CHARLOTTE, N.C., December, 8, 2008 – Today RealEstate.com announces the acquisition of certain assets of Tampa-based New Homes Realty, Inc. New Homes Realty is an online real estate company operating in 11 metro areas across the country and utilizing a network of approximately 200 licensed real estate agents and brokers. In addition, the company developed a family of Web sites, including its flagship NewHomes.com, to provide interested home shoppers a database of thorough real estate information for new and existing homes.
The purchase will expand RealEstate.com, REALTORS® in its existing 14 markets, as well as enable the company to grow into six new areas including Florida, Georgia, Illinois, Louisiana, Texas, and the Washington, DC/Capital region. In addition, New Homes Realty's family of Web sites will now be run by RealEstate.com. The acquisition also allows RealEstate.com to add another lead generation component to its growing real estate portfolio, which already includes iNest (www.inest.com), a leading real estate broker specializing in newly-constructed homes.
"The acquisition of New Homes Realty assets is a perfect fit with our growing RealEstate.com, REALTORS® division," says Bret Violette, president, RealEstate.com. "The company had a long-standing reputation as being one of the best brokers in the new homes segment and will allow us to quickly add a group of talented and extremely skilled agents to our team who are already in the field working with customers. We are also excited to incorporate the New Homes Realty lead generation assets into our company allowing us to better compete for and service those looking to purchase a new home."
"Our team of experienced real estate agents and brokers is excited to join RealEstate.com, REALTORS® and begin working with high quality consumers ready to transact on a new or existing home," says Kurt Gleeson, formerly of New Homes Realty, and now a vice president of sales for RealEstate.com, REALTORS®. "RealEstate.com drives some of the most qualified and interested home shoppers in the industry so we look forward to working together and gaining the steady flow of customers ready to buy or sell their next home."
RealEstate.com, REALTORS® is a local, on-the-ground brokerage operation that operates in 14 markets across the country with more than 1,100 sales agents. This acquisition grows the operation to 20 markets and 1,300 agents.
Financial terms of this acquisition were not disclosed and are not expected to have a material impact on the consolidated financial position or results of operation of Tree.com, Inc. (NASDAQ: TREE).
RealEstate.com gives consumers a better way to buy or sell homes through a comprehensive suite of real estate services, tools, and helpful advice. The site provides access to more than two million homes for sale, 97 million home values and a unique deep dive view into more than 22,000 cities reaching every metropolitan area in the U.S.
The company also operates five distinct business lines consisting of RealEstate.com, REALTORS®, an Internet-enabled real estate brokerage that operates in 14 markets with more than 1,100 sales agents; a Broker Network, a strategic lead generation program for real estate brokers that provides them with incremental, targeted, and high-quality leads; iNest, a lead generator that specializes in newly-constructed homes and offers consumers an exclusive cash bonus program; Domania, a provider of innovative customer acquisition and retention products for banks, mortgage lenders and REALTORS®; and also, a network of geo-targeted advertising opportunities throughout the RealEstate.com portal.
RealEstate.com is a division of LendingTree, LLC, a Tree.com, Inc. company (NASDAQ: TREE).
REALTOR® - A registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTOR®) and subscribes to its strict Code of Ethics.