Zillow buys ShowingTime, makers of a home tour scheduling platform, for $500 million
Online real estate database Zillow said it's buying ShowingTime.com, makers of a technology platform for scheduling home tours online, for $500 million. Zillow plans to use the ShowingTime's technology to make it easier for Zillow shoppers to request tours through its platform.
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ShowingTime has a network of nearly one million agents across North America and has developed relationships with hundreds of Multiple Listing Services (MLSs), according to Zillow.
With ShowingTime, real estate Agents can post their listings' availability for showings through the network, enabling agents representing buyers to schedule home tours online with minimal clicks.
"We have been impressed with ShowingTime's ability to simplify a cumbersome but critical part of the home shopping experience by integrating with MLSs, agents and brokers, and giving buyers' agents an easier way to schedule showings with listing agents," said Errol Samuelson, chief industry development officer for Zillow. "ShowingTime will remain an open platform available to all industry participants, and we expect to grow ShowingTime's engagement through all channels to ensure touring is easier for the industry and consumers."
The ShowingTime deal comes as Zillow steps up its focus on home tours and associated technology. Last May the company opened its Zillow Offers home buying service, through which Zillow purchases real estate inventory and sells them using data and algorithms to boost profit margins. Zillow has also said that its 3D Home tours have accelerated during the COVID-19 pandemic. The company's next moves are to offer self-tours that enable shoppers and agents to use the Zillow app to unlock and tour unoccupied for-sale homes.
Zillow also reported fourth quarter results and said business was strong in 2020. The company reported a net income of $46 million on revenue of $789 million. Adjusted EBITDA was $170 million.
The company said traffic to Zillow Group's mobile apps and websites reached a Q4 record of 201 million average monthly uniques, an increase of 16% year over year, driving 2.2 billion visits during the quarter, up 27% year over year. For the year the company reported a record 9.6 billion visits, up 19% year over year.