NEW YORK (Reuters) - U.S. house price comparison Web site Zillow.com said on Tuesday it had agreed a deal with the publishers of 282 newspapers to carry their real estate advertisements.
Zillow.com said the deal covered 11 publishers including EW Scripps Co, MediaNews Group Inc, Hearst Newspapers, Lee Enterprises Inc and Media General Inc, but did not disclose financial details.
Under the terms of the deal, local advertisers who place their print and online listings with the newspapers including the San Francisco Chronicle and The Tampa Tribune can choose to have those ads displayed on Zillow, which receives 4 million visitors every month.
About 70 percent of those visitors are interested in buying or selling a home now, or planning to buy or sell a home in the next one to two years, Zillow said in a statement.
People who visit the Zillow site would see a greater number of listings on for-sale listings and open house details.
The publishers also will be able to use Zillow’s platform on their own sites.
Zillow, which is privately held, offers estimated values on millions of homes based on surveys of what homes in the surrounding area are selling for and allows people to list their houses for sale.
One of its features, “Make Me Move,” lets people set prices that often are above the estimated value in the hopes that someone will come along who wants to buy that particular property at whatever price is offered.
The alliance is set to launch in the first half of 2008, Zillow said. It added that it hopes more publishers will join the group before its launch.
Zillow’s deal is similar parts of an agreement that about 20 newspaper publishers have entered into with online search and media company Yahoo Inc.
Under the terms of that deal, newspaper Web sites use Yahoo’s HotJobs online employment classified ad technology, while Yahoo displays ads bought on local papers on its own Web site.
Such deals help Yahoo and Zillow extend their reach into local U.S. communities, while newspapers benefit by getting exposure for their ads on a national online ad platform.
This is a key portion of newspapers’ online strategies in the United States as they look for ways to make more money on the Web as advertising revenue in their print editions declines.
Editing by Lincoln Feast