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Move (company)

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Move, Inc.
Company typeJoint venture
IndustryReal estate
Founded1993; 31 years ago (1993)
Headquarters
Santa Clara, California
,
United States
Key people
Brands
  • Avail
  • DoorSteps.com
  • ListHub
  • Move.com
  • Moving.com
  • Realtor.com
  • Realtor.com for Professionals
  • UpNest
Revenue$227 million[2] (2013)
Owners
Number of employees
913[2] (2013)
SubsidiariesMove Sales
Websitewww.move.com

Move, Inc. is a real estate listing company based in Santa Clara, California. The company operates the Move Network of real estate websites, the largest of which is Realtor.com. Move has a longstanding partnership with the National Association of Realtors, the real estate industry's largest trade association, for operating Realtor.com.[3][4]

Operations

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Move was established in Delaware under the name InfoTouch Corporation in 1993.[2] The company is based in Santa Clara, California, and operates Move.com and Realtor.com.[5] Move owns the listing syndication and reporting platform ListHub.[6] The company also operates Avail (following its acquisition in 2020),[7] Doorsteps.com (following its acquisition in 2013),[8] Moving.com, Relocation.com,[9] and UpNest (following its acquisition in 2022).[10][11]

Tracey Fellows was named acting chief executive officer (CEO) of Move and Realtor.com in June 2019.[12] David Doctorow was named CEO in January 2020.[13] Bryan Charap has served as chief financial officer since 2015.[14][15][16] In 2020, Move named Mickey Neuberger chief marketing officer.[17] In 2022, Bryan Ellis became chief revenue officer and Arthur Chapin became chief growth officer.[1]

Doctorow was replaced by Damian Eales as CEO in 2023.[18]

History

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Homestore

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Stuart Wolff founded the online real estate company Homestore Inc. in 1996.[19][20] He established a partnership with the National Association of Realtors, and his company, RealSelect Inc., operated Realtor.com. Under the agreement, the National Association of Realtors had a small stake in RealSelect.[20]

The company went public as Homestore.com, Inc. in 1999,[2] and was traded on the NASDAQ stock exchange.[21] In October 2000, Homestore agreed to purchase Move.com from Cendant Corp. for $761 million in stock, leaving Cendant with a 15 percent stake.[22][23][24] In 2001, Homestore operated the websites HomeBuilder.com, HomeFair.com, Realtor.com, HomeWrite.com, and SpringStreet.com, acquired HomeBid, and owned the software Top Producer as well as Wyldfyre technologies.[25][26] In August, the company purchased iPlace Inc., for $150 million.[27]

During the rise of the dot-com bubble, Wolff was convicted of insider trading and falsifying revenue results, and several additional executives received prison sentences for inflating earnings.[28] Homestore's 2000 and 2001 financial reports required refiling, and the U.S. Securities and Exchange Commission investigated the company in 2002.[19][20] Wolff's conviction was overturned on appeal in 2008,[19] but he eventually plea bargained for a sentence of 3–5 years.[29] Wolff resigned as CEO in January 2002,[19] and was replaced by a new management team.[20]

Homestore.com, Inc. changed its name to Homestore, Inc. in 2002, then rebranded as Move, Inc. in 2006.[2][28][30] The company's stock symbol was changed from "HOMS" to "MOVE", and the Move.com website was launched in May 2006.[31]

On February 22, 2006 Homestore, Inc. announced the acquisition of Moving.com from TMP Directional Marketing, LLC. Moving.com provides consumers with offers from qualified movers, truck rental, and self-storage providers, as well as access to a sophisticated mortgage rates directory. Mirus Capital Advisors represented TMP Directional Marketing and Moving.com in the transaction.[32]

Move, Inc.

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Move acquired the company Threewide, which operated the real estate listing service ListHub, for $13 million in September 2010. Move retained ListHub as its own separate brand.[33] Move launched an online mortgage offering called MortgageMatch.com in December 2010, targeting first time home buyers and those looking to refinance,[34] then acquired the social search platform SocialBios in 2011.[35] In 2013, Move reported $227 million in revenue and $600,000 in profit.[5] Move ended its three-year partnership with AOL real estate in December 2013, and its decade-long partnership with MSN Real Estate in July 2014.[36]

In September 2014, News Corp agreed to purchase Move for $950 million, marking the former company's largest acquisition to date.[3] Move operated the third most-trafficked website network for U.S. listings at the time.[37][38] Ownership of Move is shared 80/20 between News Corp and REA Group, respectively.[5][39] The deal was endorsed by the National Association of Realtors, which licensed the Realtor.com URL to Move and allowed the company to operate the site.[39] This agreement continued after the deal closed in November.[21] In 2015, Move relocated its headquarters from San Jose to Santa Clara.[40]

Move acquired the document and transaction management provider Reesio, which specializes in residential real estate, in October 2015. The financial terms were not disclosed, and Reesio's four founders joined Move's team.[41] In 2016, Zillow paid $130 million to Move and the National Association of Realtors to settle a lawsuit over trade secrets, following its employment of two individuals who had held executive roles at Move.[4][42] Move sold its lead-generation company TigerLeads to Commissions Inc., a customer relationship management system provider, in December.[43]

