Seattle, WA-based real estate website Zillow Group, Inc. (NASDAQ: Z and ZG), is to acquire ShowingTime.com, Inc., an online scheduling platform for home showings, for $500m.
Following the completion of the deal, subject to customary closing conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Act, Zillow Group will continue to invest in ShowingTime and increase its engagement among agents and partners.
The acquisition will accelerate adoption of ShowingTime’s technology as home shoppers and sellers, agents and industry partners move toward a more efficient, digital future.
ShowingTime’s technology will help increase tour volume and transactions for industry partners, including Premier Agents. Many Zillow Premier Agents are already using it. Zillow shoppers who request tours are high-intent buyers, and ShowingTime’s service enables more seamless tours for those buyers and sellers.
Led by Mike Lane, President, ShowingTime provides a technology platform to streamline and improve the touring experience. The company has a network of nearly one million agents across North America and has developed relationships with hundreds of Multiple Listing Services (MLSs). ShowingTime coordinates schedules behind the scenes so that agents can book a confirmed home showing online and focus on their clients, not coordinating a complicated process. In 2020, the company facilitated more than 50 million showings industry-wide. Agents can update their listings’ availability for showings through the network, enabling interested buyers’ agents to schedule home tours online.
ShowingTime will maintain its existing data privacy policies and continue to operate as an open platform for its existing and new partners — many of whom already use other industry offerings from Zillow Group, such as Dotloop and Bridge Interactive.
FinSMEs
12/02/2021