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Chetsford: /* Public listing and acquisition */ update ownership status

2018-10-26T04:05:27Z

‎Public listing and acquisition: update ownership status

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{{Infobox company
| name = Realtor.com
| logo = File:Realtor-com logo.png
| logo_caption = Logo
| image = File:Realtor.com homepage 7-5-16.jpg
| image_caption = Screenshot of Realtor.com, 2016
| industry = [[Real estate]]
| hq_location = 3315 Scott Blvd.
| hq_location_city = [[Santa Clara, California]]
| hq_location_country = United States
| key_people = {{Plainlist|
* Ryan O'Hara ([[Chief executive officer]])
* Andrew Strickman (Head of brand, [[Chief creative officer]])
* Nate Johnson ([[Chief marketing officer]])
* Danielle Hale ([[Chief economist]])
}}
| parent = [[Move (company)|Move, Inc.]]
| website = {{URL|https://www.realtor.com}}
}}
'''Realtor.com''' (stylized as '''realtor.com''') is a [[real estate]] listings website operated by the [[News Corporation]] subsidiary [[Move (company)|Move, Inc.]] and based in [[Santa Clara, California]]. The site launched as the Realtor Information Network in 1995, serving as a closed network for members of the [[National Association of Realtors]]. It relaunched in 1996 as a public website displaying property listings. Since then, Realtor.com claims to have become the largest website in the United States for real estate listings, and in 2016 was valued at $2.5 billion by [[Morgan Stanley]]. The website's advertising campaigns have been recognized by ''[[Adweek]]'' and the [[Webby Award]]s.

==Operations==
Realtor.com is operated by the real estate network [[Move (company)|Move, Inc.]],<ref name="Trejos">{{cite news|last1=Trejos|first1=Nancy|title=Airbnb, Realtor.com team up to let you try before you buy|url=https://www.usatoday.com/story/travel/destinations/2015/06/24/airbnb-test-homes-realtorcom/29206325/|accessdate=July 7, 2017|work=[[USA Today]]|publisher=[[Gannett Company]]|date=June 24, 2015|issn=0734-7456}}</ref> which is owned by [[News Corporation]].<ref name="Levy">{{cite web|last1=Levy|first1=Nat|title=Realtor.com’s new features bring augmented reality, image recognition to home-buying|url=https://www.geekwire.com/2017/realtor-com-features-bring-augmented-reality-image-recognition-to-the-home-buying-process/|website=[[GeekWire]]|accessdate=July 7, 2017}}</ref> Ryan O'Hara serves as [[chief executive officer]] (CEO) of both realtor.com and Move.<ref name="Scheinin">{{cite news|last1=Scheinin|first1=Richard|title=Q&A: Realtor.com CEO Ryan O'Hara talks online real estate|url=http://www.mercurynews.com/2016/05/18/qa-realtor-com-ceo-ryan-ohara-talks-online-real-estate/|accessdate=July 7, 2017|work=The Mercury News|date=May 18, 2016}}</ref> The website is licensed to operate by the [[National Association of Realtors]] (NAR), the real estate industry's largest [[trade association]].<ref name=Levy/><ref name="Collins">{{cite news|last1=Collins|first1=Jeff|title=Zillow to pay Realtor.com $130 million over trade secrets|url=http://www.ocregister.com/2016/06/07/zillow-to-pay-realtorcom-130-million-over-trade-secrets/|accessdate=July 7, 2017|work=[[Orange County Register]]|publisher=Digital First Media|date=June 7, 2016|location=Anaheim, California|issn=0886-4934|oclc=12199155}}</ref> The company's business model focuses on selling advertising and leads to agents and brokers.<ref>{{cite web|last1=Wiggin|first1=Teke|title=Realtor.com overhauls listing ad offering|url=https://www.inman.com/2016/11/15/realtor-com-overhauls-listing-ad-offering/|website=Inman.com|accessdate=September 25, 2017|date=November 15, 2016}}</ref>

Originally located in [[San Jose, California]], the company moved to [[Santa Clara, California|Santa Clara]] in 2016.<ref name=Scheinin/> The new headquarters was designed by the architecture firm [[Gensler]] to resemble a "deconstructed house".<ref name="Ard">{{cite journal|last1=Ard|first1=Scott|title=Silicon Valley in VR: Inside Realtor.com's amazing Santa Clara headquarters|journal=Silicon Valley Business Journal|date=July 8, 2016|url=https://www.bizjournals.com/sanjose/news/2016/07/08/silicon-valley-in-vr-inside-realtor-coms-amazing.html|accessdate=July 10, 2017|publisher=American City Business Journals}}</ref>

