Realty Times August 28, 2000

HomeAdvisor Technologies Seeks To Add CEO
by Blanche Evans

Microsoft operates in its own world, but don't be fooled by its business-casual appearance. Underplaying its executives' roles with khaki-pants titles, Microsoft keeps outsiders from really knowing how powerful certain executives are, and perhaps what their real roles are. Take Bryan Mistele, for example. He's the general manager of HomeAdvisor Technologies, Inc., Microsoft's technology spin-off serving the mortgage lending and real estate industries.

A general manager position doesn't sound much like a top tier executive such as a CEO, but that is exactly the position than Mistele filled for HomeAdvisor. But his real mission was point man. His job was to negotiate his team through the product development (his real love) of HomeAdvisor's lending and customer management platforms, strategic partner alliances, investor relations, and the successful launch of the platforms.

Now he's done that. The company has completed the initial testing of both its lender and Realty Desktop platforms, quietly as usual. But look at who's using it. Chase Manhattan, GMAC, and Interealty and other partners are rolling out customized versions of the lender and real estate customer management platforms. Interealty alone already provides services to approximately 100,000 real estate professionals online. Kick in the mortgage brokers and direct lenders and you've got quite a few customers through only three or four pilot partners.

Not only is HomeAdvisor flush with $100 million in outside equity funding, but Mistele's also overseen the installment of the new troops, a team brought in to finance the operation and take it to the next level. In case you are thinking IPO, think again. That is a ways off. First, they don't need the money. They have Microsoft as a major investor and this eye-popping round of equity financing. That shows a lot of faith. A look at some new senior level personnel also shows that HomeAdvisor is no ordinary startup.

Among the key folks are:

  • David Rinn - an eight-year Microsoft veteran and former senior director of finance. He now serves as HomeAdvisor's new CFO.
  • Dick Ward - former senior vice president of Homespace and a former national director of the National Association of REALTORS. He is the new director of real estate business development.
  • Dave Chase -a nine-year Microsoft veteran who ran Encarta.com. He'll be leading the marketing efforts.
  • Eric Hautala - former head of MSN's e-commerce. He'll be on board as the director of operations.

Notice that the job descriptions have put on a jacket and tie. There's a reason for that. HomeAdvisor wants to have more outside world appeal, where job titles are considered important hierarchy markers. After all, they're wearing bankers' suits now.

That's why it is the perfect time for Mistele to exit the company. He'll be the new point man (CEO) in Microsoft's newest venture - a Mobile Services unit, which plans on working synergistically with HomeAdvisor Technologies platforms via wireless technologies. That tells you right there where the real estate and every other business with field operations is going.

Lest Mistele's departure be misunderstand, remember that he's not a "suit." He's a "creative." He likes the minefields and khakis, and his work history shows that. A Harvard MBA, Mistele joined Microsoft in 1995. He developed MSN's MoneyCentral from its inception, and once that was one of the premier "money" portal sites on the Internet, he left to lead the launch of HomeAdvisor Technologies, Inc. So his leap to a new wireless platform design company makes perfect sense. It's the dream job - creating a wireless platform to past and future creations. When the company helps implement broadbandwidth wireless access, which appears to be the plan, he'll have the satisfaction of one day downloading MoneyCentral, viewing a virtual tour of a home, and completing a loan all on his cell phone, and knowing he helped make that happen.

All this means that HomeAdvisor's looking not for a general manager, but a CEO. So anyone who is interested in the job, can pack a suit, but don't forget HomeAdvisor's khaki roots. Better throw in a pair of those, too, when you go for your interview.



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