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Yes, tons of consumers flock to real estate websites and get valuable information on it. But these websites have very little influence on what house a consumers ends up buying, what agent they engage with, what services they hire/purchases they make downstream etc. (unlike say google search advertising, where choice of vendors is huge, differentiation between them little and cost of a "mistake" minimal). The agent controls the transaction and Trulia can't do jack about it. All they can do is make some money off the agent's advertising budget and round it off with some small change advertising from the likes of Home depot and Lowes. Can't see any ecommerce, consumer subscription or transaction fee revenue in this setup either. Which leaves you with just the advertising piece that's barely profitable - take a look at move.com. that's trulia in steady state if it hit it out of the park 'cus there's no one else to displace.