New Realtor.com to launch in beta
Move initiates dialogue with NAR on operating agreement
By Matt Carter, Friday, May 7, 2010.Screenshot of current version of Realtor.com.
Berkowitz said the beta version of Realtor.com will soon be available on an “opt in” basis for a period of two to three months, with all visitors being offered the option of using the new platform. Those who don’t can continue to use the existing site until it is phased out at the end of the beta test.
“We plan to have homes for sale listings, which is still the search default, new construction, recently sold, as well as off market properties and rentals, all searchable and discoverable from one place,” Berkowitz said.
Although that content can already be found on Realtor.com, it hasn’t always easy to find, he said.
“One interesting point is that in spite of the fact that our property information has been hard to find, we still attract millions of users every month to that content,” he said. Simplifying search and providing easier access to content “will help Move remain the premier online real estate destination.”
Move has “overcome a major hurdle with this pending release,” Berkowitz said.
“Our stale and inflexible architecture was a serious inhibitor for any strategic initiative that we wanted to implement, and our lack of a product roadmap only exacerbated the problem,” Berkowitz said. “I’m pleased to say those issues will no longer be bottlenecks to our success.
The discussions with NAR over the Realtor.com operating agreement are expected to take “a few months,” Berkowitz said.
He said “a number of questions” have come up “around certain concepts and points in the operating agreement that we feel need clarification.”
Asked by an investment analyst if there were any issues in the agreement that Move feels restricted by, Berkowitz said “it’s not a question of what we can or we can’t do today.”
He said there’s a clause in the agreement that says Move must stay competitive.
“So our goal in this process actually is to just gain clarity. We’ve been able to operate the business now and continue to operate the business within the operating agreement, but it is just now a need for us to get clarity around” what the definition of competitive means, Berkowitz said.
In announcing first quarter results, Move said it lost $20.3 million, up from $10.2 million a year ago. But nearly all of the loss was attributed to the company’s decision to sell off auction-rate securities, which it acquired before the financial crisis, at a loss.
Move said first-quarter revenue was stable, falling by about $1 million from the previous quarter to $48.6 million, and is expected to stay within that range for the remainder of the year. The company upped its guidance for 2010 revenue, saying it should fall between $191 million and $195 million.
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