==History==
===Founding and early growth===
Realtor.com first launched in 1995 as the Realtor Information Network (RIN), which at that time was a closed network providing proprietary information to members of NAR.<ref name="Hope">{{cite news|title=Realtors Hope Web Untangles Costly Effort|url=https://www.highbeam.com/doc/1G1-56873007.html|accessdate=July 11, 2017|work=[[The Washington Times]]|date=December 9, 1996|location=Washington, D.C.|issn=0732-8494|oclc=8472624|via=[[HighBeam Research]]|subscription=yes|last=Kopecki|first=Dawn}}</ref><ref name="Rebchook">{{cite news|last1=Rebchook|first1=John|title=Sealed with a Click More People Using Web to Search for and Buy Real Estate|url=https://www.highbeam.com/doc/1G1-67616438.html|accessdate=July 11, 2017|work=[[Rocky Mountain News]]|publisher=[[E. W. Scripps Company]]|date=March 16, 1998|location=Denver|subscription=yes|via=HighBeam Research}}</ref> In 1996, the hosting site became public, allowing any Internet users to search for property listings, and expanded with the addition of [[Multiple listing service|Regional Multiple Listing Service]] (RMLS) listings in August.<ref>{{cite news|last1=Gendler|first1=Neal|title=Regional Multiple Listings on Web; But Edina Realty decides not to participate in the Twin Cities project.|url=https://www.highbeam.com/doc/1G1-62637728.html|accessdate=July 11, 2017|work=Star Tribune|date=August 1, 1996|via=HighBeam Research|subscription=yes}}</ref> RIN grew from 32,000 property listings in December 1995 to nearly 400,000 properties by October 1996.<ref name="Perkins">{{cite news|last1=Perkins|first1=Broderick|title=Real estate industry trumpets its frenzied arrival on the information superhighway.|url=https://www.highbeam.com/doc/1G1-17821996.html|accessdate=July 11, 2017|publisher=[[Knight Ridder]]|date=December 7, 1995|via=HighBeam Research|subscription=yes}}</ref><ref name="Napach">{{cite news|last1=Napach|first1=Bernice|title=Web sites that can help you relocate|url=https://www.highbeam.com/doc/1P3-10346834.html|accessdate=July 11, 2017|work=Medical Economics|date=October 28, 1996|via=HighBeam Research|subscription=yes}}</ref>

The site was relaunched with the name "Spot Realtor.com" at the same <samp>realtor.com</samp> domain name in November 2016.<ref name=WWW>{{cite news|last1=Gendler|first1=Neal|title=Partnership to keep Realtors' listing site available on World Wide Web; RIN accumulated millions of dollars in debt in 18 months.|url=https://www.highbeam.com/doc/1G1-62643303.html|accessdate=July 11, 2017|work=Star Tribune|date=November 13, 1996|via=HighBeam Research|subscription=yes}}</ref><ref name="Timmons">{{cite news|last1=Timmons|first1=Heather|title=Reluctant Realtors Finding It Pays to Go On-Line|url=https://www.highbeam.com/doc/1G1-18866054.html|accessdate=July 11, 2017|work=[[American Banker]]|publisher=Observer Capital|date=November 19, 1996|issn=0002-7561|via=HighBeam Research|subscription=yes}}</ref> The site's management was assumed by a company called RealSelect,<ref name=Timmons/> in a new partnership with NAR, funded by investment from venture capital firms.<ref name=WWW/> RealSelect later changed its name to [[Homestore]], and continued to operate the realtor.com site with NAR as a partner.<ref name="Gaw">{{cite news|last1=Gaw|first1=Jonathan|title=HomeStore.com Plans to Turn Internet Real Estate Into Equity|url=http://articles.latimes.com/1999/aug/02/business/fi-61850|accessdate=July 11, 2017|work=[[Los Angeles Times]]|date=August 2, 1999|publisher=Tronc|issn=0458-3035|oclc=3638237}}</ref>

