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
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.
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.
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.
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
Congratulations Rick. That is great news.
Posted by: Ryan MacDonald | July 23, 2008 at 05:39 PM
Congrats my friend, you are the Domain King
Posted by: Michael Berkens | July 23, 2008 at 06:00 PM
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!
Posted by: Francois | July 23, 2008 at 06:27 PM
well, the way to go mr "domain king" :)
best,
k.
Posted by: keyser | July 23, 2008 at 06:32 PM
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).
Posted by: Steve M. | July 23, 2008 at 08:53 PM
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,
Posted by: Dean Phillips | July 23, 2008 at 11:04 PM
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.
Posted by: M. Menius | July 23, 2008 at 11:46 PM
Congratulations Rick! Well done.
We accommodated this excellent news in a post on Dominiolo.com, a Spanish forum for domainers.
Gamaniel Rosas
Posted by: Maestrus | July 24, 2008 at 01:33 AM
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.
Posted by: Rick Schwartz | July 24, 2008 at 06:46 AM
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
Posted by: Robbie Ferguson | July 24, 2008 at 01:13 PM
Rick,
Congratulations! I really admire you for your vision and more importantly the willingness to share it with others.
thanks,
Sai.
Posted by: Sai | July 27, 2008 at 09:21 AM
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.
Posted by: Dave Augustyniak | October 13, 2008 at 06:38 AM
well dave here i totally agree with . you got the same way of looking as i got .
Posted by: john beck | December 29, 2008 at 05:54 AM
I admire you "Mr.Domain King",congrats! thanks to your blog i enjoyed reading.
-stephen-
Posted by: philippines property | January 12, 2009 at 09:17 PM
Awesome. I learned a lot. Thanks for sharing.
-filicity-
Posted by: real estate philippines | February 19, 2009 at 01:30 AM
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.
Posted by: John Beck Tax Foreclosure | March 02, 2009 at 12:05 AM
Any updates here. Did property.com actually sell or is this like candy.com?
Posted by: RickRolled | May 29, 2009 at 10:09 PM