…the international buyer.
I talked to the CEO of Properazzi (Yannick Laclau) the other day and mentioned my concern that they were entering a highly competitive space (and it appeared to me) without a plan to get comprehensive listings. His response was that, at least initially, they would be appealing to a very international audience who would largely be unaware of domestic home search tools.
I’m not sure how much I buy this idea that it is enough to appeal to international buyers, but they’ve got to be the fastest expanding real estate search site in the world, so Yannick obviously knows a bit about what he’s doing!
This interview by Global Property exchange with Simon Baker, who just so happens to be the CEO of News Corporation-owned REA Group, features a few choice quotes about web2.0 start-ups in the real estate space. Here are the two comments that stuck out for me:
“You don’t have to look sexy to deliver.”
“Sites like Zillow.com get a lot of press and they look great but will they deliver? … I doubt whether they do more than US$3 million a year compared to Realtor.com’s US$300 million”
“Outside of Asia, South America and Eastern Europe, my advice [to would-be real estate portals] would be, keep your money. In fact, if you were given £20 million to start a new real estate portal, the best thing to do would be to [not to start the portal at all and] set up a consultancy to take the money from them.”
(h/t to Yannick of Properazzi)