Exhibit A
Real Estate Investors work in San Francisco
San Francisco is a small, dense city, and the searches for real estate investing here come from a compact set of neighbourhoods rather than a wide region. The people searching are a mix of owner operators working a few properties and small investment firms, and the searches themselves are specific: a house on a particular block, a probate sale, a tenant buyout, a building that needs seismic work. Paid search in this market is expensive because the city is small and the competition for each click is concentrated, so the organic results carry a lot of the demand. The searches are made by people who already know the neighbourhood they are asking about, which means the pages that answer them have to name the streets, the districts and the property types.