Move acquired interior design and lifestyle website Remodelista and outdoor spaces and garden design website Gardenista in 2016 as part of Realtor.com's marketing strategy. At the time of purchase, the two sites represented 1.5 million monthly readers.[44] In June, 2019 the company sold back the websites to founder Julie Carlson and husband Josh Groves and are now independently operated by Remodelista LLC.[45]

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,[46] initially continued to operate as an independent business[47][48] but was later integrated into Realtor.com.[49]

In 2020, Move acquired Chicago-based Avail, a platform with online tools and education content for landlords.[7] Move sold the customer relationship management platform Top Producer to Constellation Real Estate Group in March 2021.[50] The following year it acquired UpNest, a platform that connects home sellers and buyers with local agents competing for business.[10]

References

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  1. ^ a b c Verde, Ben (March 30, 2022). "Realtor.com announces new chief revenue, growth hires". Inman.com. Retrieved June 27, 2022.
  2. ^ a b c d e "Form 10-K: Move, Inc". U.S. Securities and Exchange Commission. December 31, 2013. p. 6. Retrieved July 31, 2017.
  3. ^ a b Logan, Tim (September 30, 2014). "News Corp. to buy parent of realtor.com for $950 million". Los Angeles Times. ISSN 0458-3035. OCLC 3638237. Retrieved July 7, 2017.
  4. ^ a b Collins, Jeff (June 7, 2016). "Zillow to pay Realtor.com $130 million over trade secrets". Orange County Register. Anaheim, California: Digital First Media. ISSN 0886-4934. OCLC 12199155. Retrieved July 7, 2017.
  5. ^ a b c de la Merced, Michael J.; Steel, Emily (September 30, 2014). "News Corp. to Buy Move, a Real Estate Listings Site". The New York Times. ISSN 0362-4331. OCLC 1645522. Retrieved July 26, 2017.
  6. ^ Brambila, Andrea V. (January 6, 2015). "Rupert Murdoch playing hardball with Zillow". Inman.com. Retrieved March 23, 2021.
  7. ^ a b Dalrymple II, Jim (December 15, 2020). "Move Inc. acquires rental platform Avail". Inman.com. Retrieved March 23, 2021.
  8. ^ Sullivan, Heather (April 6, 2017). "CoStar is hiring about 230 workers in Richmond this year". WWBT. Retrieved July 31, 2017.
  9. ^ "Move Inc. acquires Relocation.com for $11.5 million". Inman.com. October 11, 2012. Retrieved March 23, 2021.
  10. ^ a b MCPHERSON, MARIAN (June 8, 2022). "Move acquires real estate agent marketplace UpNest". Inman.com. Retrieved June 27, 2022.
  11. ^ Hardison, Kathryn (June 8, 2022). "News Corp's Realtor.com Buys UpNest". MarketWatch. Dow Jones & Company. Retrieved June 27, 2022.
  12. ^ Kearns, Patrick (June 6, 2019). "BREAKING: Realtor.com company's CEO exits". Inman.com. Retrieved March 25, 2021.
  13. ^ "New Move Inc. CEO Announced". Realtor Magazine. National Association of Realtors. January 9, 2021. Retrieved March 23, 2021.
  14. ^ "CFO Moves: Endurance International Group, TPG Specialty Lending, Move Inc., BrainStorm Cell Therapeutics". The Wall Street Journal. News Corporation (Dow Jones & Company). August 3, 2015. ISSN 0099-9660. OCLC 781541372. Retrieved July 26, 2017.
  15. ^ Soper, Taylor (August 3, 2015). "Tech Moves: Zillow promotes Kathleen Phillips to CFO, Amy Bohutinsky to COO; Shauna Causey joins Galvanize; and more". GeekWire. Retrieved July 26, 2017.
  16. ^ "Move bolsters leadership team with 3 new hires and 1 promotion". Inman.com. August 4, 2015. Retrieved July 26, 2017.
  17. ^ Kearns, Patrick. "Realtor.com continues C-suite reshuffle with new CTO hire". Inman.com. Retrieved March 23, 2021.
  18. ^ Buckingham-Jones, Sam (June 2, 2023). "News Corp wants Damian Eales to replicate REA in the US". Australian Financial Review.
  19. ^ a b c d Egelko, Bob (January 15, 2008). "Homestore CEO's fraud conviction overturned". San Francisco Chronicle. Retrieved July 28, 2017.
  20. ^ a b c d Wedner, Diane (February 27, 2002). "Homestore's New Management Trying to Put House in Order". Los Angeles Times. p. 1. Retrieved July 28, 2017.
  21. ^ a b Hagey, Paul (November 14, 2014). "News Corp. closes realtor.com deal". Inman.com. Retrieved July 26, 2017.
