If you thought Zillow was taking over, now we’re adding CoStar to the list.
With the announcement of CoStar buying Homes.com for $156 million, it’s clear the real estate industry is shifting. CoStar is a publicly-traded real estate technology firm. They mostly focus on the commercial side of the business and first entered the residential side of the business with Apartments.com going toe-to-toe with Zillow in the rental market.
It’s speculated that one of the reasons why CoStar is getting into the residential space as they are is because of the flurry of lawsuits coming out about transparency and commissions. CoStar is thinking there may be significant changes with the data so they’re positioning themselves in an Agent-friendly way. It’s possible that the purchase of Homes.com is to allow the everyday consumer to directly list their homes, to basically “get rid of” Agents. This forces Agents to really step up their game and expressing the worth of Agents. Or maybe the long-term strategy to be a competitor on the MLS?
Listen in as Jeff and Phil share their insight as to why CoStar made this move to buy Homes.com and what they think this means to the future of Real Estate and how it could potentially affect what’s going to be decided in the next 20-25 years.