Media Release August 08
Joint Statement by the Real Estate Institute of NSW
and the Estate Agents Co-Operative Limited
The REINSW has today announced its decision to transfer its 50% stake in the Realestateworld.com.au Pty Ltd (REW) property portal to fellow REW shareholder, Estate Agents Co-operative Limited (EAC).
The decision, taken jointly with EAC, follows the successful establishment of REW and the achievement of the key goals set by REINSW and EAC more than 18 months ago. The transfer will take effect from 6 August 2008.
"REINSW and EAC have worked well together to develop the only 'industry owned' property portal in New South Wales".
"Now that we have accomplished this goal, it is time for REINSW to step back and focus on our core business activities. REINSW wishes REW and EAC well for the future and will continue to help EAC promote this initiative", said Steve Martin, REINSW President.
"Over the past 18 months EAC has extensively pursued a philosophy of developing technology and processes to accommodate one of our core business objectives, to provide the first real estate website and property data solution that has been fully developed and owned by the industry." stated Dale Whittaker, EAC Chairman.
"We feel that with the strong co branding element provided by the realestateworld.com.au sister publications and the ongoing support of the REINSW, EAC members and the industry as a whole; we have a unique opportunity to change the face of real estate marketing and provide a cost effective alternative to the benefit of ALL agents in NSW for many years to come".
"EAC congratulates the REINSW on their decision to allow EAC to focus on the task at hand and appreciate their past and ongoing support. We wish them, (REINSW), every success with their ongoing business activities in the future", commented Dale.
Media Contacts:
REINSW: Julian Brophy. Mobile: 0408 276 749
EAC: Damien McDonald: Sales & Marketing Manager. Ph: 02 9724 6999 Fax: 02 9724 6407 e-mail dmcdonald@eac.com.au