realestate

Real estate giants gang up on Zillow

CoStar Group CEOs take aim at home search giant on CNBC and stage.

A
t Inman Connect in San Diego, CoStar Group CEO Andy Florance claimed a victory in the portal wars, stating that Homes.com is "in a universe of one" due to its unique marketing and support for agents. He characterized Homes.com as the only pro-agent site, contrasting it with Zillow's Premier Agent program, which he views as a "lead diversion" model. This criticism is part of Florance's long-standing feud with Zillow over business models.

    Florance also took aim at Zillow's Listing Access Standards, calling them an attempt to protect the company's ability to profit from listings by selling leads to competing agents. He encouraged agents to "stand up to Zillow's bullying" in a LinkedIn post. Realtor.com CEO Damian Eales echoed some of Florance's sentiments, suggesting that Zillow is losing market share and its leads business is shrinking.

    Compass CEO Robert Reffkin also criticized Zillow on CNBC's "Squawk Box," stating that he believes the company is a monopoly with 70% market share. He cited Compass's lawsuit against Zillow as evidence of this assertion, comparing it to other dominant platforms like Google and Amazon.

Real estate giants form alliance against Zillow, tech giant in Seattle.