Leading US real estate marketplace Zillow Group is about to add yet another website to its brand with the introduction of RealEstate.com, a portal designed for millennial homebuyers.
Tapping into a generation of homebuyers who are under the age of 40 is a key growth area for Zillow, who also owns online sites Trulia, StreetEasy, Zillow and HotPads.
The RealEstate.com URL currently diverts users to the Trulia site, and was procured by Zillow during its acquisition of Trulia.
Jeremy Wacksman, CMO at Zillow Group said the decision to focus its attention on younger buyers was fueled by research.
“We’ve spent a great deal of time thinking about millennials, how they approach real estate and the experience they expect during the search process,” Wacksman said.
“We know from our own research they are driving the housing market, as half of homebuyers in the U.S. are under 36-years-old. This represents a huge opportunity for agents to connect with this growing audience of buyers. RealEstate.com is designed with the millennial shopper in mind and will provide another way for them to connect with an agent.”
Simon Baker, the founder of Property Portal Watch and former CEO of the REA Group, commented: “This is a smart move by Zillow. Traditionally portals have given all visitors the same experience with the only customisation based on the search that they do.
“However, not all visitors are the same and each segment has different requirements. For example, a property investor requires rental yields and potential capital growth information while a first home buyer requires mortgage and affordability information.
“Therefore, the natural evolution for a high visitation portal operating in a mature market is to segment its consumer base to ensure that each major segment has an experience that truly meets its needs. This will also provide them with new advertising opportunities that allow them to extract a higher yield per visit.”
Aside from a launch date slated for May, further details about the website remain unclear.
Source: Ris Media
This article was updated on 12/4/17.