Dallas-based Welker Properties has announced its latest venture, Prophet Homes, and said its newly launched fund aims to raise $100 million from limited partners around the globe.
Led by Welker Properties CEO Andrew Welker, Prophet Homes aims to “revolutionize” the real estate industry by connecting investors and sellers via an innovative marketplace, the company said. The new enterprise will also establish an investment fund that will purchase opportunities within Prophet Homes’ ecosystem.
“We’re confident Prophet Homes will set new benchmarks in the real estate industry and deliver exceptional value to investors and agents alike,” Welker said in a statement. “We believe now is the perfect time to launch Prophet Homes and introduce our new investment fund, seizing a strategic opportunity in the market for single family real estate investors.”
Prophet Homes co-founder Max Alpert of Manhattan Beach, California will serve as chief operating officer of Prophet Homes.
The company said that Prophet Homes is ushering in “a new era of accessibility and convenience” in the real estate market by offering lucrative opportunities and access to “off market” homes for investors. It added that the Prophet Homes Real Estate Marketplace simplifies the process of buying and selling homes ready for renovation through fix-and-flip and fix-and-rent models.
Prophet Homes will utilize its acquisitions teams to supply inventory for investment funds and develop new sites in partnership with Welker Properties in Austin and Dallas-Fort Worth, with plans to expand across Texas and the Sunbelt states later in 2024.
With real estate commissions expected to fall up to 50% for agents this year, Prophet Homes said it is also an alternative for agents and new prospects considering real estate as a career.
The company said its acquisition-focused model is less affected by falling commissions as the majority of its acquired homes are “off market,” and their agents don’t represent buyers and sellers outside of their holding companies.
Prophet Homes said that with its focus on servicing the Texas real estate market, the company is gearing up to hire between 300 to 400 agents and employees.
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