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SERVICEMAGIC SURPASSES TWO MILLION SERVICE REQUEST MARK;
RECORDS 3RD STRAIGHT QUARTER OF PROFITABILITY
GOLDEN, Colo. (November 10, 2003) - ServiceMagic (www.servicemagic.com), the leading online marketplace connecting homeowners to prescreened and customer-rated home service, real estate and lending professionals today announced surpassing the two million service request mark and posting its third straight quarter of profitability for the quarter ended September 30th, 2003.
"We launched this business with the belief that there was a better way to connect homeowners with quality, reputable service professionals. Five years later we are facilitating over $300M per month in consumer demand for home services," said Rodney Rice, co-founder of ServiceMagic. "Our growth continues to accelerate. We eclipsed the two million service request mark ahead of schedule in the third quarter putting the total consumer spending expressed via our platform at over $6 billion," added Rice.
The company has been operating in the home services space since 1999 and today is the leading home services portal on the Internet with over 3 million unique visitors per month. The company expanded its offering in mid 2002 with the launch of ServiceMagic Real Estate in an effort to address the large and fragmented residential real estate market. Last month, the company formed a joint venture and launched ServiceMagic Lending offering consumers convenient access to prescreened lenders for purchase mortgages, refinance and home equity loans.
"We have invested in creating a scalable system that provides consumers convenience, confidence and choice in purchasing home-related services while driving down the marketing costs for our service professionals via more targeted, cost effective advertising. With over a million homeowner members, increasing repeat use every month and tens of thousands of businesses in our network, we are happy to see our vision has been accepted by the marketplace" said Michael Beaudoin, co-founder of ServiceMagic.
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SERVICEMAGIC FORMS JOINT VENTURE; LAUNCHES
SERVICEMAGIC LENDING
New Service Helps Connect Homeowners and Lenders
GOLDEN, Colo. (October 16, 2003) - ServiceMagic (www.servicemagic.com), the nation's leading online marketplace connecting homeowners to prescreened, profiled and customer-rated home services contractors and real estate professionals today announced the launch of ServiceMagic Lending, a service that connects consumers to prescreened lenders. ServiceMagic has formed a joint venture with Cornerstone Mortgage, a wholly-owned subsidiary of First National Bank of Omaha, to bring ServiceMagic Lending to its' over 3 million monthly website visitors.
"Currently over a million homeowners per year request home improvement and real estate services valued in excess of $3 billion via ServiceMagic. The addition of lending services was the next step in our effort to provide consumers a comprehensive solution for purchasing, financing, and improving their homes," said Rodney Rice, co-founder of ServiceMagic.
The company estimates there are in excess of two million residential contracting, real estate and consumer finance businesses in the U.S. which spend over $30 billion per year via offline advertising. ServiceMagic's 45,000+ business customers use the service as a more cost effective lead generation and prospecting tool as compared to offline marketing mediums.
With the launch of ServiceMagic Lending, banks and mortgage brokers are now able to take advantage of the inherent efficiencies of ServiceMagic's web-based marketing platform. Banks and brokers are now able to acquire new customers at a fraction of the cost of direct mail, newspaper, yellow pages, radio or TV advertising.
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SERVICEMAGIC BREAKS 100K SERVICE REQUEST MARK IN JUNE; OVER $300 MILLION IN CONSUMER DEMAND
GOLDEN, Colo. (July 8, 2003) - ServiceMagic (www.servicemagic.com),
the leading online marketplace for local home services connecting consumers to prescreened, profiled and customer-rated home contractors and real estate professionals announced it eclipsed 100k service requests in a single month during June. The Company estimates the amount of consumer demand for services currently being facilitated by its platform to exceed $300 million per month.
"We have grown the number of consumers we serve on a monthly basis, and the volume of leads we provide our member businesses, tenfold in the past 36 months," said Rodney Rice, co-founder of ServiceMagic. "The amount of business being facilitated by our platform is staggering when you step back and think about it. We've grown from a base of zero consumers and businesses to over one million consumers and forty thousand businesses in 4 years."
ServiceMagic's innovative marketing platform is changing the way local service businesses advertise. The system takes a service request submitted by a consumer online and matches it to the appropriate member service business based on a detailed profile provided by the business. ServiceMagic then notifies the matching business in real-time via cell text messaging, pager, outbound automated phone, email or fax and facilitates the connection of the consumer and business via phone or email.
If a service professional is on the go, he or she can retrieve leads via text messaging, push a single button to be dialed into ServiceMagic's interactive voice response system, listen to the lead, accept or reject it, and if accepting it, choose to be patched through to the consumer via ServiceMagic's automated system. This system literally enables businesses to get in touch with their next customer within minutes of the customer declaring a need and often before they have left the web. Consumers are blown away by such responsiveness and the service professional has a great opportunity to close the business.
"We are excited to have attained a level of consumer service request volume indicative of a platform which has scaled and also proven itself to have broad application and extendibility," said Michael Beaudoin, co-founder of ServiceMagic.
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SERVICEMAGIC HITS PROFITABILITY, SURPASSES 1 MILLIONTH HOMEOWNER REQUEST AND 40K SERVICE PROVIDER MARK
GOLDEN, Colo. (April 30, 2003) - ServiceMagic (www.servicemagic.com),
the leading online marketplace for local home services connecting consumers to prescreened, profiled and customer-rated home contractors and real estate professionals announced it turned a profit in the first quarter ended March 31st, 2003. The company also crossed two additional milestones, processing its 1 millionth homeowner request and surpassing 40,000 prescreened, profiled and customer-rated contractors and real estate agents in its nationwide network.
"It is very gratifying to see a business which we've put over 4 years into building have such positive effects on our homeowner and service professional customers" said Rodney Rice, co-founder of ServiceMagic. "We are helping homeowners simplify the process of finding trusted local service providers in the contracting and real estate industries while driving tremendous efficiencies into how our service professionals market their businesses. It just works."
ServiceMagic has accelerated its growth in the past 12 months and estimates it will process over 750,000 consumer service requests in 2003 alone and double the size of its service professional network. The company estimates there are approximately two million contracting and real estate businesses in the US which spend in aggregate over $25 billion per year on local offline print advertising. For its service business customers in the home contracting and real estate industry, ServiceMagic provides a more cost effective lead generation and prospecting tool than predecessor offline print marketing. For the consumer, the company provides a one-stop shop for all home improvement, real estate, and move-related needs, connecting the consumer with prescreened, profiled and customer-rated professionals in their area who have confirmed an interest in their request. Industry projections suggest that the 101 million US households spend more than $180 billion per year on home services and over $45 billion per year in real estate services.
"Our employees have been focused since day one on building a real business which adds value to both of our customer groups. In reality, we would likely have gone the way of the vast majority of Internet businesses had it not been for their tremendous contribution and commitment. We are very grateful and proud to have built one of the few thriving Internet businesses." said Michael Beaudoin, co-founder of ServiceMagic.
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