Hemnet, the leading residential listing service and property portal in Sweden, is about to face some serious competition.
Seven real estate agencies have joined forces to launch their own digital residential sales listing service called Bomero, according to Dagens Industri.
Länsförsäkringar Fastighetsförmedling, Bjurfors, Skandia Mäklarna, Mäklarhuset, Husman Hagberg, ERA and Mäklarringen, are teaming up with IT-company NXT Mobile Group to create the residential property portal site.
Much needed competition
Real estate agencies and companies have grown tired of the monopoly that Hemnet has had on the real estate market.
“Competition is required. It has been an issue that we have a monopoly-like situation with one dominant actor when it comes to real estate listings online” Erik Vikander, the CEO of realestate agency Mäklarhuset, shared with Dagens Industri this week.
However, Hemnet does not seem at all rattled by the news, telling Svd Näringsliv (The Swedish Daily News, Business Sector) that they welcome the competition.
The argument being that Hemnet’s popularity will still be a powerful drawcard for sellers on the Swedish property market, where it currently reaches 2.8 million unique visitors a week.
“Our belief is that if you as a residential seller want to have as affective marketing as possible and will want to be seen on Hemnet” press representative, Staffan Tell, said to Svd Näringsliv.
A record year
Having had monopoly on the real estate market, it is perhaps no surprise that Hemnet had a 2018 revenue of SEK 373 million, with an operating profit that skyrocketed by more than 460 percent.
Time will tell what impact Bomero will have on Hemnet's profit-making moving forward.
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