New Western’s Hyper-Growth Continues in Third Quarter with 99% Year-Over-Year Results
DALLAS, Nov. 15, 2021 /PRNewswire/ -- New Western, a national real estate investment company that provides solutions for both homeowners and real estate investors through its exclusive inventory of off-market properties, releases its third-quarter results reporting 99% year-over-year growth.
The company’s hyper-growth is attributed to the aggressive expansion of its national footprint. In the third quarter alone, New Western expanded into five markets (Columbus, Ohio; Greensboro, North Carolina; Boston, Massachusetts; Seattle, Washington; Las Vegas, Nevada) and opened two additional offices in Austin (South) and Atlanta (North East). To date, there are a total of 40 offices and 22 markets across 16 states.
“Since our inception, we have experienced nearly 50% annual growth for the past 13 years. Our current growth has doubled over the last year, and we expect this to continue into 2022,” said Kurt Carlton, co-founder and president of New Western. “Our teams nationwide have worked diligently to provide residential real estate investors with much-needed inventory. We look forward to continuing the momentum we gained from a robust third quarter of transactions and will continue to acquire properties that are ideal for investors to revitalize.”
New Western’s expansion has fueled its need for additional employees. As a result, the company hired 140 new team members across all of its offices this quarter. The new hires helped support thousands of new transactions closed during Q3.
“Based on our current run rate and strategic plan of market expansions in 2022, we will need to double our headcount in the next 12 months. We will be making additional investments in our technology platform and leadership team,” continued Carlton.
For 13 years, the company has been buying distressed residential properties and selling them to qualified real estate investors looking for a fix-and-flip opportunity. New Western delivers one property to a real estate investor every 13 minutes and works with nearly 100,000 active investors.
The company’s three divisions include:
- New Western - sells properties to its 100,000 active investors
- HomeGo - purchases residential properties from sellers or their agents
- Sherman Bridge Lending - offers investors fix-and-flip loans to buy and rehab properties
Together, the family of brands helps homeowners move on from difficult properties while providing opportunities for real estate investors to invest in their local communities.
About New Western
New Western is a national real estate investment company that provides solutions for both homeowners and real estate investors through our exclusive marketplace. Our portfolio of companies helps homeowners move on from difficult properties while providing opportunities for local real estate investors to invest in their communities. New Western operates in most major metropolitan areas across the nation. Our brands include New Western, HomeGo and Sherman Bridge Lending. Each of these divisions focuses on helping to solve a specific need. For more information, visit www.newwestern.com.
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SOURCE New Western