Industry News

Move’s new secret venture to cost $6 million

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Move Inc. officials said Tuesday that they expect a new "transformational" venture -- spearheaded by former president Allan Dalton and outgoing National Association of Realtors chief economist David Lereah -- to cost about $6 million in net expenses and to generate some revenue this year, but offered no specifics about the project. This effort is scheduled to launch in August and is expected be a new "engine of growth" for the company, said Move CEO Mike Long during a first-quarter earnings announcement. He also referred to the veiled project as a "high-potential new venture that is not yet in the marketplace," adding that the company wouldn't be discussing the project at all if it didn't involve such prominent industry figures as Dalton and Lereah. Separate development projects are focusing on upgrades to Move's search sites, including the National Association of Realtors-affiliated site. Internally, Long said the effort is referred to as the "America's on the ...