Globally, property portals are extremely profitable businesses. Which is why it should come as no surprise that Zillow recently expanded into long island and acquired the portal Hamptons Real Estate Online, or HREO.
Zillow Group, or simply Zillow, is an online real estate database company that was founded in 2006 and created by Rich Barton and Lloyd Frink, former Microsoft executives and founders of Microsoft spin-off Expedia
As part of the acquisition, Zillow will also own software that HREO offers to real estate professionals for listing management and distribution, called RealNet and Open RealNet Exchange.
Around the net:
- Zillow buys the MLS of the Hamptons [The Real Deal]
- Zillow Aquires Hamptons Real Estate Online, AKA HREO [Dan’s Papers]