Property.com SOLD to Foreclosure.com

FOR IMMEDIATE RELEASE
FORECLOSURE.COM OWNER TO ACQUIRE PROPERTY.COM
Brad Geisen continues to build online real estate empire to expand opportunities for future homebuyers and investors nationwide

Boca Raton, Fla. — July 22, 2008
Foreclosure.com Founder, President and CEO, Brad Geisen, 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 easy-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.

“I’m going after the 98 percent of the real estate market outside of the foreclosure business.” said Geisen. “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 which I intend to apply to this new market,” said Geisen.
Property.com will include all listing types, including those indexed 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.

“I’m raising the stakes and pushing all my chips to the center of the table,” said Geisen. “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.

“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,” said Schwartz,” “Early on I saw the value in Property.com; however, I never had the resources to develop it so it could reach its maximum potential. Brad Geisen has the vision to truly get the most of Property.com for the benefit of so many people in every corner of the United States. I’m thrilled to be a part of this exciting new project with Brad.”

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.

About Brad Geisen and Foreclosure.com
Ten years ago, Brad Geisen founded Foreclosure.com and built it over time to a company with more than 1.8 million foreclosure, preforeclosure, bankruptcy, FSBO and tax lien listings in one place, Foreclosure.com delivers America’s largest and most accurate searchable database of foreclosed homes and distressed property information to its customers and business partners. Based in Boca Raton, Florida, Brad Geisen and Foreclosure.com work with hundreds of top lending institutions and government agencies to list diverse property types on its Web site, including Real Estate Owned (REO); Department of Housing and Urban Development (HUD); Department of Veterans Affairs (VA); Fannie Mae; and other government agency and financial institution properties; as well as listings from an extensive network of corporate sellers. On the Web: www.foreclosure.com.

About eRealEsate.com.

Rick Schwartz, aka “Domain King” and “Webfather,” is the CEO, President and Cofounder of T.R.A.F.F.I.C. found at TargetedTraffic.com-- the premiere domain conference for the domain industry. It is both the oldest and largest and attracts over 500 of the top professionals in the industry in a by invitation only event. As one of the early domain pioneers dating back to 1995, Rick has a knack for predicting big trends and getting it right. He may have been the first to recognize the value of “type in” traffic which is now commonly referred to as “direct navigation” -- the most potent and targeted traffic on the net. Rick has a prime portfolio of one and two word domains, and is considered by many to be among the leading experts on domain names, traffic, Web site flow and valuation. www.eRealestate.com

Media Contact
Thomas Myers
Foreclosure.com
tmyers@foreclosure.com
Tel: (561) 981-5337 ext. 381




41 thoughts on “Property.com SOLD to Foreclosure.com

  1. Francois

    Very glad to read about that sale :)
    Sure, you are not a developper as it has been commented many times.
    But you are a TERRIFIC SELLER and really deserve your KING title!
    Congrats and enjoy!

    Reply
  2. Steve M.

    Good going, Rick.
    Now maybe the jealous bozos who still think your success w/domains has been due to luck will put a sock in it (though I won’t hold my breath).

    Reply
  3. Dean Phillips

    Who says the”real estate” market is soft!
    I’d say this is also a smart move with the high likelihood of cap gains rates moving higher next year.
    No one every went broke taking a profit.
    All the Best,

    Reply
  4. M. Menius

    Major Kudos to Rick. Reminds me of the shock and awe that was business.com and loans.com. Those sales were watershed. This has that feel.

    Reply
  5. Maestrus

    Congratulations Rick! Well done.
    We accommodated this excellent news in a post on Dominiolo.com, a Spanish forum for domainers.
    Gamaniel Rosas

    Reply
  6. Rick Schwartz

    Thanks for all your comments and congrats. Of course everyone wants to know how much. So let me try and address this the best way I can without violating the contract.
    Like with all other numbers, I am scared to even put in print what I believe the TOTAL value of this deal to be. It’s a big number that will grow and grow and someday can get a 2nd payday if this is sold, that is even bigger than this one.
    There is a new skyscraper in town and this one is still being built and when done, will be the tallest one ever. That’s about the best I can do as far as addressing a price. More importantly, it establishes and confirms the original 1995-1996 blueprint I have had that has been poo pooed and laughed at for 13 years. This is a BIG mile marker because of that. This sale may fade, but the blueprint I have is now validated and the foundation of future sales. The value of that……an unknown bonus.

    Reply
  7. Robbie Ferguson

    Well Done Rick!
    You are doing a great a job! You are our king and we shall follow your through these tough times with reduce in PPC etc
    The sale of property.com has given us all light! WE can all buy good names at a reasonable price with a vision in mind and achieve those GOALS!
    Congrats – Who cares about the Haters they just dont know how to look into the future – predict Trends and domains!
    Well done again Rick, look forward to meeting you at TRAFFIC soon!
    Robbie

    Reply
  8. Sai

    Rick,
    Congratulations! I really admire you for your vision and more importantly the willingness to share it with others.
    thanks,
    Sai.

    Reply
  9. Dave Augustyniak

    Rick:
    Who is best suited to list and sell my Trademark and Domain package I want to sell? It took me over five years to get my trademark approved from the USPTO but now I am ready to sell the package. It is perfect for a company wanting to Franchise or promote their company as being RealtySmart. Please share with me your thoughts. Thanks.

    Reply
  10. RickRolled

    Any updates here. Did property.com actually sell or is this like candy.com?

    Reply
  11. John Beck Property Vault

    this is really helpful.. i faced the financing problem in the last house i bought…. but with the help of a friend i was able to finance it through an online financing scheme…. this is a cool idea though

    Reply
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    Excellent read, I just passed this onto a colleague who was doing a little research on that. And he actually bought me lunch because I found it for him smile So let me rephrase that.Betonherstel

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    This is really helpful.. i have faced financial problem in the last house i bought…. but with the help of a friend i was able to finance it through an online financing scheme…. this is a cool idea though.
    Thanks for the info

    Reply
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    If you wish to maintain the option of buying locally, you must support the economic infrastructure of your neighborhood at least part of the time, so that the wages, taxes, etc. stay around rather than going off to Amazon, etc. Otherwise the local stores close, and then your choices are gone. See

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