Starting in 1997, Realtor.com became the exclusive online real estate listings source for several companies, including ''[[USA Today]]'',<ref>{{cite news|title='USA Today' adds commerce partners|url=http://adage.com/print/3405|accessdate=July 10, 2017|work=Advertising Age|date=Apr 16, 1997}}</ref><ref>{{Cite news|url=https://www.newspapers.com/newspage/222562497/|title=Realtor.com guides home shoppers on Web|work=[[Courier News]]|location=Somerville, New Jersey|publisher=Gannett Company|page=46|date=August 15, 1997|subscription=yes|via=Newspapers.com|accessdate=July 10, 2017}}</ref> [[NBC]],<ref>{{cite news|title=Cyber-tv: NBC Joins Rival in Making Move to an Interactive Neighborhood|url=http://articles.chicagotribune.com/1997-04-09/business/9704090207_1_internet-site-nbc-interactive-neighborhood-networks|accessdate=July 10, 2017|work=[[Chicago Tribune]]|publisher=[[Tronc]]|date=April 9, 1997|issn=1085-6706|oclc=60639020}}</ref> and [[America Online]] (AOL).<ref>{{cite journal|url=https://www.wired.com/1997/05/digital-city-brings-realtor-com-into-fold/|work=Wired|title=Digital City Brings Realtor.com Into Fold|date=May 21, 1997|accessdate=July 10, 2017}}</ref><ref>{{cite journal|work=Advertising Age|url=http://adage.com/article/news/digital-city-adds-real-estate-section/4220/|title=Digital City adds real estate section|date=September 17, 1997|accessdate=July 10, 2017}}</ref> Realtor.com also entered into a partnership with [[Better Homes and Gardens Real Estate Service]], beginning in 1998.<ref>{{cite news|title=Commercial Takes New Shapes|url=https://www.highbeam.com/doc/1N1-0EB095E89E3A83E3.html|accessdate=July 11, 2017|work=[[The Herald-News]]|date=January 25, 1998|location=Joliet, Illinois|subscription=yes|via=HighBeam Research|publisher=[[Shaw Media (United States)|Shaw Media]]|oclc=30591638}}</ref> With more than 1.3 million listings by 1999,<ref>{{cite news|title=Web Site Updated|url=https://www.highbeam.com/doc/1N1-0EB0969E4BF37FE0.html|accessdate=July 11, 2017|work=The Herald-News|date=December 27, 1998|via=HighBeam Research|subscription=yes}}</ref><ref>{{cite news|last1=Harney|first1=Kenneth R.|title=Sites to Behold: A Guide to Online Real Estate|url=https://www.highbeam.com/doc/1P2-576996.html|accessdate=July 11, 2017|work=The Washington Post|date=January 16, 1999|via=HighBeam Research|subscription=yes}}</ref> Realtor.com had become the largest website for real estate listings, and expanded services to include [[virtual tour]]s of properties.<ref name="Harney">{{cite news|last1=Harney|first1=Kenneth R.|title=Virtual Tours to Revolutionize Home Shopping|url=https://www.highbeam.com/doc/1P2-687195.html|work=The Washington Post|date=December 19, 1998|accessdate=January 19, 2018}}</ref>

===Public listing and acquisition===
Homestore [[Initial public offering|went public]] in August 1999, raising $140 million in the process. NAR retained a significant equity position, but Homestore negotiated agreements with [[multiple listing service]]s and brokerages to secure direct feeds of listings.<ref>{{cite news|last1=Helft|first1=Miguel|title=Business; Homestore Fights for Life as Bad News Piles Up|url=https://www.nytimes.com/2002/01/27/business/business-homestore-fights-for-life-as-bad-news-piles-up.html?mcubz=0|accessdate=August 18, 2017|work=The New York Times|date=January 27, 2002}}</ref>

[[News Corporation]] purchased Realtor.com's parent company, now called Move, for $950 million in September 2014.<ref name=Scheinin/><ref name="Logan">{{cite news|last1=Logan|first1=Tim|title=News Corp. to buy parent of Realtor.com for $950 million|url=http://www.latimes.com/business/la-fi-1001-newscorp-realtor-20141001-story.html|accessdate=July 7, 2017|work=Los Angeles Times|date=September 30, 2014}}</ref> According to [[comScore]], Realtor.com was receiving 34.1 million unique visitors per month at the time.<ref name="Lisota">{{cite web|last1=Lisota|first1=Kevin|title=Realtor.com CEO Ryan O’Hara on their quest to catch up with Zillow|url=https://www.geekwire.com/2015/realtor-com-ceo-ryan-ohara-on-their-quest-to-catch-up-to-zillow/|website=GeekWire|accessdate=July 10, 2017|date=August 6, 2015}}</ref> New partnerships were formed with [[Airbnb]], to focus on encouraging potential home buyers to stay in neighborhoods of interest to them;<ref name=Trejos/> and with [[Yelp]], to provide users with information about listed properties' neighborhood amenities.<ref name="Lerner">{{cite news|last1=Lerner|first1=Michele|title=Realtor.com partners with Yelp to include neighborhood amenities in listings|url=https://www.washingtonpost.com/news/where-we-live/wp/2016/09/29/realtor-com-partners-with-yelp-to-include-neighborhood-amenities-in-listings/|accessdate=July 7, 2017|work=[[The Washington Post]]|date=September 29, 2016|issn=0190-8286|oclc=2269358|via=HighBeam Research|subscription=yes}}</ref>

