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Inman Connect Las Vegas 2024
Join us for Inman Connect Las Vegas on July 30-August 1 at the Aria Resort and Casino, as we bring together industry leaders and professionals to shape the future of real estate.
Portals Wars and the Role of Realtor.com
As one of the leading home search platforms, Realtor.com is currently embroiled in a highly publicized competition with its rival CoStar. In a recent conversation, Damian Eales, CEO of Move, Inc. and parent company of Realtor.com, shared his thoughts on the current situation.
"We were behind the complaint," Eales stated, explaining that Realtor.com believes CoStar is making deceptive claims about their user base. "We think those claims are inaccurate and cause customers in the market, Realtors, to part with money on false pretenses."
Despite the ongoing competition, Eales remained optimistic about Realtor.com’s prospects, saying, "I think we have an entirely unique position in the marketplace… I think that separates us from our major competitors."
Lead Quality and Technology
Eales emphasized the importance of generating high-quality leads for Realtor.com agents, stating that the company is employing "a lot of technology" to improve the accuracy of its leads. "The last thing our customers want is bad leads," he added, "and we know that with some of our competitors, they get a lot of those bad leads."
Market Analysis
When asked about the state of the real estate market, Eales described it as "cautiously optimistic." He attributed this outlook to decreasing interest rates, which he expects will lead to increased home sales in the coming months.
Growing through Partnerships
Eales highlighted Realtor.com’s strategic partnerships with other industry players, such as its new rentals partnership with Zillow and its growing new homes business. These initiatives, he explained, are aimed at expanding the company’s reach and capabilities, and position Realtor.com for long-term growth.
A Brief History of Realtor.com
Before joining the CEO of Move, Inc. at Inman Connect Las Vegas this month, Damian Eales brought a deep understanding of the industry. As one of the first real estate websites on the internet, Realtor.com has been a trusted name for homeowners and Realtors alike. Learn more about Realtor.com’s unique position in the market and the efforts it is making to stay ahead of the curve.
FAQs
What are the main concerns about CoStar and Realtor.com?
Eales believes that CoStar’s aggressive advertising campaign and inaccurate claims about user engagement are misleading and harm both Realtor.com and its competitors. In response, Realtor.com filed a complaint with the National Advertising Division (NAD), which has since recommended that CoStar stop making certain claims about its audience size.
What is Realtor.com’s plan for growth?
Eales highlights the company’s strategic partnerships and investment in technology as key drivers of its growth. Through these initiatives, Realtor.com is focusing on generating high-quality leads, improving lead conversion rates, and expanding its presence in new areas such as new rentals and new homes.
How will CoStar’s lawsuits affect the market?
Eales believes that CoStar’s lawsuits will have little to no effect on the overall market. In a statement, he said, "It will probably result in fewer Realtors, because it requires a more professional level of service."
Can Realtor.com improve its lead quality?
Yes. Eales emphasized Realtor.com’s commitment to improving lead quality, explaining that the company is employing new technology to ensure that its leads are both accurate and high-quality. This investment in technology, he claimed, will enable Realtor.com agents to receive better leads and increase their chances of successful transactions.
Author: www.inman.com
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