-Cap)	Flat fee of $465 per sale
Fathom Max Annual Cap	$9,000
Fathom Share Commission Split (Pre-Cap)	12% commission split
Fathom Share Annual Cap	$12,000
Fee After Cap (Both Plans)	Low fee of $165 per transaction

The ancillary services represent an increasingly important diversification of revenue. The mortgage segment generated revenue of $3.5 million in Q3 2025, a 20.7% increase from the prior year period, benefiting from higher funded loan volume. Verus Title, the title services arm, contributed $1.8 million in revenue for the quarter, reflecting a 28.6% year-over-year increase driven by higher order volumes.

The technology component of the model contributes through third-party licensing fees. This revenue stream amounted to $829,000 for the third quarter of 2025, showing a slight increase from the $785,000 reported in the same period of 2024. This stream is noted as an initial contribution from new third-party licensing arrangements.

Overall, these streams combined for a total revenue of $115.3 million in the third quarter of 2025, representing a 37.7% jump compared to Q3 2024. This growth was supported by an expanding agent base, which reached 15,371 licensed agents, a 24% increase year-over-year.

• Brokerage revenue was $109.2 million in Q3 2025.
• Mortgage segment revenue was $3.5 million in Q3 2025.
• Title services revenue was $1.8 million in Q3 2025.
• Technology third-party revenue was $829,000 in Q3 2025.
• Total Q3 2025 revenue was $115.3 million.

Finance: draft 13-week cash view by Friday.