Proptech Everhome Realty, Inc. to become a public company
WESTLAKE VILLAGE, Calif., July 21, 2021 /PRNewswire/ -- Everhome Realty, Inc. ("Everhome"), a property technology company, and Alpha Wastewater, Inc (OTC: AWWI) ("Alpha"), a blank check holding company, today announced that they have entered into a definitive agreement under which Everhome would become a public company.
Everhome empowers individual home sellers to leverage technology to list and sell their homes with expert, full-service representation for a flat fee of $3950 paid at closing, compared to an average sellers' commission of 5-6% of the sale price. Included services are professional photography, appointment scheduling, Bluetooth lockbox, professional yard sign, and legal consultations.
The company's proprietary technology dramatically reduces the cost and time of listing a home on the Multiple Listing Service (MLS) and its syndication to thousands of real estate websites. Additionally, Everhome assigns each home seller two dedicated, licensed, experienced agents to provide full-service representation for the critical elements of negotiations, mandatory legal disclosures, contingency removals, contract disputes, and the coordination of escrow and title services.
Everhome's flat-fee structure seeks to upend the traditional real estate brokerage model that ties commissions to home value, regardless of time and effort spent. In California, where the company has primarily operated, sellers using Everhome sold their homes an average of 8.8% faster and for 1.7% higher than the average home sold in the MLS.
As a public company, Everhome will have access to new capital to accelerate the company's growth plans, including hiring, acquisitions, expanding monetization, and aggressive development of technology and services. The results will allow home sellers and home buyers to leverage this technology to save money and decrease risk without giving up the professional level of services expected from traditional full-service real estate brokerages.
David Bartels, Everhome Founder and CEO, said:
Peder Davisson, CEO of Alpha said:
The transaction, which has been unanimously approved by the Boards of Directors of Everhome and Alpha, is subject to customary closing conditions. The transaction is expected to close within 30 days.
The company aims to use transaction proceeds to drive growth by:
No Offer or Solicitation
SOURCE Everhome Realty, Inc.
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