Comments on: PBL Buys in on German Real Estate Classifieds Portal

By: snoop

snoop — Mon, 20 Aug 2007 04:01:21 +0000

Lost 9mill in the UK according to results out today.
According to Hitwise not moving from Number 5 for some time.
Good solid revenue increases though,just goes to show its not easy.
Other Euro sites very small beer so a long build up without more acquisitions.
I stand by my view that they will need to ask Uncle Rupert for some more dough.

By: Tom S

Tom S — Sun, 19 Aug 2007 09:16:31 +0000

As far as the UK, REA are consolidating their position against Rightmove. Based on some

By: snoop

snoop — Sun, 19 Aug 2007 08:00:53 +0000

I think its interesting
REA may be the big wheel in Aus ,but they arent in Europe.
I think they are struggling to get marketshare in the UK market which Rightmove clearly owns.
Immobilien is clear no1 in Germany.
Nz small market but not really gaining there.
What this move does signal is the big bucks are going into these markets and REA is going to need to ask Rupert for some money if they want to play the game.

By: TomS

TomS — Sun, 19 Aug 2007 02:57:42 +0000

Watch out for REA’s Annual results this week. This will be the best indicator as to how the overseas acquisitions have affected their balance sheet. The numbers on propertyfinder and casa.it will be a good indicator as to whether the Immobilien Scout deal represents a good deal for PBL.
The German online realestate portal market is relatively fragmented in comparison to the UK or Aussie markets. However, REA is making good progress in Germany, France and Belgium by applying their proven business model to these markets via atHome and leveraging of their UK and Italian operations. This is where the biggest threat will come from for the larger portals in these countries. Not from the Googles, Yahoos or Microsofts of this world.
As for James Packers business acumen, the jury is still out on his deal to offload most of PBL

By: snoop

snoop — Sat, 18 Aug 2007 08:22:07 +0000

Well whatever Packers motivation and hes a smart businessman and this signals its game on in Europe in terms of serious investment in the space.
Rea is going to have to spend big and probably raise more money to play with the big boys,this could be dilutive to earnings going forward.

By: Elizabeth

Elizabeth — Fri, 17 Aug 2007 23:04:47 +0000

Good Morning,

I am sure that young James Packer knows what he is doing, and selling out of Myhome makes complete sense to me.

There are some franchise agents on myhome who are not paying cent, while others have been paying for several months now, and this is just in my local area.

It seems that Myhome has two rules for the industry. If you are a L.J Hooker franchise you get to advertise for free. For the rest of us, it appears it is our duty to pay immediately.

The local L.J Hooker office (yes I have been spending a bit of time with them lately) had their listings put on the myhome site by head office. The local office has decided that Myhome is not part of their strategy and wants to come off. Myhome has been keeping their listings there for severeal months for free! Evidently there are many L.J Hooker offices in the same situation, not paying for their Myhome presence.

When I confronted the Myhome rep with this, I was told that L.J Hooker had a special deal.

I would encourage each reader here who is subscribing to Myhome to call your Rep and demand to be put on the same deal. Free.

By: Dave Platter

Dave Platter — Fri, 17 Aug 2007 03:30:05 +0000

(I work at the REA Group)

Peter, great item.

I’d like to add to it, if I may.

PBL/Mr. Packer invested in this German company just a short time after divesting himself of 75% of the company that owns myhome. (That company is called PBL Media; don’t let the name confuse you–it’s majority owned not by PBL but by private equity.)

You can draw your own conclusions about where Mr. Packer might be focusing his attention these days. What do you think, is it the business he sold or the one he bought into?

All best.