Realtor.com® Acquires Avail
Move, Inc., the operator of realtor.com®, a leading online destination for real estate services, announced today it has acquired Chicago-based Avail, a platform that improves the renting experience for do-it-yourself landlords and tenants with online tools, educational content, and world-class support. Move, Inc. is a subsidiary of News Corp.
Residential rentals comprise a large market in the U.S.; according to an analysis of American Community Survey data from the U.S. Census Bureau, people spend more than $500 billion per year on rent in this country, and DIY landlords (landlords with 1-20 units, often in addition to a full-time job) own and manage about three quarters of all the rentals in the U.S.
The acquisition helps realtor.com® further expand into the rental space, extend its support for landlords, augment current rental listing content, grow its audience and build brand affinity and long-term relationships with renters.
The Avail online and mobile platform brings together the workflow tools that help independent landlords manage rental properties more easily and efficiently, almost all of which are free; more than 90 percent of landlords use the Avail free product, while some landlords upgrade for premium functionality and customizations. Landlords use the Avail platform to create and market rental listings, screen applicants, access state- and city-specific lease agreements, process payments and track maintenance requests. The platform also offers tools for renters, including easy ways to complete rental applications, sign leases, pay rent, submit maintenance requests and access related products and services like renters insurance.
"This acquisition is a key part of our strategy to make finding a home easier and more rewarding," said David Doctorow, CEO of realtor.com®. "We believe that Avail is uniquely positioned to meet the needs of the DIY landlords and tenants in a large, growing and underserved market. By combining Avail's rentals listing content and easy-to-use tools with realtor.com®'s large audience, consumer experience platform and insights, we believe we can deliver more value to DIY landlords and tenants. I'm excited about what the tremendous team at Avail will add to the talented staff here at realtor.com®."
Avail is experiencing incredible growth in the market despite the Coronavirus pandemic, as more landlords move their rental businesses online and consumers look for contactless rental opportunities, especially with online rent payments.
"We are excited about joining the team at realtor.com®, and see this acquisition as a tremendous opportunity for our customers," said Avail CEO Ryan Coon. "Leveraging realtor.com®'s industry expertise and scale will allow us to expand our platform capabilities and offerings so we can continue to deliver high-quality services, tools and education to even more landlords and tenants."
Coon, Avail co-founder Laurence Jankelow and the company's 30+ person team will join Move, Inc. Terms of the acquisition were not made public.
Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
About Move, Inc.
Move, Inc., a subsidiary of News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV], operates a family of websites and mobile experiences for consumers and professionals, including realtor.com®. Move also offers software products and services to help real estate professionals serve their clients and grow their business, including ListHub™, the nation's leading listings syndicator and centralized intelligence platform for the real estate industry; and Top Producer® Systems.
Founded in 2012, Avail is the first and only online platform for independent landlords and tenants that provides the tools, education, and support to make renting easy. Landlords across the U.S. use Avail to advertise vacant units, request rental applications and credit reports, sign leases, and collect rent — all online. Learn more at www.avail.co.