Zillow has announced plans to acquire home touring platform ShowingTime for $500 million.
ShowingTime, based in Chicago, offers technology that coordinates schedules behind the scenes so that real estate agents can book and coordinate home showings online. In 2020, the company facilitated more than 50 million showings industry-wide, Zillow said in a news release. Listing agents can update their listings’ availability, enabling interested buyers’ agents to schedule tours with the click of a button.
ShowingTime boasts 950,000 agent users across North America, and its products are used by 370 multiple listing services (MLSs). The company state it has 1.2 million home listings subscribed to its services and that it has helped manage 5 million home showings per month.
Along with tour scheduling, ShowingTime has a MarketStats division that provides interactive tools and easy-to-read market reports for MLSs, real estate associations, brokers, agents and others. It also offers recruiting tools for brokers.
The ShowingTime announcement comes months after Zillow revealed it is now a national brokerage, with real estate licensing in all 50 U.S. states. It is now recruiting its own agents, with the state intent of achieving better control of transactions for its IBuying division, Zillow Offers.
Zillow will also offer ShowingTime services to agents who subscribe to its lead-generation and referral services within its Premier Agent ad program.
“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,” Errol Samuelson, Zillow’s chief industry development officer, wrote.
Zillow stated, however, that ShowingTime’s services won’t just be for in-house agents and customers. It will “remain an open platform available to all industry participants,” Samuelson said.
ShowingTime, based in Chicago and founded in 1999, has raised a total of $2.2 million in funding, all in a series B round completed in 2001, according to Crunchbase. As of August 2018, it had nearly 150 employees in its head office in Chicago, although the ShowingTime’s LinkedIn page lists 302 employees on LinkedIn.