Real estate lead-generation siteHouseValues.com is not doing too well and their trajectory is looking pretty bleak. They lost $1.5 Million in the third quarter of 2006 and on the 24th of this month they announced they are laying off 60 workers, or 12% of their total workforce and they eliminated the COO position altogether.
They also announced they are doing away with their mortgage lead-generation business and said they will be “scaling back or eliminating initiatives that are not critical to its real estate agent customers.”
It’s no secret that I’m not a fan of their business model, but it’s not easy to hear of people losing their jobs. And more losses should be expected.
Sound like the company is treading water? Considering that Realtors and brokerages are getting wise and catching up with the consumers want for information over the internet, I’d say HouseValues is a sinking ship.