As of 2016, Realtor.com claimed to display 97 percent of residential properties for sale in the United States,<ref>{{cite news|last1=Lapp|first1=Rebecca|title=Wapakoneta on top 10 list of small towns|url=http://www.wapakdailynews.com/content/wapakoneta-top-10-list-small-towns|accessdate=March 7, 2018|work=Wapakoneta Daily News|date=April 25, 2017}}</ref> and reportedly received 36.7 million unique monthly visitors.<ref name=Scheinin/> The company was valued by [[Morgan Stanley]] at $2.5 billion.<ref name="Wiggin">{{cite web|last1=Wiggin|first1=Teke|title=Morgan Stanley valued realtor.com at $2.5 billion: News Corp.|url=https://www.inman.com/2016/12/07/morgan-stanley-valued-realtor-com-at-2-5-billion-news-corp/|website=Inman.com|accessdate=July 10, 2017|date=December 7, 2017}}</ref>

Features for [[augmented reality]] and [[image recognition]] in listings were added to the Realtor.com mobile apps in January 2017.<ref name=Levy/><ref name="Steele">{{cite web|last1=Steele|first1=Billy|title=Realtor.com uses augmented reality to help you find a new home|url=https://www.engadget.com/2017/01/17/realtor-com-augmented-reality-house-hunting/|website=[[Engadget]]|publisher=[[Oath Inc.]]|accessdate=July 7, 2017}}</ref> Also, the site began offering 3D tours from Matterport on its [[iOS]] app, and began offering the same technology on its website and [[Android (operating system)|Android]] app.<ref name="Stitches">{{cite web|last1=Wiggin|first1=Teke|title=Realtor.com stitches Matterport 3-D home tours into iOS app|url=https://www.inman.com/2017/03/30/realtor-com-matterport-3d-home-tour-matterport-app/|website=Inman.com|accessdate=July 10, 2017|date=March 30, 2017}}</ref>

Move acquired Opcity, the Austin, Texas-based real estate technology company, for $210 million in 2018. The company, which developed a platform that uses artificial intelligence and machine learning to match potential home buyers with agents,<ref>{{Cite journal|url=https://www.statesman.com/news/20180830/austin-real-estate-startup-opcity-to-be-acquired-for-210-million|title=Austin real estate startup Opcity to be acquired for $210 million|first=Lori|last=Hawkins|date=August 30, 2018|accessdate=October 10, 2018|work=Austin American-Statesman}}</ref> will continue to operate as an independent business.<ref>{{cite journal |last1=Anderson |first1=Will |title=Opcity agrees to $210 million buyout by News Corp. |journal=Austin Business Journal |date=August 30, 2018 |url=https://www.bizjournals.com/austin/news/2018/08/30/opcity-agrees-to-210-million-buyout-by-news-corp.html |accessdate=September 12, 2018}}</ref><ref>{{cite journal |last1=Marinova |first1=Polina |title=Term Sheet -- Thursday, August 30 |journal=Fortune |date=August 30, 2018 |url=http://fortune.com/2018/08/30/term-sheet-thursday-august-30/ |accessdate=September 12, 2018}}</ref>

