The Domain King Strikes Gold Again: Property.com sold to Foreclosure.com

Here is the press release in full:

Foreclosure.com Founder, President and CEO, Brad Geisen, announced today that he has reached an agreement with “Domain King” Rick Schwartz to acquire the domain name “Property.com,” paving the way for his entry into a new market.

With Property.com Geisen intends to create a one-of-a-kind — and convenient — one-stop online real estate marketplace that is easy-to-use and navigate. The Web site will serve as an easy-accessible national real estate classified that is going to be free to all visitors, providing sellers, buyers and investors with a whole new concept of marketing and finding homes on the Web.

According to Geisen, the acquisition of Property.com will allow him to focus his efforts on a different and potentially much larger segment of the real estate market. In fact, in Geisen’s opinion, the niche foreclosure market, which is Foreclosure.com’s market, represents just 2 percent of all available real estate inventory.

“I’m going after the 98 percent of the real estate market outside of the foreclosure business.” said Geisen. “For the past several years, I’ve built and run one of, if not ‘the,’ most successful Internet foreclosure businesses, but the business was always exclusively distressed real estate. I’ve achieved in Foreclosure.com what I set out to accomplish and I am ready for a new challenge in a different market. I intend to shift my focus on developing my new ideas that will revolutionize how homes should be listed, viewed and purchased. I’ve developed the critical skills which I intend to apply to this new market,” said Geisen.

Property.com will include all listing types, including those indexed the Multiple Listing Service (MLS), creating a database that could surpass more than 15 million homes, but not including distressed properties, which will remain the business of Foreclosure.com. The best part is that it will be totally free to search for potential buyers and visitors, and sellers will be able to upload and edit their own personal listings at no charge.

It’s a wide-open model that Geisen knows will create an invaluable resource for just about anyone interested in real estate.

“I’m raising the stakes and pushing all my chips to the center of the table,” said Geisen. “Foreclosure.com and my related companies have been leaders in their spaces for nearly a decade. I’ve seen what’s been wrong with the way things were done and I’ve developed the methods to fix them. I have the knowledge and resources to take this to a whole new level … and that’s what I plan to do.”

Geisen revealed the new Property.com will be unveiled sometime in 2009. The specific terms of the deal to acquire Property.com were not disclosed. However, Geisen indicated that the value of the deal is one of the largest URL purchases to date.

That’s a deal that has the seller Rick Schwartz – who is known as the “Domain King” — smiling from ear-to-ear. He purchased Property.com for $750,000 in 2005 and was recently introduced to Geisen through Kevin Leto of BigTicketDomains.com about a possible re-sale.

“My job is to acquire prime, industry specific domain names with large volumes of natural type in traffic and eventually develop them to their fullest potential by partnering with leading companies in their respective fields which I have been doing for more than a decade,” said Schwartz,” “Early on I saw the value in Property.com; however, I never had the resources to develop it so it could reach its maximum potential. Brad Geisen has the vision to truly get the most of Property.com for the benefit of so many people in every corner of the United States. I’m thrilled to be a part of this exciting new project with Brad.”

Stay tuned for frequent updates and milestones for the new Property.com. Feel free to visit the Web site in its current form. However, as mentioned earlier, the complete re-launch will not be official until sometime in 2009.

About Brad Geisen and Foreclosure.com

Ten years ago, Brad Geisen founded Foreclosure.com and built it over time to a company with more than 1.8 million foreclosure, preforeclosure, bankruptcy, FSBO and tax lien listings in one place, Foreclosure.com delivers America’s largest and most accurate searchable database of foreclosed homes and distressed property information to its customers and business partners. Based in Boca Raton, Florida, Brad Geisen and Foreclosure.com work with hundreds of top lending institutions and government agencies to list diverse property types on its Web site, including Real Estate Owned (REO); Department of Housing and Urban Development (HUD); Department of Veterans Affairs (VA); Fannie Mae; and other government agency and financial institution properties; as well as listings from an extensive network of corporate sellers. On the Web: www.foreclosure.com.

About eRealEsate.com.

Rick Schwartz, aka “Domain King” and “Webfather,” is the CEO, President and Cofounder of T.R.A.F.F.I.C. found at TargetedTraffic.com– the premiere domain conference for the domain industry. It is both the oldest and largest and attracts over 500 of the top professionals in the industry in a by invitation only event. As one of the early domain pioneers dating back to 1995, Rick has a knack for predicting big trends and getting it right. He may have been the first to recognize the value of “type in” traffic which is now commonly referred to as “direct navigation” — the most potent and targeted traffic on the net. Rick has a prime portfolio of one and two word domains, and is considered by many to be among the leading experts on domain names, traffic, Web site flow and valuation. www.eRealestate.com