Move, Inc.: The Evolution of a Real Estate Technology Giant
The landscape of digital real estate has been shaped by significant corporate shifts, legal battles, and strategic acquisitions. At the center of this evolution is Move, Inc., the company behind one of the most recognized property portals in the United States, Realtor.com. From its origins as a dot-com era startup to its current status as a powerhouse under News Corp, the company's journey reflects the broader volatility and growth of the internet real estate market.
The Homestore Era and Early Growth
The company began in 1996 when Stuart Wolff founded Homestore Inc. A pivotal early move was the establishment of a partnership with the National Association of Realtors (NAR). Through his company, RealSelect Inc., Wolff operated Realtor.com, with the NAR maintaining a small stake in RealSelect.
By 1999, the company went public on the NASDAQ as Homestore.com, Inc. The early 2000s were marked by aggressive expansion. In October 2000, Homestore acquired Move.com from Cendant Corp. for $761 million in stock, while Cendant retained a 15 percent stake. By 2001, the company's portfolio was vast, operating sites such as HomeBuilder.com, HomeFair.com, HomeWrite.com, and SpringStreet.com, alongside the acquisition of HomeBid, iPlace Inc. (purchased for $150 million), and the software Top Producer.
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Corporate Turmoil and Rebranding
The rise of the dot-com bubble brought severe legal challenges. Stuart Wolff was convicted of falsifying revenue results and insider trading, and other executives were imprisoned for inflating earnings. This led to the refiling of 2000 and 2001 financial reports and a 2002 investigation by the U.S. Securities and Exchange Commission (SEC). Although Wolff's conviction was overturned on appeal in 2008, he eventually accepted a plea bargain resulting in a 3–5 year sentence.
Following Wolff's resignation as CEO in January 2002, a new management team took over. The company transitioned its name to Homestore, Inc. in 2002 and eventually rebranded as Move, Inc. in 2006. This rebranding included changing the stock symbol from "HOMS" to "MOVE" and the official launch of the Move.com website in May 2006.
Strategic Expansion and News Corp Acquisition
In February 2006, Move, Inc. expanded its service offerings by acquiring Moving.com from TMP Directional Marketing, LLC, providing users with access to truck rentals, self-storage, and mortgage rate directories.
The following years saw a focus on diversifying the real estate ecosystem. In September 2010, Move purchased Threewide, the operator of the listing service ListHub, for $13 million. This was followed by the 2010 launch of MortgageMatch.com, a tool for first-time buyers and refinancing, and the 2011 acquisition of the social search platform SocialBios. By 2013, the company reported $227 million in revenue and $600,000 in profit, subsequently ending long-term partnerships with AOL and MSN Real Estate.
A major turning point occurred in September 2014 when News Corp agreed to purchase Move for $950 million. At the time, Move operated the third most-trafficked U.S. listing network. Ownership was split 80/20 between News Corp and REA Group. The National Association of Realtors endorsed the deal, continuing to license the Realtor.com URL to Move.
Modernization and AI Integration
Post-acquisition, Move continued to refine its technology stack and market reach. In 2015, the company moved its headquarters to Santa Clara and acquired Reesio, a residential transaction management provider. In 2016, Move and the NAR received $130 million from Zillow to settle a trade secrets lawsuit involving former executives.
Move also experimented with lifestyle content, acquiring Remodelista and Gardenista in 2016 to bolster Realtor.com's marketing. These sites, which drew 1.5 million monthly readers, were later sold back to their founders in 2019.
To stay competitive in the age of PropTech (property technology), Move made several high-tech acquisitions:
- Opcity (2018): Acquired for $210 million, this Austin-based firm uses artificial intelligence and machine learning to match buyers with agents.
- Avail (2020): A Chicago-based platform providing tools and education for landlords.
- UpNest (2022): A platform connecting buyers and sellers with competing local agents.
Conversely, the company streamlined its portfolio by selling TigerLeads to Commissions Inc. in 2016 and Top Producer to Constellation Real Estate Group in 2021.
Key Facts
- Founded: 1996 as Homestore Inc. by Stuart Wolff.
- Major Rebrand: Became Move, Inc. in 2006.
- Key Asset: Operates Realtor.com under license from the National Association of Realtors.
- Major Acquisition: Purchased by News Corp for $950 million in 2014.
- Tech Integration: Integrated Opcity's AI matching technology into Realtor.com.
| Year | Event | Details |
|---|---|---|
| 1996 | Foundation | Stuart Wolff founds Homestore Inc. |
| 2000 | Move.com Purchase | Acquired from Cendant Corp for $761 million. |
| 2006 | Rebranding | Homestore, Inc. becomes Move, Inc. |
| 2014 | News Corp Acquisition | Purchased for $950 million. |
| 2018 | Opcity Acquisition | $210 million investment in AI matching tech. |
Frequently Asked Questions
Who founded the company that became Move, Inc.?
The company was founded in 1996 by Stuart Wolff as Homestore Inc.
What is the relationship between Move, Inc. and Realtor.com?
Move, Inc. operates Realtor.com under a license agreement with the National Association of Realtors (NAR).
Why did the company change its name from Homestore to Move?
The company rebranded as Move, Inc. in 2006, coinciding with the launch of the Move.com website and a shift in corporate identity following previous management turmoil.
How did News Corp acquire Move, Inc.?
News Corp purchased Move in September 2014 for $950 million, with ownership shared 80/20 between News Corp and REA Group.
What role does AI play in Move's current operations?
Through the acquisition of Opcity in 2018, Move integrated artificial intelligence and machine learning to better match potential home buyers with real estate agents.