For Move, real estate is more about location on the Web. The company provides real estate and move-related information and services through its flagship Move.com, REALTOR.com, and Moving.com websites. Its REALTOR.com lists some 4 million homes for sale. In addition, its Top Producer produce is a customer relationship management application for real estate agents. Revenue primarily comes from advertising (cost-per-click, text link, and display ads) and software sales. The company attracts visitors via agreements with partners such as the National Association of Realtors (REALTOR.com is the official website of NAR). Move is a portfolio company of private equity firm Elevation Partners.
The company provides services for both real estate professionals and providers of moving services, as well as consumers. Its online advertising products and lead generation tools target professional moving, truck rental, and self-storage businesses on its Moving.com site. However, the bulk of the company's sales come from its real estate offerings, which include REALTOR.com, Top Producer, and the new homes and rentals listings information on Move.com.
The residential real estate market has picked back up in recent years, providing relatively stable revenues for Move. The company reported about $199 million in revenues for fiscal 2012 after posting $191.7 million in fiscal 2011 and $197.5 million back in fiscal 2010.
Mergers and Acquisitions
In 2012 Move acquired Relocation.com, an online marketplace that connects home buyers and renters with moving and storage professionals. The purchase price was $11.5 million. The company bought Relocation.com to expand its Moving.com business.
In 2010 Move purchased Threewide for approximately $13 million. It made the deal to gain Threewide's ListHub service, an online real estate listing syndicator and provider of reporting solutions. ListHub syndicates 2.4 million property listings from 270 Multiple Listing Services (MLSs) and 38,000 brokers to more than 70 real estate marketing websites. Move made the purchase to helps real estate professionals develop effective online advertising programs while giving consumers access to more real estate data.
The company launched its MortgageMatch.com website in 2010. The site is directed at first time homebuyers and homeowners who want to refinance their loan, offering them tools to explore their mortgage options in real time.
Move has also been active on the mobile front, introducing apps that allow consumers to connect directly with real estate professionals via their smart phones. In 2010 Move launched the Realtor.com iPhone app, as well as the Realtor.com Real Estate Search Android and Windows Phone 7 application.
The company made a key agreement with AOL in 2010. Through the arrangement with the search giant, Move is powering the AOL Real Estate search service. Move is leveraging the content from its newly acquired ListHub network to syndicate millions of listings to AOL Real Estate. AOL made the deal as part of its overall strategy of partnering with companies to provide more valuable content to its consumers.