CoStar wants faster Homes.com growth, is shifting sales into the field

CoStar's strategic move to accelerate Homes.com growth by shifting sales into the field indicates a significant push to expand its residential segment. This decision likely stems from the company's desire to capitalize on the lucrative residential real estate market, where demand for online platforms has surged. With net new bookings totaling $37 million and residential segment revenue rising to $460 million from $373 million, it's clear that CoStar is betting big on Homes.com to drive future growth.

The company's focus on field sales suggests a recognition that in-person interactions and relationships are crucial in the residential real estate space. By deploying sales teams into the field, CoStar aims to build stronger connections with local real estate agents, brokers, and property owners, ultimately driving more listings and traffic to Homes.com. This approach may also enable CoStar to better understand regional market dynamics and tailor its offerings to meet specific needs.

As CoStar continues to invest in Homes.com, industry stakeholders should watch for signs of increased competition in the residential real estate tech space. With established players like Zillow and Realtor.com vying for market share, CoStar's aggressive expansion plans may lead to a more crowded and dynamic market. Lease professionals, in particular, should keep an eye on how these developments might impact the commercial real estate landscape, as shifting resources and attention towards residential may influence CoStar's approach to commercial listings and services.

Originally reported by housingwire.com. LeaseNews adds analysis for real estate & property readers.