| Type | Public |
|---|---|
| Founded | N/A |
| Headquarters |  Westlake Village, California |
| Key people | Joe F. Hanauer, Chairman Steve Berkowitz, CEO |
| Industry | Internet services |
| Products | Realtor.com, WelcomeWagon.com, Top Producer, Move.com, SeniorHousing.net, and Moving.com |
| Revenue | ▲$252.62 Million USD (2005) |
| Net income | ▲$0.55 Million USD (2005) |
| Employees | 1,800 (2006) |
| Website | www.move.com |
Move.com (NASDAQ: MOVE) is a real estate web site, parent company Move, Inc., which also operates Realtor.com. Move provides search tools for rentals and new homes, in addition to operating several subsidiaries.
Contents |
History
The company began by working with the National Association of Realtors (NAR) to host and manage the listings of Realtors nationwide in the mid-1990s.[1] At the time, the company operated as RealSelect, Inc.[2] although the company became better known as Homestore.
In 1999 Homestore went public, and immediately became the #1 real estate site on the Internet, and raised $140 million. NAR retained a significant equity position, but Homestore negotiated agreements with hundreds of Multiple Listing Servicees (MLSs) and brokerages to secure direct feeds of listings and found itself in a head-to-head competition for listings and traffic with Microsoft’s HomeAdvisor.
In November 2005, Elevation Partners, a Bay Area Equity Firm, announced a $100 million investment in Homestore.[3]
In February 2006 Homestore changed its name to Move Inc. to distance itself from the Stuart Wolff controversy and to coincide with an expanded commitment to offering consumers comprehensive real estate listings, decision support tools, and access to qualified move-related service providers.
Features
The re-branded company has three consumer offerings: Realtor.com, Move and Welcome Wagon. The company also acquired Moving.com, a provider of consumer moving tools and access to qualified moving services.
Criticism and controversy
Much of the past criticisms of the company centered on the actions of the management team during the rise of the dot-com bubble. In particular, the founder and former CEO, Stuart Wolff, was convicted of insider trading and falsifying the company books.[4] Wolff's conviction was overturned on appeal in 2008.[5]
W. Michael Long, former CEO of Healtheon Corp. and chairman of WebMD Inc. after its merger with Healtheon took over as CEO on January 7, 2002. He was joined by two other former Healtheon and WebMD executives: Jack D. Dennison, chief operating officer, and Lewis R. Belote III, chief financial officer. Joe F. Hanauer, former head of Coldwell Banker’s Residential Group, was named chairman of Homestore’s board of directors.
See also
- Real Estate Transaction Specification (RETS)
- Internet Data Exchange(IDX)
- Real estate trends
- Real estate broker
- David Lereah
References
- ^ "Realtors' On-Line Venture Gets Capital for Restructuring Effort". Wall Street Journal. November 13, 1996. http://online.wsj.com/article/SB847846831424684500.html?mod=googlewsj. Retrieved 2009-04-02.
- ^ "Why REALTOR.com Matters to REALTORS". National Association of Realtors. http://www.realtor.org/realtororg.nsf/pages/Rcominfo2?OpenDocument. Retrieved 2009-04-02.
- ^ "Move". Elevation Partners. http://www.elevation.com/EP_port_item.asp?id=2. Retrieved 2009-04-02.
- ^ Palmeri, Chris (July 6, 2006). "How Stuart Wolff Got Himself Caught In A Trap". BusinessWeek. http://www.businessweek.com/the_thread/hotproperty/archives/2006/07/how_stuart_wolf.html. Retrieved 2009-04-02.
- ^ Egelko, Bob (January 15, 2008). "Homestore CEO's fraud conviction overturned". San Francisco Chronicle. http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/01/15/BUDSUF57V.DTL&feed=rss.business. Retrieved 2009-04-02.
External links
- Move on Google Finance
- Move on Yahoo! Finance
- Move on AOL Money & Finance
- Move on MSN Money
- How Stuart Wolff Got Himself Caught in a Trap
Company and Subsidiary Links
- Move.com: New Homes for Sale and Rental Homes
- Realtor.com: Homes for Sale
- WelcomeWagon.com: Local Community Info and Business Directory
- Top Producer: REALTOR CRM and Marketing Software
- SeniorHousing.net: Homes for Seniors
- Moving.com: Moving-Related Services
- Find A Neighborhod
- Apartments, houses for rent, find an apartment, search rental properties
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