Dallas’ Welker Properties launched Prophet Homes, aims to raise $100M with new fund

Prophet Homes aims to "revolutionize" the real estate industry by connecting investors and sellers

Welker Properties, headquartered in Dallas, has unveiled its latest endeavor, Prophet Homes, along with the launch of a new fund seeking to raise $100 million from global limited partners. Under the leadership of Welker Properties CEO Andrew Welker, Prophet Homes aims to transform the real estate sector by creating an innovative marketplace that connects investors and sellers. Additionally, the venture will establish an investment fund to capitalize on opportunities within Prophet Homes’ ecosystem. Max Alpert, co-founder of Prophet Homes from Manhattan Beach, California, will assume the role of Chief Operating Officer.

To fuel its operations, Prophet Homes will leverage its acquisitions teams to provide inventory for investment funds and collaborate with Welker Properties to develop new sites in Austin and Dallas-Fort Worth. Expansion plans include venturing into Texas and other Sunbelt states later in 2024. With real estate commissions projected to decline by up to 50% for agents this year, Prophet Homes presents itself as an alternative for agents and aspiring professionals considering a career in real estate. Prophet Homes asserts that its acquisition-focused approach is less susceptible to commission decreases since the majority of its purchased homes are off-market and its agents exclusively represent buyers and sellers within their holding companies. Anticipating growth in the Texas real estate market, Prophet Homes plans to recruit between 300 and 400 agents and employees.