In Australia, at least.
The broker-owned Australian portal just launched on Monday, November 17. It’s called Squiiz (Australian slang meaning “to have a look”) and can be found at http://squiiz.com.au/. Their sleek and simple homepage also promises there will be versions for Android and iOS in the app stores coming soon.
Squiiz is 100% industry owned and was created as a direct response to the massive price increase of listing marketing. This is due to the consolidated nature of the real estate online advertising market in Australia. The board of directors consists of brokers, plus the CEO, Nick Christian. According to an interview with the CEO, Squiiz has been “founded by the real estate industry to future proof online marketing costs.”
What does this have to do with the U.S.? Well, in Australia the one holding the reins of online real estate is a News Corp subsidiary called REA Group. Now, according to Bloomberg, “News Corp. plans to hold 80 percent of Move, with Australia’s REA Group Ltd. (REA), which is 61.6 percent owned by News Corp., owning the rest.” That transaction closed last week.
With REA Group owning 20% of Move Inc. (realtor.com) and Zillow’s recent acquisition of Trulia, could we be headed towards a day when the major brokerages or franchises in the U.S. feel the need to do something similar?
If you want to know more about REA, read
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