Welcker Properties CEO Andrew Welcker [Photo: Welker Properties]
Dallas-based Welker Properties announced its latest venture, Prophet Homes, saying the newly launched fund seeks to raise $100 million from limited partners around the world.
Led by Welcker Properties CEO Andrew Welcker, Prophet Homes aims to “revolutionize” the real estate industry by connecting investors and sellers through an innovative marketplace, the company said. The new company also plans to create an investment fund to buy opportunities within the Prophet Homes ecosystem.
“We believe Prophet Homes will set a new standard in the real estate industry and deliver exceptional value to investors and real estate professionals alike,” Welcker said in a statement. “We believe now is the perfect time to launch Prophet Homes, introduce a new investment fund and capture a strategic opportunity in the market for single-family real estate investors.”
Max Alpert, co-founder of Prophet Homes of Manhattan Beach, Calif., will become chief operating officer of Prophet Homes.
The company said Prophet Homes is bringing “a new era of accessibility and convenience” to the real estate market by offering investors lucrative opportunities and access to “off-market” homes. The company added that Prophet Homes’ real estate marketplace simplifies the process of buying and selling ready-to-renovate homes through fix-and-flip and fix-and-rent models.
Prophet Homes will use its acquisitions team to supply inventory to investment funds and will develop new sites in Austin and Dallas-Fort Worth in partnership with Welker Properties, with plans to expand across Texas and the Sun Belt in the second half of 2024.
With real estate agent commissions expected to fall by up to 50% this year, Prophet Homes said this would be an option for real estate agents and new prospects considering real estate as a career.
The company said its acquisition-focused business model is less affected by declining commissions because most of the homes it acquires are “off-market” and its real estate agents do not represent buyers or sellers outside the holding company.
Prophet Homes said it is focused on serving the Texas real estate market and is preparing to hire 300 to 400 agents and employees.
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