Move acquires real estate agent marketplace UpNest

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Move has acquired realtor marketplace UpNest for an undisclosed amount. UpNest will be used to bolster Realtor.com’s buyer and seller services, the company said.

Move has acquired realtor marketplace UpNest for an undisclosed amount, according to an announcement on Wednesday.

UpNest founder and CEO Simon Ru and his team of 50 will each retain their roles as the company is integrated into Move.

Simon Rou

“UpNest has helped hundreds of thousands of people sell their homes with the help of top agents over the past eight years,” Ru said in a written statement. “We are thrilled to join the Realtor.com family. Realtor.com’s audience reach and strong customer base will help us connect even more sellers with the agents who can best help them. »

Founded in 2013, UpNest connects home buyers and sellers with the most successful UpNest Partner Agents in their markets. Grant Agents must have a minimum of three to five years of experience, close a minimum of six to 12 deals within 12 months of applying, and demonstrate proficiency in sales, marketing, and communications skills.

Consumers will receive personalized quotes from listing agents and nearby buyers, which may include competitive commission rates and buyer’s commission reimbursements in permitted states. From there, consumers can choose which agent they want to work with and proceed with the transaction as normal.

The platform is free for consumers, however, real estate agents must pay a referral commission at closing. UpNest charges a 30% referral fee for selling leads and a 15% referral fee for buying leads, giving buyers’ agents the option to offer a discount.

If an agent partner closes more than one transaction with a consumer within 18 months of submitting a proposal, UpNest will charge a 30% fee on each additional sale, the company explained.

UpNest has made several lists of the best in the industry including the Tech 100 2021 from HousingWire. “[They’ve] facilitated over $10 billion in home listings and saved over $50 million in commissions and rebates to home buyers and sellers,” HousingWire said of the company.

David Doctorow

Realtor.com CEO David Doctorow said UpNest will be a valuable addition to its ReadyConnect Concierge and Seller’s Marketplace platforms, which connect consumers with qualified real estate agents and allow them to compare transaction options, such as iBuying. or buy now-sell-later.

“Our open market approach is about giving people choice,” he said. “While some of our competitors try to funnel buyers, sellers and real estate professionals to a specific set of services in a closed system, Realtor.com helps homeowners choose how they want to find and connect with a agent, and agents and brokers can decide which methods work best for them.

He added, “UpNest has a proven track record of successfully connecting owners looking to sell with the right agent for them, and we believe its innovative model complements our existing ReadyConnect Concierge program.

The UpNest marketplace will continue to operate through its current site as Move tests consumer and agent experiences in both marketplaces to “determine when and how best to deliver these different experiences to home buyers and sellers,” a doorman said. -word of the company.

“Our goal is to empower people to choose how they want to buy and sell, and to give our customers options for how they want to grow their business,” they said.

Email Marian McPherson

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