Fathom Holdings is a national residential real estate brokerage operating across 43 states and Washington D.C. with roughly 14,135 licensed agents. Fathom runs on a flat-fee, "100% commission" model: rather than taking a percentage split, Fathom charges agents a flat fee per transaction, letting agents keep significantly more of their earnings than at a traditional brokerage. This structure is Fathom's core recruitment pitch. Fathom organizes into four segments: Brokerage (~95% of revenue), Mortgage (Encompass Lending), Title (Verus Title), and Technology. Brokerage gross margins are thin (~6%) by design, as Fathom passes most commission income back to agents. The higher-margin ancillary businesses — mortgage and title — generate 7–10x more gross profit per transaction than brokerage, making attach rates (the share of Fathom transactions that also use Encompass or Verus) a key profitability driver. Fathom also offers "Elevate," a concierge program where agents pay a 20% split in exchange for marketing, lead generation, and coaching services, generating roughly 4–5x the gross profit of a standard transaction. Fathom's profitability depends on scaling transaction volume, growing ancillary attach rates, and expanding Elevate enrollment. Fathom also licenses its intelliAgent technology platform to external brokerages, a small but high-margin revenue stream. Growth is pursued through agent recruitment, M&A (including the acquisition of My Home Group, adding ~2,200 agents), geographic expansion of Verus Title, and intelliAgent licensing deals.