Realtor.com® Acquires UpNest

Rhea-AI Summary

On June 8, 2022, Move, Inc., a subsidiary of News Corp, announced the acquisition of UpNest, a platform connecting home sellers with local real estate agents. This strategic move aims to enhance Realtor.com®'s services by providing more choices for sellers and agents. UpNest has enabled approximately 1 million agent proposals since its launch, showcasing strong market demand. The integration is expected to strengthen Realtor.com's seller strategy and expand its customer base. Financial terms of the deal remain undisclosed.

Positive

• Acquisition of UpNest enhances Realtor.com's seller strategy.
• UpNest has a strong track record with 1 million agent proposals submitted.
• The deal will likely expand Realtor.com's services and customer base.

Negative

• None.

UpNest's platform allows people to compare agents and select the one that's best for their situation; acquisition advances Realtor.com^®'s seller strategy

SANTA CLARA, Calif., June 8, 2022 /PRNewswire/ -- Move, Inc., the operator of Realtor.com^®, one of the most visited real estate sites in the U.S., announced today it has acquired San Mateo, Calif.-based UpNest. UpNest operates a marketplace that connects home sellers with highly qualified local agents who compete for their business. Move, Inc. is a subsidiary of News Corp.

We're expanding choices for sellers, buyers, agents and brokers who trust Realtor.com to help bring them home.

More than 5 million homes are sold each year, according to 2018-2022 data from the National Association of Realtors^®, and 9 out of 10 sellers use an agent to assist them in the transaction (NAR 2021 Profile of Home Buyers and Sellers).

Realtor.com^® already connects many of these home sellers with agents who can help them through the ReadyConnect Concierge℠ referral network. The UpNest acquisition will help Realtor.com^® further expand its services and support for home sellers and the agents and brokers who can help them succeed.

"Our open marketplace approach is all about empowering people with choices. While some of our competitors try to funnel buyers, sellers and real estate professionals into a specific set of services in a closed system, Realtor.com helps homeowners choose how they want to find and connect with an agent, and agents and brokers can decide which methods work best for them," said Realtor.com^® CEO David Doctorow. "UpNest has a proven track record of successfully connecting homeowners looking to sell with the right agent for them, and we believe that its innovative model complements our existing ReadyConnect Concierge℠ program."

Consumers who submit leads through UpNest's marketplace receive proposals from three to five agents within 12 hours. Those consumers can then decide to contact and interview any of those agents and select the agent they believe can best support them. Since launch, approximately 1 million agent proposals have been submitted on UpNest's marketplace, representing reputable brokerages such as Keller Williams, Re/Max, Compass, and many more.

Sellers who prefer to be connected directly with an agent in Realtor.com^®'s ReadyConnect Concierge℠ network can do so directly from the "List your home with an agent" link on the Sell tab on the Realtor.com^® landing page. ReadyConnect Concierge℠ applies a proven process to screen and convert online leads, and 7 out of 10 of Realtor.com^®'s concierge customers have said the program was critical or important to their business. More than 190,000 agents and 20,000 brokers in all 50 states participate in ReadyConnect Concierge℠.

Realtor.com^® also connects sellers with agents through Seller's Marketplace. Nearly a dozen companies in the Seller's Marketplace offer selling options that allow homeowners to sell their homes to an iBuyer; buy now, sell later; sell now, move later; or access equity. Visitors can compare the selling options available in their area, including listing their home on the open market with an agent.

"Realtor.com has been growing momentum among seller audiences with products like Seller's Marketplace and MyHome," said Doctorow. "The addition of UpNest to our stable of seller-focused offerings is a key element of our strategy to deliver the best experience and value to home sellers as well as our agent and broker customers."

"UpNest has helped hundreds of thousands of people sell their homes with the help of top agents over the past eight years," said UpNest Founder and CEO Simon Ru. "We're excited to join the Realtor.com^® family. Realtor.com^®'s audience reach and strong customer base will help us connect even more sellers with the agents who can best help them."

Simon Ru and the company's 50+ person team will join Move, Inc. Terms of the acquisition were not made public.

About Realtor.com^®
Realtor.com^® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com^® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com^® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com^® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com^® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com^®.

About Move, Inc.
Move, Inc., a subsidiary of News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV], operates a family of websites and mobile experiences for consumers and professionals, including Realtor.com^®. Move licenses the Realtor.com URL from the National Association of REALTORS^®. Move also offers software products and services to help real estate professionals serve their clients and grow their business, including ListHub™, the nation's leading listings syndicator and centralized intelligence platform for the real estate industry.

About UpNest
Launched in 2013, UpNest (www.upnest.com) is a real estate agent marketplace that matches home buyers and sellers with top local agents who compete for their business. Buyers and sellers receive personalized quotes offering competitive listing commissions, buyer refunds (when applicable), and services. UpNest was ranked on INC 500 Fastest Growing Private Companies and on Deloitte Tech 500.

Media Contact
Stephanie Singer
Stephanie.Singer@move.com 

 

View original content:https://www.prnewswire.com/news-releases/realtorcom-acquires-upnest-301564136.html

SOURCE Realtor.com

FAQ

What is the significance of Realtor.com's acquisition of UpNest?

The acquisition enhances Realtor.com's services by allowing better connections between sellers and agents, ultimately improving user experience.

How does the UpNest acquisition impact Realtor.com's market position?

The acquisition is expected to strengthen Realtor.com's seller strategy and expand its offerings, thus increasing its competitiveness in the market.

What was the date of the Realtor.com and UpNest acquisition announcement?

The acquisition was announced on June 8, 2022.

What services will Realtor.com provide after acquiring UpNest?

Realtor.com will provide expanded services, including improved connections for home sellers with local real estate agents through UpNest's platform.