Fast Lane Ventures launches Domgeo — a new online search service for real estate
Fast Lane Ventures is pleased to announce the launch of its latest portfolio company, Domgeo, an online database of real estate properties available for purchase or rent.
The Domgeo service, the first of its kind in Russia, offers users the opportunity to search for property in a specific geographical area from its comprehensive database of real estate listings which is updated daily to ensure 100% accuracy.
Domgeo currently has a database of approximately 50,000 real estate listings across Russia and the Company is aiming to double the amount to 100,000 by the end of the year, as more realtors sign up to promote their property to its growing audience of home hunters.
Chief Executive Officer of Fast Lane Ventures, Marina Treshchova, said Domgeo was meeting a significant demand for online real estate services in Russia and at the same time capitalising on increased online advertising.
”According to estimates, the market of advertising of real estate in Russia is worth more than 900 million US dollars, however currently the proportion spent online is less than 10%, so there is significant potential for growth,” Ms Treshchova said.
“We expect the demand for online advertising to increase significantly and by providing a valuable real estate search service, we believe Domgeo is well-placed to capture the benefits.
“By offering the widest choice of available property, we expect Domgeo to quickly establish itself as the leader in online real estate advertising in Russia, as Rightmove, Seloger, and ImmobilienScout have done in their markets.”
Mr Alexey Kosachev, Domgeo CEO, said the website has been designed to help make the search for real estate simple and efficient.
“One of the main problems involved with searching for real estate in Russia is the fact that databases are cluttered with irrelevant advertisements,” said Mr Kosachev.
“Unlike foreign countries where real estate agencies are responsible for the reliability of the published information, in Russia more than a half of descriptions of realty properties are inaccurate. Domgeo has helped solve the problem by providing an accurate database and further strengthened its online service by providing geographic search tool.”
The ‘search by geography’ tool is an excellent example of Domgeo’s commitment to improved functionality, allowing users to outline a random section of any size on the virtual map and collating all properties for sale or rent within that area.
As with other leading property portals, agents and developers pay a monthly fee to list their properties on the site. Domgeo demonstrate value to their clients by providing them access to tools which allow them to measure the effectiveness of their advertising including tracking the number of calls they receive from potential buyers.