Foreclosure.com Founder, President and CEO, Brad Geisen (pictured above on right), announced today that he has reached an agreement with “Domain King” Rick Schwartz to acquire the domain name “Property.com,” paving the way for his entry into a new market.
With Property.com Geisen intends to create a one-of-a-kind — and convenient — one-stop online real estate marketplace that is easy-to-use and navigate. The Web site will serve as an easily-accessible national real estate classified that is going to be free to all visitors, providing sellers, buyers and investors with a whole new concept of marketing and finding homes on the Web.
According to Geisen, the acquisition of Property.com will allow him to focus his efforts on a different and potentially much larger segment of the real estate market. In fact, in Geisen’s opinion, the niche foreclosure market, which is Foreclosure.com’s market, represents just 2 percent of all available real estate inventory.
Here’s a snip:
“I’m going after the 98 percent of the real estate market outside of the foreclosure business. For the past several years, I’ve built and run one of, if not ‘the,’ most successful Internet foreclosure businesses, but the business was always exclusively distressed real estate. I’ve achieved in Foreclosure.com what I set out to accomplish and I am ready for a new challenge in a different market. I intend to shift my focus on developing my new ideas that will revolutionize how homes should be listed, viewed and purchased. I’ve developed the critical skills that I intend to apply to this new market.”
Property.com will include all listing types, including those indexed in the Multiple Listing Service (MLS), creating a database that could surpass more than 15 million homes, but not including distressed properties, which will remain the business of Foreclosure.com.
The best part is that it will be totally free to search for potential buyers and visitors, and sellers will be able to upload and edit their own personal listings at no charge.
It’s a wide-open model that Geisen knows will create an invaluable resource for just about anyone interested in real estate.
Here’s more from Brad:
“I’m raising the stakes and pushing all my chips to the center of the table. Foreclosure.com and my related companies have been leaders in their spaces for nearly a decade. I’ve seen what’s been wrong with the way things were done and I’ve developed the methods to fix them. I have the knowledge and resources to take this to a whole new level … and that’s what I plan to do.”
Geisen revealed the new Property.com will be unveiled sometime in 2009. The specific terms of the deal to acquire Property.com were not disclosed. However, Geisen indicated that the value of the deal is one of the largest URL purchases to date.
That’s a deal that has the seller Rick Schwartz -– who is known as the “Domain King” — smiling from ear-to-ear. He purchased Property.com for $750,000 in 2005 and was recently introduced to Geisen through Kevin Leto of BigTicketDomains.com about a possible re-sale.
Rick had this to say on the landmark deal:
“My job is to acquire prime, industry-specific domain names with large volumes of natural type-in traffic and eventually develop them to their fullest potential by partnering with leading companies in their respective fields, which I have been doing for more than a decade.”
Stay tuned for frequent updates and milestones for the new Property.com. Feel free to visit the Web site in its current form. However, as mentioned earlier, the complete re-launch will not be official until sometime in 2009.
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