This article has been updated from its original version.
Real estate tech startup Atllas is looking to put more money into the pockets of real estate agents with a subscription service that will allow agents to keep 100% of their sales commissions — a disruption to an industry where that figure hovers around 6%.
The tech company, led by Chief Executive and Founder Neema Bardi, offers agents 100% of their sales commission in addition to a website that gives agents access to training videos, photography services, social media templates, impression analytics and a landing page, among other things.
Bardi’s background in real estate dates back to a childhood fascination about the industry that led to the 24-year-old earning a real estate degree from USC and later breaking the record number of deals closed by a first-time agent at Rodeo Realty Inc.
“We’re really a tech company coming in disrupting the [industry] with real estate and tech expertise,” Bardi said. “We’re the perfect people to disrupt the space.”
The company’s service is based around a flat-fee subscription plan that costs $5,000 per year and allows agents to keep 100% commission from the point of sign-up. It gives agents access to the features of the Atllas website in addition to the commission deal.
Atllas, which recently came out of stealth mode and raised millions in funding, has received support from investor and financial executive Charles Schwab, Great Oaks Venture Capital and Ambridge Capital.
Atllas has roughly 30 agents on its paid subscription platform and is growing. Meanwhile, hundreds of agents are using the company’s free open house manager, which allows agents to personalize digital open house sign-ins and registration forms, store client data and view analytics.
Bardi said growing Atllas’ young user base will be of high priority if the company wants to be sustainable.
“Residential real estate is the largest asset class in the world, growing 14% every single year, with four and a half million registered real estate licensees in the United States,” Bardi said. “Our goal is to capture 10% of the market.”
If Atllas onboards 450,000 agents paying $5,000 a year, that would net the company $2.25 billion in annual revenue.
“Even just off 1% of the market, you’re making $450 million every single year,” Bardi said, adding that Atllas will bring in cash through other upsell services.