  22. ^ Wedner, Diane (February 27, 2002). "Homestore's New Management Trying to Put House in Order". Los Angeles Times. p. 3. Archived from the original on January 8, 2015. Retrieved July 26, 2017.
  23. ^ Monroe, Robert (October 28, 2000). "Homestore.com Buys Rival Move.com Acquired in Deal Worth $761 Million". Daily News. Archived from the original on April 23, 2018. Retrieved July 31, 2017.
  24. ^ "Homestore acquires move.com". Real Estate Weekly. November 8, 2000. Archived from the original on April 23, 2018. Retrieved July 31, 2017.
  25. ^ "Homestore acquires HomeWrite". Chron. 21 February 2001. Retrieved 9 January 2023.
  26. ^ Kersnar, Scott (March 5, 2001). "Homestore Continues Buying Spree". National Mortgage News. Archived from the original on April 23, 2018. Retrieved August 2, 2017.
  27. ^ Loyd, Linda (August 10, 2001). "Homestore.com to absorb IPlace". Knight Ridder/Tribune News Service. Archived from the original on April 23, 2018. Retrieved August 2, 2017.
  28. ^ a b Carter, Matt (April 19, 2010). "Wolff sentenced to 4.5 years in prison". Inman.com. Retrieved July 28, 2017.
  29. ^ Carter, Matt (January 11, 2010). "Stuart Wolff pleads guilty". Inman.com. Retrieved July 28, 2017.
  30. ^ "Homestore renamed move". Units. April 1, 2006h. Archived from the original on April 23, 2018. Retrieved August 2, 2017.
  31. ^ Bruce, Allison (May 29, 2006). "Move.com adds resources for real estate customers". Ventura County Star. Archived from the original on April 23, 2018. Retrieved July 31, 2017.
  32. ^ "Homestore, Inc. acquires Moving.com, announces Name Change to Move, Inc". Merger.com. Mirus Capital Advisors. Retrieved 31 March 2022.
  33. ^ Wauters, Robin (September 21, 2010). "Move Acquires Online Real Estate Listing Syndicator ListHub For $13 Million". TechCrunch. Retrieved July 25, 2017.
  34. ^ "Mortgage Match Targets First-time Homebuyers". United Press International. December 1, 2010. Retrieved July 28, 2017.
  35. ^ "Move Acquires SocialBios, Social Search Platform". Online Product News. August 1, 2011. Archived from the original on April 23, 2018. Retrieved August 2, 2017.
  36. ^ Hagey, Paul. "Zillow takes over real estate search at MSN Real Estate after Move Inc.'s exit". Inman.com. Retrieved July 28, 2017.
  37. ^ Logan, Tim (September 30, 2014). "Murdoch's News Corp. to buy parent of Realtor.com for $950 million". Los Angeles Times. Retrieved July 26, 2017.
  38. ^ Alpert, Lukas I.; Light, Joe (September 30, 2014). "News Corp to Buy Move Inc. for $950 Million". The Wall Street Journal. Retrieved July 26, 2017.
  39. ^ a b Yu, Roger (September 30, 2014). "News Corp. to buy Move Inc. for about $950M". USA Today. Retrieved July 26, 2017.
  40. ^ Donato-Weinstein, Nathan (July 21, 2015). "Why News Corp.'s Move Inc. is leaving downtown San Jose for Santa Clara". Silicon Valley Business Journal. Retrieved July 31, 2017.
  41. ^ Peters, Andy (2 October 2015). "News Corp's Move Acquires Online Home-Sales Platform Reesio". National Mortgage News. Retrieved July 26, 2017.
  42. ^ Levy, Nat (January 17, 2017). "Realtor.com's new features bring augmented reality, image recognition to home-buying". GeekWire. Retrieved July 7, 2017.
  43. ^ Wiggin, Teke (December 2, 2016). "Realtor.com operator sells TigerLeads to Commissions Inc.: sources". Inman.com. Retrieved July 28, 2017.
  44. ^ "Behind Realtor.com's Remodelista-Gardenista acquisition", Business of Home 2016-07-15
  45. ^ "To Our Readers: Remodelista Update", Remodelista 2019-06-01
  46. ^ Hawkins, Lori (August 30, 2018). "Austin real estate startup Opcity to be acquired for $210 million". Austin American-Statesman. Retrieved October 10, 2018.
  47. ^ Anderson, Will (August 30, 2018). "Opcity agrees to $210 million buyout by News Corp". Austin Business Journal. Retrieved September 12, 2018.
  48. ^ Marinova, Polina (August 30, 2018). "Term Sheet -- Thursday, August 30". Fortune. Retrieved September 12, 2018.
  49. ^ Brambila, Andrea V. (August 7, 2020). "Realtor.com replaces lead-gen products with Opcity referral model in 60 markets". Inman.com. Retrieved March 23, 2021.
  50. ^ Dalrymple II, Jim (March 2, 2021). "Constellation Real Estate Group acquires CRM maker from Move". Inman.com. Retrieved March 23, 2021.

Further reading

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