==Marketing==
[[Elizabeth Banks]] has been a spokesperson for Realtor.com since 2015,<ref name="Diaz">{{cite journal|last1=Diaz|first1=Ann-Christine|title=Elizabeth Banks Is the (Weird) Woman of Your Dreams in Latest Campaign from Realtor.com|journal=[[Advertising Age]]|date=June 1, 2016|url=http://adage.com/article/advertising/elizabeth-banks-weird-woman-dreams-latest-campaign-realtor/304246/|accessdate=July 7, 2017|publisher=[[Crain Communications]]|location=Detroit}}</ref><ref name="Gianatasio">{{cite journal|last1=Gianatasio|first1=David|title=Realtor.com Helps You Beat Not-You to the Home of Your Dreams|journal=[[Adweek]]|date=April 3, 2017|url=http://www.adweek.com/brand-marketing/realtor-com-helps-you-beat-not-you-to-the-home-of-your-dreams/|accessdate=July 7, 2017|publisher=Beringer Capital|location=New York City|issn=0199-2864}}</ref> appearing in the company's YouTube series targeting [[millennials]] buying their first home.<ref name="Beer">{{cite journal|last1=Beer|first1=Jeff|title=Elizabeth Banks Wants to Help You Find Your Dream Home on Realtor.com|journal=[[Fast Company (magazine)|Fast Company]]|date=June 1, 2017|url=https://www.fastcompany.com/3060456/quick-hit/elizabeth-banks-wants-to-help-you-find-your-dream-home-on-realtorcom|accessdate=July 10, 2017|publisher=Mansueto Ventures|issn=1085-9241}}</ref><ref name="Gazdik">{{cite news|last1=Gazdik|first1=Tanya|title=Realtor.com Campaign Focuses on the 'Not-Yous' in Biggest Campaign Yet|url=https://www.mediapost.com/publications/article/298352/realtorcom-campaign-focuses-on-the-not-yous-in.html|accessdate=July 7, 2017|work=Marketing Daily|publisher=[[MediaPost Communications]]|date=April 3, 2017}}</ref><ref name="Wasserman">{{cite web|last1=Wasserman|first1=Todd|title=Realtor.com Banks on Elizabeth to Target House-Buying Millennials|url=http://www.cmo.com/features/articles/2017/4/6/elizabeth-banks-takes-on-the-not-yous-for-realtorcom.html#gs.51_U4Vw|accessdate=July 7, 2017|website=CMO.com|date=April 7, 2017|publisher=[[Adobe Systems]]}}</ref> Her first commercial for the company was directed by [[Fred Savage]].<ref name="McMains">{{cite journal|last1=McMains|first1=Andrew|title=Ad of the Day: Elizabeth Banks Gets Comically Obsessed with Real Estate for Realtor.com|journal=Adweek|date=May 13, 2015|url=http://www.adweek.com/brand-marketing/ad-day-elizabeth-banks-gets-comically-obsessed-real-estate-realtorcom-164688/|accessdate=July 10, 2017}}</ref>

The website's advertising campaigns have been recognized by ''[[Adweek]]'',<ref name="Burgi">{{cite journal|last1=Burgi|first1=Michael|title=Meet the Talented Performers Behind Some of the Year's Best Videos|journal=Adweek|date=August 17, 2015|url=http://www.adweek.com/brand-marketing/meet-talented-performers-behind-some-years-best-videos-166414/|accessdate=July 10, 2017}}</ref><ref>{{cite web|title=Pereira & O'Dell Awards|url=https://www.adforum.com/agency/6669913/awards/pereira-odell|publisher=[[AdForum]]|accessdate=July 10, 2017}}</ref> the Online Marketing Media and Advertising (OMMA) Awards,<ref>{{cite news|title=2017 OMMA Awards|url=https://www.mediapost.com/ommaawards/|accessdate=July 10, 2017|publisher=MediaPost Communications}}</ref><ref>{{cite news|title=OMMA Awards: 2015 Finalists|url=https://www.mediapost.com/ommaawards/finalists/?event=2015|accessdate=July 10, 2017|publisher=MediaPost Communications|date=2015}}</ref> and the [[Webby Award]]s for their creativity, use of talent, and digital advertising.<ref name="Winners">{{cite web|title=Who are the real estate winners in the 2016 Webbys?|url=https://www.inman.com/2016/05/13/who-are-the-real-estate-winners-in-the-2016-webbys/|website=Inman.com|accessdate=July 10, 2017|first=Dani|last=Vanderboegh}}</ref>

==References==
{{Reflist}}

==External links==
*{{Official website|https://www.realtor.com/}}

{{Online real estate databases}}

{{DEFAULTSORT:Realtor.com}}
[[Category:Real estate]]
[[Category:Online real estate companies]]
[[Category:Residential real estate]]
[[Category:Online real estate databases]]
[[Category:Real estate valuation]]
[[Category:Real estate services companies of the United States]]
[[Category:Companies based in California]]
[[Category:Companies based in Silicon Valley]]
[[Category:Companies based in Santa Clara, California]]
[[Category:News Corporation subsidiaries]]
[[Category:Companies established in 1996]]

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Realtor.com - Revision history

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Chetsford: /* Public listing and acquisition */ update ownership status