eProperty.com Internet Real Estate Marketing and Auction System is being launched by Kennedy-Wilson, Inc. (Nasdaq:KWIC) with a challenge to the traditional marketing concepts of the real estate community.

"eProperty is founded on the premise that the real estate sales process is going to change," says Kennedy-Wilson chairman and CEO, William McMorrow. "We want to be a leader in that change, and we think we can be."

James E. Peterson, president of eProperty, adds, "The Internet is the perfect vehicle to facilitate that change and to service the informed consumer."

Although well-known in commercial circles, where the company has facilitated over $7 billion in commercial real estate auctions, Kennedy-Wilson and eProperty.com is braced to make a name for itself in residential sales.

"If anyone is asking, "Who are these guys?," we have a strong corporate history in real estate auction and marketing," says McMorrow.

McMorrow believes the company's track record will speak for itself. As the largest international and one of the largest national real estate auction and real estate services company, Kennedy-Wilson brings over 25 years of experience to eProperty.com.

Citing Homestore.com and Homeadvisor in the residential arena, and Loopnet.com, PropertyFirst.com and Realbid.com in the commercial sector, the company believes that despite an abundance of online competitors, Peterson notes that none has established a means to change the way real estate is sold in order to create substantial savings for consumers.

Kennedy-Wilson's business strategy in creating eProperty.com is to invite the brokers and sellers to participate in the process of providing buyers immediate and extensive information; reduce sellers' costs; reduce properties' time on the market; and to educate buyers about additional services available through eProperty.com and Kennedy-Wilson.

The comprehensive site includes:

• Commercial and Residential Real Estate Auctions
• Commercial Properties listings
• Residential Properties listings
• Property Services
• My eProperty buyer/portfolio profile
• Real estate news and related services

Peterson explains that unique eProperty services are designed to streamline and expedite all aspects of real estate transactions, including marketing, virtual tours, due diligence, offer submission, title, escrow and closing.

Where eProperty will serve brokers is by enhancing the traditional real estate sales process by offering properties to the widest possible market and give access to them from anywhere in the world, effectively reducing sellers' and buyers' costs as well as the time it takes to close a commercial property. The site will also promote third party services critical to large transactions, such as mortgages, title insurance, property management and leasing, due diligence investigations, market studies and legal services.

"eProperty is a one-of-a-kind, one-stop shopping site where interested parties can view properties, take virtual tours, submit offers, connect to title companies and lenders through on-screen links, as well as complete a real estate transaction -- all from the comfort of their personal computers," says Peterson. "Ultimately, eProperty will provide buyers with immediate and extensive information, reduce costs for the seller and expedite the often lengthy process of closing a real estate transaction."

The site offers commercial real estate investors access to investment properties in the $1 - $20 million range. eProperty's residential component offers unique properties including vacation homes, luxurious residences and estate sites, known as unique homes. Properties are offered for auction either by the sellers or by their brokers. The company also plans a business development team who will search for properties to list.

Published: October 21, 1999

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