Updated: March 16, 2021
On Wednesday, February 10, the Zillow Group announced it has entered into an agreement to acquire ShowingTime. We understand you want as much information as possible about the announcement and we appreciate your feedback and comments.
REcolorado is considering the impact of the potential acquisition as it relates to our product strategy, which has always emphasized providing choice. REcolorado customers operate real estate businesses throughout the state. To serve your clients, you have varying needs, which is why, from CRMs, to contract and showing services, our approach has always focused on making a variety of products and services easily accessible to you. The agreements we enter into with vendors are thorough to protect your data by not allowing it to be used beyond the specific product or service.
There is a lot of activity in our industry and we expect ongoing announcements, shifts, and moves, which we will continue to closely monitor to keep our eyes open and aware of future impacts. Increased competition among real estate technology providers has the potential of providing even more product choices for you in the future.
We will continue to provide information as it is available. Here are some answers to the common questions that are being asked:
Is REcolorado evaluating additional showing solutions?
Yes. REcolorado is exploring adding an additional showing service to our suite of products. The team at REcolorado has conducted very thorough due diligence on nearly 20 companies that provide showing services and have narrowed down the list of potential partners. We are currently in contract negotiations with a vendor. Once we have an agreement in place we will make an announcement.
What is REcolorado doing to ensure customers have additional showing service options?
REcolorado’s strategy is to provide our customers a selection of high-quality products to use to run their businesses. Available solutions are continuously being reviewed by our product team. As a real estate broker, you can choose which companies to work with to market your client’s listings, and independently choose the showing services you use. REcolorado’s agreements with vendors are to provide data to streamline the use of the products you choose to use.
When will the Zillow Group’s acquisition of ShowingTime go into effect?
Although an agreement between the two entities has been formally announced, the acquisition is not complete. As required by federal law, a rigorous review of the proposed acquisition must be conducted by the federal antitrust and data privacy enforcement agencies to assess and determine whether the transaction will adversely affect U.S. commerce under antitrust and other consumer protection laws. It could take anywhere from a few weeks to several months for these regulatory reviews to be completed and the transaction is allowed to close under federal law.
What are the impacts of the potential acquisition of ShowingTime by the Zillow Group?
No changes to our partnership with ShowingTime are planned. We have a strong agreement with ShowingTime that protects your data. The existing agreement with ShowingTime remains intact and will continue after the transition, but we also are reviewing additional services to offer as an alternative as well.
Is my showing information private?
Yes, REcolorado’s agreement with ShowingTime protects your information from being shared without your knowledge.
Where can I find the Zillow Group and ShowingTime Announcements?
Our Customer Care team will gladly answer additional questions. Email us anytime at support@REcolorado.com