Realtor.com to become mainstream
Changes are in store for the real estate search website, realtor.com. It was announced last week that media mogul Rupert Murdoch's News Corp. has purchased Move, Inc., the parent company of realtor.com for $950 million. This is a bargain for the site when compared to the $3.5 billion paid by Zillow in a move to merge with Trulia last summer. Neither deal has been approved by regulators as of this writing.
It remains to be seen what Murdoch intends to do with this latest addition to his media empire but lagging sales of subscriptions and advertising of his New York Post and Wall Street Journal may have driven News Corp. to the online enterprise. Real estate ads are a $14 billion-a-year business, and dollars have been flowing fast from print publications to online and mobile platforms that provide searchable, mappable, real-time listings. Realtor.com listings are refreshed every 15 minutes offering the most current listings of the big three real estate websites.
"This acquisition will accelerate News Corp.'s digital and global expansion and contribute to the transformation of our company, making online real estate a powerful pillar of our portfolio," said the company's chief executive, Robert Thomson. Executives at Move and News Corp. said their combo would beef up the site's software and subscription operations and its visibility, while bringing News Corp. a new, high-traffic platform on which to advertise its media properties.
We see this as a good development for real estate agents and their seller clients. As exposure to accurate listing data increases, so should buyer traffic. Taking the stage at Real Estate Connect Murdoch stated:
"Move has a close relationship with the National Association of Realtors, and I believe real estate agents are crucial to every home sale in America. Most people who begin their real estate search online eventually need human interaction and guidance, Murdoch said, and realtor.com facilitates those connections. There is no digital replacement for the human touch," he said. "No technology can meet all of someone's needs. It takes a real person. Realtor.com helps bring homebuyers, sellers and agents together. We want the shortest distance between the American Dream and a family's reality to be realtor.com. We're going to add to the user interface, make it more obviously friendly for agents and consumers," Murdoch said. "We've got to make a better product, and then when we're satisfied, we need to get out and market it hard."
Making it easy for buyers and sellers to transfer ownership of properties is the ultimate goal of Realtors. If you are looking to buy or sell, choosing an agent can be a challenge. The Coeur d'Alene Association of Realtors website is a good tool, helping you find agents that have the types of properties you seek listed there through the Multiple Listing Service. Of course a referral to a good Realtor from someone you know can be a terrific way to shorten your search for the right agent.
When you find an agent, ask the right kinds of questions to make sure they are a fit for you. Finding out in advance whether their schedule fits with yours is a great first step. Experience matters but you may prefer the enthusiasm of a new agent who will drop everything to help you over a seasoned agent who may be too busy to accommodate your schedule. Always ask questions to address your concerns. Even the most experienced agent may forget to explain one of the many important steps that needed to complete a successful transaction. Your questions may serve as a memory jogger and certainly there is never any harm in asking.
Trust an expert...call a Realtor. Call your Realtor or visit www.cdarealtors.com to search properties on the Multiple Listing Service or to find a Realtor member who will represent your best interests.
Kim Cooper is a real estate broker and the spokesman for the Coeur d'Alene Association of Realtors. Kim and the association invite your feedback and input for this column. You may contact them by writing to the Coeur d'Alene Association of Realtors, 409 W. Neider, Coeur d'Alene, ID 83815 or by calling (208) 667-0664.