Same day coverage of a speech by Rupert Murdoch.
Murdoch repeatedly referred to NewsCorp’s experience in launching what is now the largest property search site in Australia, REA Group’s realestate.com.au, as a model for Realtor.com. (REA Group, itself a NewsCorp subsidiary, owns a stake in Move, and Murdoch has appointed some former REA senior executives to help manage Move.) Speculation that Murdoch had planned to mold Move in REA’s image had caused some worry among agents – in Australia, REA charges real estate agents both subscription fees and substantial listing fees in order to have their listings displayed on the site.
Murdoch was at pains to reassure agents on this point, however, explaining, “We understand this is a different business model in America. But we think we can live with it,” saying that attracting advertising from financial services and the construction industry would be more of Realtor.com’s focus. “We certainly don’t want to replace agents,” he said.
PDF of full article: Murdoch Speech
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