News Corp Completes Acquisition of Opcity

Posted by Ben Rubenstein on October, 12 2018

We are pleased to share that News Corp announced Thursday, October 11th that its subsidiary Move Inc., operator of realtor.com®, has successfully completed its acquisition of Opcity.

Over the last several months, there’s been a tremendous interest in our operations, the milestones we’ve hit in a short period of time, and the trajectory we’re on within the industry.

We talk a great deal at Opcity about creating win-win situations for our clients, partners, and teammates, and joining the realtor.com® family will only further that. Realtor.com® is a significant source of the leads we purchase, and they recognize that a deeper relationship with our team, technology and process will yield a combined player unlike anything in real estate today. Most importantly, our missions are completely aligned. We help people find homes by connecting clients and real estate professionals throughout all stages of the journey. Together we can do that from the very first home search, all the way through and beyond close.

I know announcements like this can create a wide range of emotions and generate a lot of questions. Let me state flatly that Opcity will remain Opcity. The culture and values that got us to this point will continue to guide us going forward. We will continue to operate our business, but with the backing of a stable and well-known brand in the market. If anything, this adds fuel to the fire and will allow us to accelerate our growth.

I realize that our partners will have many, many questions, and to get you answers as soon as possible, you’ll find an FAQ at the bottom of this post with the more common ones that situations like this create.

We are excited to provide more value for our customers and partners by utilizing the resources and suite of products of realtor.com®. This is a win-win for all parties.

Thank you for your continued partnership and support!

If you are a Realtor.com customer and would like to take advantage of Opcity's proven lead conversion process, click here to learn more. 

If you are interested in career opportunities with Opcity, visit our careers page for more information. 

The official press release can be read here.

 

Ben Rubenstein

Ben Rubenstein

Founder and CEO

Opcity

 

Frequently Asked Questions:

Details:

Our agreement is with Move, Inc., a subsidiary of News Corp. Move, Inc. operates a number of brands, chief among them is the realtor.com® brand. For simplicity, we refer to realtor.com® in our internal communications.

Press Release:

https://newscorp.com/2018/10/11/news-corp-completes-acquisition-of-opcity

 

Why are we doing this? Why now?

This is a phenomenal opportunity to come together with a fantastic consumer brand to help homebuyers and sellers throughout the entire journey. The competition and market are moving toward an end-to-end solution, and we are best-in-class in lead conversion and they are best-in-class in lead generation, so it was a match made in heaven. We were not marketing ourselves and definitely not looking to sell after only 2.5 years, yet this union is critical to the future of residential real estate. Realtor.com® is a great partner and was blown away by the tremendous consumer experience we gave to their users. Given the success of this partnership, we have been pushing to get more of their leads and deepen the relationship for some time. This is by far the fastest path for both organizations to be the top player in the industry.

 

What does this mean for Opcity broker, agent, lender, and title partners?

Not much! Opcity will remain Opcity. We will continue to offer our superior services with great pricing. We do not have plans to change our services in the near future.

The only thing that will change is that we will continue to grow with the backing of realtor.com®.

 

What does this mean for Realtor.com customers? 

Realtor.com® customers will have the choice between traditional lead products that allow professionals to work leads themselves and Opcity's proven conversion process that matches qualified agents with vetted, transaction-ready consumers. If you are a realtor.com® partner click here to learn more about working with Opcity.  

 

Will Opcity continue to buy leads from other sources?

We will continue to purchase leads from a variety of sources and we are excited to continue to expand those relationships.

 

Will Opcity change based on this acquisition? Is the brand going away?

As CEO of Opcity, I have committed to stay with the organization, and I am thrilled to bring these two synergistic partners together to be a top player in this space. What will change is that we will have more resources, more high-quality leads, and more branding options.

  1. We plan to maintain our speed, culture and our current brand
  2. I will remain CEO and the majority of the senior leadership team is staying intact
  3. We have complementary products; no deep integration is necessary as we’re already working together on different parts of the consumer funnel, so the product and service will not be interrupted
  4. With the addition of Opcity, realtor.com® is fundamentally serving a new customer segment—one they expect to grow considerably and will put in all of the necessary resources to make us successful
  5. There are exciting opportunities to expand as part of a consumer-facing brand realtor.com® has a tremendous respect for our teams and wants to help them grow
  6. With our anticipated growth, we will be actively expanding and bringing on many new hires. If you are interested in career opportunities with Opcity, please visit our careers page for more information. In the past, we have discussed that a large part of our grand vision was to create consumer-agent collaboration tools to help in the searching, showing, and closing journey. Realtor.com®has been providing the real estate industry with professional product services and tools for two decades. A combination with realtor.com®will allow us to leverage their expertise and platform. There aren’t many consumer-tool companies in Austin, and this will be a huge advantage for recruiting and a lot of fun to build.

 

Topics: Inside Opcity: Culture & News

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