In a development that shows the battle for online real estate dominance now extends beyond the listing to the complete homebuying transaction itself, Move Inc., which operates Realtor.com for the National Association of Realtors, announced the acquisition of Reesio, a document and transaction management platform that allows the entire real estate transaction to be done online.
The Reesio acquisition comes two months after Move and Realtor.com’s largest competitor, the Zillow Group (Z) announced its own acquisition of an online document company, DotLoop, which Zillow has big plans for.
In a statement, Move, which is owned by News Corp (NWS), said that the Reesio acquisition strengthens the company’s suite of professional software and responds to brokers and agents who requested an end-to-end solution to help them increase productivity and manage their business.
Terms of the deal were not disclosed.
Move also said that Reesio offers an “attractive user interface” and solid platform that will allow agents to build an innovative digital workplace that meets the needs of today's homebuyers and sellers.
With the deal, “Move is now positioned to soon offer a complete and seamless experience for brokers and agents with the integration of Reesio into Move's suite of professional software products,” the company said in a statement.
Move also said that San Francisco-based Reesio provides brokers and agents with a platform to collaborate and communicate with home buyers and sellers, mortgage professionals, title and escrow companies, inspectors and other service providers, which makes the transaction process “transparent” and improves communication to all parties.
According to Move’s announcement, Reesio’s secure online platform allows collaborators to share, edit, sign and store transaction documents like offer letters, inspection reports, and loan information in one place, and helps brokers and agents to reduce transaction errors and risk by allowing workflow templates to guide the steps and requirements for closing.
"Reesio is a perfect fit for Move, allowing us to provide industry partners, brokers and agents an end-to-end software solution for managing their business through all phases of the real estate transaction and simplifying what can be a lengthy and complicated process for home buyers and sellers," said Move CEO Ryan O'Hara.
"Reesio was built by real estate professionals for real estate professionals,” O’Hara continued. “Partners wanted the benefit of Top Producer CRM integrated with transaction management software. This acquisition reinforces our commitment to empower people by making all things real estate simple, efficient and enjoyable."
According to Move, Reesio's four founding partners will join Move as part of the deal.
"We are excited to be joining Move and Realtor.com," said Mark Thomas, co-founder and CEO of Reesio.
"This transaction provides us with the resources necessary to continue to build on the platform we've created,” Thomas continued.
“Move's deep commitment to the professional software side of the business and the real estate industry, generally, aligns with our vision of creating an all-in-one technology platform for brokers and agents,” Thomas said. “By joining forces, we can ensure that real estate professionals have the tools they need to connect with consumers through every stage of the transaction process. We think our offering is a better alternative for the industry, brokers and agents than our competitors."