The CEO and co-founder of the neighbourhood-based social media site NextDoor Nirav Tolia will lead a search for his replacement and then step down, Recode reported.

Nirav Tolia

Nirav Tolia

The move comes after NextDoor made its first foray into online real estate last year. Led by Tolia (LinkedIn Profile), the project started offering real estate agents a listing search feature along with advertising products. Tolia told Recode he considers real estate information “valuable content” for people who use the platform.

Launched in 2011, NextDoor provides a private network for neighbours living in the same suburb. It serves more than 200,000 neighbourhoods in five countries, including nine out of 10 neighbourhoods in the U.S., Tolia wrote in a blog post announcing his departure.

The brainchild of seven friends, NextDoor has evolved and assumed a larger footprint and more complex organization. The role of its CEO must evolve too, Tolia wrote, adding that he’ll be taking on the position of board chair.

The company’s real estate features let agents buy ads that appear in user’s news feeds, emails and in a real estate section. It also allows brokers to pay for listings on the site and offers users home valuations through HouseCanary.

Inman.com reported that some experts believe NextDoor may become a major force in the real estate market. The publication noted that Facebook’s privacy woes — which caused a market drop of $100 billion in a single day — may give the local social networking company just the jumpstart it needs.

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