Organizational change will permit DeJane Kerr, Fathom Realty’s senior vice chairman of compliance, to deal with brokerage compliance, mum or dad firm says.
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Former eXp Realty operations director Andrew Shock is taking his 20 years of expertise in residential brokerage to Fathom Realty, the place he’s been appointed vice chairman of operations, the corporate introduced Thursday.
Samantha Giuggio
“Andrew’s experience, information, and optimistic vitality align completely with our imaginative and prescient and can drive us towards our targets,” Fathom Realty President Samantha Giuggio mentioned, in a press release. “Together with his management, we’re assured in our continued journey to turning into the best choice for brokers and shoppers within the nation.”
Having Shock oversee operations will permit DeJane Kerr, Fathom Realty’s senior vice chairman of compliance, to deal with brokerage compliance, the corporate mentioned — an organizational change that “displays Fathom Realty’s dedication to driving progress and enhancing effectivity.”
Final month, mum or dad firm Fathom Holdings introduced Giuggio, previously COO of Fathom Realty, was being promoted to president of Fathom Realty and COO of the mum or dad firm. Former Fathom Holdings COO Jon Gwin was named chief income officer, a newly created place.
Shock spent 7 1/2 years at eXp Realty, the place he was a chosen managing dealer in Sarasota, Florida, for two 1/2 years earlier than turning into eXp’s director of brokerage operations, a place he held till Might.
A graduate of The College of Toledo, Shock had beforehand labored as a RE/MAX dealer in Ohio for almost 20 years, in keeping with his LinkedIn bio.
Andrew Shock
“All through my profession, I’ve been pushed by a dedication to revolutionizing actual property, and Fathom’s values strongly replicate that imaginative and prescient,” Shock mentioned in a press release. “Collectively, we’re making a platform the place brokers can develop, thrive, and obtain lasting success in a supportive atmosphere.”
Cary, North Carolina-based Fathom Holdings generates greater than 90 p.c of its income by its actual property brokerage enterprise however can be a supplier of mortgages, title insurance coverage and know-how for brokers.
Since elevating $31.3 million in a 2020 preliminary public providing and happening an acquisition spree to broaden the scope of its enterprise, rising mortgage charges and slowing gross sales have stored the corporate within the pink. In reporting an $8.1 million third quarter loss, Fathom Holdings mentioned it had racked up $86.9 million in cumulative losses up to now.
However the brokerage’s flat-fee fee and revenue-sharing mannequin have helped it proceed to develop its agent rely to 12,383 brokers as of Sept. 30, up 9 p.c from a yr in the past, whilst transaction quantity dropped by 9 p.c to 9,331.
After elevating $5 million in funding in September to speed up its progress plans, final month Fathom Realty introduced the acquisition of My House Group, the third-biggest actual property brokerage in Arizona with 2,200 brokers.
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