Move (company)

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Move,Inc.
Type Public
Traded as NASDAQMOVE
Industry Internet services
Founded 1996
Headquarters San Jose, California
Key people Joe F. Hanauer, Chairman
Steve Berkowitz, CEO
Kenneth K. Klein, Board Member
Jennifer Dulski, Board Member
V. Paul Unruh, Board Member
Catherine B. Whatley, Board Member
Products Realtor.com, HomeInsight, Top Producer, SeniorHousingNet, ListHub, Moving.com & SocialBio
Revenue Increase$191.72 Million USD (2011)
Net income Increase$7.26 Million USD (2011)
Employees 1,000 (2010)
Website www.move.com

Move, Inc. (NASDAQMOVE) is a real estate web site, which operates the Move Network of real estate web sites for consumers and real estate professionals. The Move Network of web sites captures more than 15 million monthly visitors. The headquarters for Move, Inc. is in San Jose, California. Move, Inc. maintains offices in Scottsdale, Arizona, Westlake Village, California and Richmond, British Columbia, Canada. It is listed on the NASDAQ Stock Market under the ticker symbol: MOVE.

Products and services[edit]

  • Realtor.com - displays home listings from nearly 900 Multiple Listing Services (MLS) across the U.S.
  • Move.com - Launched in May 2006,[1] Move.com is a real estate search engine, as well as new home and rental listings.
  • Top Producer - a supplier of marketing and lead generation systems for real estate professionals.
  • Moving.com - offers moving-related services and tools online.
  • SeniorHousingNet - allows visitors to search for independent and assisted living facilities, nursing homes, retirement communities and other elderly care.
  • HomeInsight - gives consumers insight into local real estate market conditions.
  • Homefair - offers consumers resources related to moving including: relocation calculators, quotes, and articles on moving and relocation.
  • ListHub - acquired in 2010,[2] provides Multiple Listing Services and real estate brokers and agents with a listing syndication platform.
  • Socialbios - a suite of widgets that power a socially connected “about us” page for real estate professionals.
  • TigerLead Solutions - combines High Quality Home Buyer and Home Seller Lead Generation, with a sophisticated Lead Management Platform

History[edit]

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.[3] At the time, the company operated as RealSelect, Inc.[4] although the company became better known as Homestore.

  • In 1999, Homestore went public, and raised $140 million.[5] 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.
  • On December 21, 2001, the company determined that it would restate certain portions of its financial statements.[6]
  • In November 2005, Elevation Partners, a Bay Area Equity Firm, announced a $100 million investment in Homestore.[8]
  • In February 2006, Homestore changed its name to Move, Inc.[9]
  • In October 2009, Move, Inc. entered into a joint venture with Builder Homesite, Inc.[10] Through the strategic partnership, BDX operated the Move.com New Homes channel and NewHomeSource.com.
  • In September 2010, Move acquired online real estate listing syndicator ListHub.[11]
  • In December 2010, Move launched an online mortgage offering called MortgageMatch.com[12] targeting first time home buyers and those looking to refinance.
  • In July 2011, Move acquired SocialBios. [13]
  • In December 2013 and July 2014 its relationships with AOL and MSN, respectively, ended.[14]

Criticism and controversy[edit]

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.[15] Wolff's conviction was overturned on appeal in 2008,[16] but he eventually plea bargained for a sentence of 3-5 years.[17]

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[edit]

References[edit]

  1. ^ "Move.com Launched on Tuesday". maxsell.net. May 5, 2006. Retrieved 2011-08-04. 
  2. ^ "Move Acquires Online Real Estate Listing Syndicator ListHub For $13 Million". TechCrunch. September 21, 2010. Retrieved 2011-08-04. 
  3. ^ "Realtors' On-Line Venture Gets Capital for Restructuring Effort". Wall Street Journal. November 13, 1996. Retrieved 2009-04-02. 
  4. ^ "Why REALTOR.com Matters to REALTORS". National Association of Realtors. Retrieved 2009-04-02. 
  5. ^ "Homestore's New Management Trying to Put House in Order". LA Times. February 27, 2002. Retrieved 2012-04-12. 
  6. ^ "Homestore Announces Accounting Inquiry". 
  7. ^ "Class Action Lawsuit Commenced on Behalf of Purchasers of Homestore.com Inc.". January 16, 2002. Retrieved Jul 25, 2013. 
  8. ^ "Move". Elevation Partners. Retrieved 2009-04-02. 
  9. ^ "Homestore, Inc. to Change Name to Move, Inc." (Press release). Move, Inc. February 22, 2006. Retrieved 2011-08-04. 
  10. ^ "Move and Builder Homesite Join Forces and Resources to Connect Builders with Buyers" (Press release). PRNewsWire. October 14, 2009. Retrieved 2011-08-04. 
  11. ^ "Move Acquires Online Real Estate Listing Syndicator ListHub For $13 Million". TechCrunch. September 21, 2010. Retrieved 2011-08-04. 
  12. ^ "Mortgage Match Targets First-time Homebuyers". UPI. Retrieved 2011-02-10. 
  13. ^ "Move acquires SocialBios". InmanNews. July 18, 2011. Retrieved 2011-08-04. 
  14. ^ Hagey, Paul. "Zillow takes over real estate search at MSN Real Estate after Move Inc.’s exit". 
  15. ^ Palmeri, Chris (July 6, 2006). "How Stuart Wolff Got Himself Caught In A Trap". BusinessWeek. Retrieved 2009-04-02. 
  16. ^ Egelko, Bob (January 15, 2008). "Homestore CEO's fraud conviction overturned". San Francisco Chronicle. Retrieved 2009-04-02. 
  17. ^ Carter, Matt (January 11, 2010). "Stuart Wolff pleads guilty". 

External links[edit]