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Sweden’s #1 property marketplace

Hemnet is the leading property marketplace in Sweden and accounts for over 90 percent of all house listings in the country. With over 60 million monthly visits on their platform, the company is well positioned to defend its almost monopolistic state in the Swedish market. Through superior site traffic and leading brand recognition, Hemnet is one of the most recognized and trustworthy Swedish media brands, and in 2021, every Swede spent an average of 37 minutes per month browsing around the Hemnet platform.

A result of printed ads being overly expensive

As a result of printed ads being overly expensive and ineffective, the idea of Hemnet was born by real estate agents that saw the potential to create an online marketplace and consolidate all residential property listings on one platform. The site Hemnet.se was launched together with over 1400 real estate agents in 1998, and during April 2002, the site was visited by almost 2.7 million people.

Network effects

With the vision to be the key to every property journey in Sweden, Hemnet has built lasting relationships with buyers, sellers, and agents for over 20 years, and offers a win-win for the actors in the housing market. The sellers benefit from seamless, fast, and cost-efficient transactions, real estate agents benefit from effective marketing, access to the widest network of buyers, and deep market analysis, and buyers benefit by having basically the whole market searchable in one place. Through these network effects and the modest pricing of Hemnet, there is simply no other place to be.

Taking the first steps towards commercialization in 2013

Hemnet took its first steps towards commercialization in 2013 when they started charging homeowners for listing on their site. Looking at Hemnet’s UK peer Rightmove, one can really see the power of network effects and pricing power combined with a digital business model. Rightmove has averaged a 60% FCF margin over the last decade. Other peers include Zillow, REA Group, and Redfin.