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, according to a Zillow press release, "and ShowingTime's technology has streamlined and dramatically improved the touring experience."
Zillow Group says it 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 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.