Rupert Murdoch talks realtor.com® plan

Rupert Murdoch, the executive chairman of News Corporation and previously chairman and CEO of News Corporation prior to the company’s separation into two companies in 2013, has made real estate news in recent months.

On Thursday, Murdoch delivered the keynote address at the Real Estate Connect conference in New York City. To the room of real estate professionals, Murdoch focused on how News Corp. views its acquisition of Move, Inc., the operator of realtor.com®, and how their focus will be to improve the user experience of the website.

Murdoch opened his keynote by saying, “Entrepreneurs can take risks. Because of that they create change in the [real estate] industry.”

He elaborated by stating News Corp. acquired Move because it “believes in the American dream.” With the acquisition, the resources and power of News Corp. are now behind realtor.com®. “We want the shortest distance between the American dream and it becoming a reality to be realtor.com®.”

Murdoch then continued by listing key reasons why realtor.com® was the right option for News Corp. in the online real estate space. “Realtor.com® is the most up-to-date real estate website with complete and accurate listings in the marketplace.” He continued by citing the close relationship with the National Association of Realtors® (NAR). “Realtors® are crucial to all home sales in America. NAR has that connection and it’s an important one.”

Over competitors, Murdoch said realtor.com® attracts transaction-ready consumers — not just window shoppers who want to see what is available down the street. Murdoch’s highlights of the strengths of realtor.com® were summed up with the importance of Realtors®. Citing that the website brings home buyers, sellers and agents together, the human interaction between a Realtor® and consumer is important and will never be replaced by a website.

Murdoch laid out a high-level plan of improving the performance of realtor.com®, specifically on mobile devices for consumers and agents. “We’ve got to make a better product, and then when we’re satisfied, we need to get out and market it hard.”

In his wrap up, Murdoch predicted the U.S. housing market would continue to recover and expand over the next few years. Thus his interest in purchasing a real estate company.

Just before he left the stage to a standing ovation, Murdoch was asked if News Corp. would shift the name from realtor.com® to something else. Murdoch was quick to respond with a firm no pointing out that the term “Realtor®” is well know.

He closed with “What the hell does ‘Zillow’ mean?”