Zillow Group to Acquire ShowingTime, the Industry Leader in Home Touring Technology

Rhea-AI Summary

Zillow Group has announced a definitive agreement to acquire ShowingTime.com, Inc. for $500 million. This strategic move aims to enhance the home showing experience by leveraging ShowingTime's leading scheduling technology, which has facilitated over 50 million showings in 2020. The acquisition aligns with Zillow's commitment to revolutionize real estate transactions through improved digital solutions. ShowingTime will continue to operate as an open platform, maintaining its data privacy policies while expanding its services to a wider network of real estate professionals.

Positive

• Acquisition of ShowingTime enhances Zillow's service offerings and market position.
• ShowingTime has a network of nearly one million agents and strong relationships with Multiple Listing Services (MLSs).
• The technology is expected to increase tour volume and transactions for industry partners.

Negative

• None.

SEATTLE, Feb. 10, 2021 /PRNewswire/ -- Zillow Group has entered into a definitive agreement to acquire ShowingTime.com, Inc., an online scheduling platform for home showings, for $500 million. Touring is one of the most important steps in the home shopping and selling journey, and ShowingTime's technology has streamlined and dramatically improved the touring experience. They are an industry leader, and Zillow Group will continue to invest in ShowingTime and increase its engagement among agents and partners.

"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 at Zillow Group. "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."

ShowingTime 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 seamlessly 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 with the click of a button.

ShowingTime's industry-leading technology will help increase tour volume and transactions for industry partners, including Premier Agents. Many Zillow Premier Agents are already using ShowingTime and value the ease it brings in scheduling tours. Zillow shoppers who request tours are high-intent buyers, and ShowingTime's service enables more seamless tours for those buyers and sellers.

"This is a pivotal moment in real estate, and customer expectations for a simplified, tech-enabled experience are rising," said Mike Lane, President of ShowingTime. "The ShowingTime technology serves nearly a million real estate professionals, and we look forward to sharing our technology solutions with even more customers, enabling a truly seamless real estate transaction that is efficient and simple."

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 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. The transaction is subject to customary closing conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Act.

About Zillow Group:
Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter.

As the most-visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and nearly seamless end-to-end service. Zillow Offers® buys and sells homes directly in dozens of markets across the country, allowing sellers control over their timeline. Zillow Home Loans™, our affiliate lender, provides our customers with an easy option to get pre-approved and secure financing for their next home purchase. Zillow recently launched Zillow Homes, Inc., a licensed brokerage entity, to streamline Zillow Offers transactions. 

Zillow Group's affiliates and subsidiaries include Zillow®, Zillow Offers®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Zillow Homes, Inc., Trulia®, Out East®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

About ShowingTime:
ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, while its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers, agents and other real estate companies, as well as recruiting tools for brokers. ShowingTime products are used in 370 MLSs representing more than one million real estate professionals across the U.S. and Canada.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties, including, without limitation, statements regarding the proposed acquisition of ShowingTime, Zillow Group's business and financial outlook, strategic priorities, and operational plans for 2021. Statements containing words such as "may," "believe," "anticipate," "expect," "intend," "plan," "project," "will," "projections," "continue," "business outlook," "forecast," "estimate," "outlook," "guidance," or similar expressions constitute forward-looking statements. Differences in Zillow Group's actual results from those described in these forward-looking statements may result from actions taken by Zillow Group as well as from risks and uncertainties beyond Zillow Group's control, including but not limited to, the satisfaction of conditions precedent to the closing of Zillow Group's proposed acquisition of ShowingTime, including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Act. For more information about potential factors that could affect Zillow Group's business and financial results, please review the "Risk Factors" described in Zillow Group's Annual Report on Form 10-K for the year ended December 31, 2019 and in Zillow Group's Quarterly Report on Form 10-Q for the three months ended September 30, 2020 filed with the SEC and in Zillow Group's other filings with the SEC.  Except as may be required by law, Zillow Group does not intend, and undertakes no duty, to update this information to reflect future events or circumstances.

ZFIN

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SOURCE Zillow Group

FAQ

What is the purpose of Zillow's acquisition of ShowingTime?

Zillow aims to enhance the home showing experience and streamline the scheduling process through ShowingTime's technology.

How much did Zillow pay for ShowingTime?

Zillow Group entered into a definitive agreement to acquire ShowingTime for $500 million.

When was the acquisition of ShowingTime announced?

The acquisition was announced on February 10, 2021.

What impact will the acquisition have on Zillow's business?

The acquisition is expected to accelerate adoption of ShowingTime's technology, enhancing Zillow's service offerings and increasing engagement among agents and partners.

Will ShowingTime remain independent after the acquisition?

Yes, ShowingTime will continue to operate as an open platform while maintaining its existing data privacy policies.