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:
“Everhome is at the forefront of massive change coming to residential real estate sales and marketing. Flat fee real estate is an idea whose time has come, and we believe the proposed transaction with Alpha accelerates the growth potential of our platform and services. We remain focused on optimizing our strategy, investing in products and services that increase customer engagement, and adding revenue streams that enhance our value to customers and shareholders.”
Peder Davisson, CEO of Alpha said:
“We have been focused on partnering with a cutting-edge, category-defining company with tremendous growth potential, a strong management team, and, importantly, a clearly defined mission. Everhome exhibits all of these qualities, and we look forward to assisting them to accelerating Everhome’s growth as a public company.”
Everhome’s management team, led by CEO David Bartels, CFO Gregg Saunders, and Board Members Jonathan Black and Jacob Litke, will continue to lead Everhome following the transaction.
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:
- increasing the size of its sales, marketing, administrative, and technology teams;
- increasing engagement on its technology platform by making it easier and faster to engage, learn and list homes for sale;
- expanding into all 50 states via strategic acquisitions and organic growth;
- making it easier for home sellers to find Everhome via innovative, targeted marketing using artificial intelligence to reach home sellers that are highly likely to sell their home;
- developing its technology to automate the process of listing to close using integrations with other platforms and smart contracts built on blockchain technology; and
- increasing monetization of its platform by offering ancillary services, including but not limited to escrow, title, referral fees, full-service listing fees, full-service buyer fees, and mortgages.
Everhome is a technology-based, full-service real estate agency committed to transforming the U.S. real estate market by providing a consumer-centric option for selling a home. This innovative solution enables individual home sellers to leverage technology to sell their homes using the Multiple Listing Service while also receiving professional, full-service representation for the critical, more complicated transaction elements. Everhome is based in Westlake Village, CA. For additional information, go to www.everhome.io.
No Offer or Solicitation
These communications do not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act or an exemption therefrom.
This communication contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between Everhome and Alpha. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication. There are many risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Everhome and Alpha assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Everhome nor Alpha gives any assurance that either Everhome or Alpha will achieve its expectations.
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SOURCE Everhome Realty, Inc.