Looking for a home
CoStar Group, Inc. the leading provider of commercial real estate information, analytics and online marketplaces, has reached an agreement to acquire Homesnap, Inc. for $250m in cash.
Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Over 300,000 agents nationwide use the application an average of 30 times each month. Those 300,000 agents are also the nation’s most productive, selling the majority of homes in the US. The platform enjoys high growth and engagement as the number of active monthly users has grown at a compounded annual growth rate of over 40 per cent since 2016, while marketing product sales have risen over 75 per cent per year over that same period. Supported by a consortium of hundreds of the country’s largest multiple listing services (MLSs), over 1.1m real estate agents have access to Homesnap Pro. These agents represent over 90 per cent of the residential real estate agents and listings in the United States. With the support of this impressive consortium, Homesnap’s public residential real estate portal showcases 1.3m active property listings. Tens of millions of home shoppers use the Homesnap website and app to look for a home.
“The acquisition of Homesnap will enable us to enter a new space and expand the total addressable markets in which we can compete,” said CoStar Group founder and CEO, Andy Florance.
“The estimated value of commercial real estate assets in the US is $16 trillion. With the new addition of clients and information covering 90 per cent of the estimated $27 trillion dollar US residential real estate market we are almost tripling the size of our addressable markets.”