Bob Hale gives a fascinating presentation about…
…HAR’s success in building up a consumer-destination site for Houston real estate listing information. The presentation (*.pdf) is well worth a read and Chris McKeever of NAR’s CRT does a great job summarizing the highlights…
But the slide that stuck out the most for me was HAR’s local market share:
It goes without saying that 57% market share for a MLS site is very impressive and takes someone leading the ship who can create a product that meets the needs of local consumers.
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I’m surprised how poorly Realtor.com fared in many of those individual markets. I’m equally surprised how well Yahoo Real Estate fared (Prudential was clearly very fortunate to be the exclusive beneficiary of that traffic; they must be sweating it now). I’m not at all surprised to not see Zillow or Trulia on there.
Hats off to the HAR team and Bob. MLS sites have a very compelling value proposition to serious home buyers.
I’m sure lots of people will find some of those numbers surprising and they really demonstrate how much of “real estate search” is local.
Interestingly, I think it bodes well for startups like Roost.com who are looking to expand market by market.