RISMEDIA, January 27, 2009-AgencyLogic, one of largest real estate industry providers of single property websites in North America, announced record growth of their PowerSite single property Website product for the fifth straight year. Despite a particularly difficult year for real estate in general, the number of new clients, website license sales and gross revenue in 2008 all reached new highs.
The company saw particularly strong first and second quarter results with more than 37% growth in gross revenue and a 58% growth in license sales versus the same period in 2007. However, the most significant growth was seen through their Affiliate and Private Label vendor network. The programs collectively generated an annual increase of 80% in revenues and more than 88% in licenses sales versus vendor generated business in 2007.
What’s more, the company says that some of the growth is also attributed to a company restructuring that involved opening an office in Emeryville, California and an increase in development staff. Additionally, a review of the company’s software development process resulted in the creation of a shorter and therefore more frequent release schedule.
Commencing in 2009, the company expects to release new value based features bi-monthly with the first happening as soon as January 2009.
“Given current market conditions we are obviously happy with the results but we’re especially pleased to see the growth via our vendor network as it again underscores that our decision to move away from direct sales was the right one,” said Stephen Fells, CEO of AgencyLogic. “We expect 2009 to continue in the same direction as we announce additional partnerships, release new but related products and continue to add to the base PowerSite feature set.”
“We have seen a sizeable market swing by Realtors away from traditional print and television outlets towards online advertising,” said Mark Wayman, CIO of AgencyLogic. “This has been led most recently by Century 21’s decision to move all of their 2009 television advertising budget to online sources. We expect to benefit from this paradigm shift by positioning single property websites at the heart of marketing homes.”
The company plans on releasing several new products during the remainder of 2009 including Web-based applications that will work closer with niche real estate markets. The products are being developed with a specific focus on leveraging the substantial increase in adoption of social networking.
For more information, visit www.agencylogic.com.