Zillow has been gobbling up companies with a ferocious appetite in the past few months. But today we’re telling you about another acquisition in the online real estate arena, and this one has nothing to do with Zillow.
Seattle’s All Property Management today is announcing that it has acquired Rental Property Reporter, described as the oldest online resource for do-it-yourself landlords. Terms of the deal were not disclosed, but with the acquisition All Property Management will compete more aggressively with the likes of Primedia, Rentbits and Zillow’s recently acquired HotPads.
All Property Management was founded in 2004 and is led by Reggie Brown, a former Microsoft finance executive who previously served as CFO of All Star Directories. In fact, some of the management team at All Star Directories, including former CEO Mike Mathieu, purchased APM in 2010.
“We feel we can build a valuable resource to service the needs of do-it-yourselfers who, even if they don’t choose to use a professional property manager, have other specialized needs for services such as tenant screening, rental collections, legal advice, insurance products and ultimately, help selling their properties when they feel the time is right,” explained Brown. “The deal made sense because we feel we can build up a new audience, free from the vagaries of the ‘search engine wars’ and create value for a new set of users, who may not find answers to their specialized needs on the larger sites.”
Brown said that there are 28.1 million property investors in the U.S., but only 30 percent use professional property management services.