US map-based real estate search website propertymaps.com has recently been acquired by Jeff Chambers, former US product director for HomeAway Inc.
propertymaps.com’s statement does not disclose the terms of the deal, but says Chambers saw the recent economic slowdown as an opportunity to redefine propertymaps.com’s structure.
“Despite the struggles in residential real estate over the last two years, we believe propertymaps.com's superior technology platform gives us the ability to enter into the market and compete on the national stage,” Chambers said. “We will leverage our technical expertise to connect consumers, agents and advertisers like never before, and we'll do it in a more capital efficient way through strategic partnerships and acquisitions.”
propertymaps.com allows consumers to search the actual Multiple Listing Service (MLS) databases used by Realtors nationwide through mapping tools such as Google Maps, Google Earth, and Microsoft Virtual Earth.
Along with providing a real estate search, propertymaps.com is also a licensed broker in Texas and works with local real estate professionals. propertymaps.com says it expects to have an online and offline presence in over 1,000 cities by the end of the year.
In 2010, propertymaps.com plans to expand into targeted international markets. “We will continue to evaluate other verticals in which we can apply the propertymaps.com technology and expertise and work to identify key strategic partnership and growth opportunities,” Chambers explained.
Since its launch in October 2006, propertymaps.com has signed strategic alliances with major partners in the US, India, UK and Latin America, and launched a formal partner program in 2008.