Friday, May 30, 2008
Major online Australian property portal MyHome is about to shut down its website after burning cash for past 15 months. MyHome.com.au owners are Microsoft and PBL which shows that having money is just not enough to succeed or should I say to survive in business. They have spent around 20 millions dollars in an attempt to capture a share of the $140 million online property advertising market. However MyHome found that it could not attract nearly enough online property searchers to at least break even. Unique visitors have reached half a million per month, while Domain.com.au has two million and Realestate.com.au more than four million unique browsers. The costs were too high and hence the decision to pull the plug. From SEO perspective the website has been only at around # 18 on Google while searching for "property for sale". Failure to get to top 5 listings as well as usabilty issues had a negative impact on the whole business model.