Zillow Group (NASDAQ:Z, ZG) is teaming with Redfin (NASDAQ:RDFN) in a strategic partnership designed to expand the reach of home builder listings on Zillow and while allowing Redfin customers to explore a broader range of new-construction homes for sale.
Builders partnering with Zillow will begin to see their listings and communities syndicated to Redfin in the fourth quarter of this year. Redfin will launch new features to help buyers discover new-construction communities and connect with home builders, powered by Zillow’s Community pages. Redfin will also source non-MLS new-construction listings exclusively from Zillow, and new-construction listings available through an MLS will still be discoverable on Redfin.
The new partnership comes at a time when new construction is gaining greater prominence as the inventory of existing homes continues to evaporate. Zillow’s latest market report determined there were 28% fewer new listings added to the market in June compared to last year while a Redfin analysis of the first half of 2023 found that one-third of single-family homes available for buyers to choose from were new construction, a record-high share.
“The partnership with Redfin extends this unique and valuable resource to a wider audience,” said Owen Gehrett, vice president and general manager of new construction at Zillow. “It benefits home builders by expanding their reach to additional home buyers, while empowering home shoppers to make confident and informed decisions, regardless of where they choose to shop.”
“With buyer demand outpacing the supply of existing homes for sale, Redfin’s home-buying customers are increasingly turning to new construction,” said Adam Wiener, Redfin’s president of real estate operations. “Our Zillow partnership will help our customers discover more homes that fit their criteria. This is a win-win-win for our customers, agents and the builders who advertise with Zillow, who will now reach the homebuyers on Redfin. The partnership provides a new revenue opportunity while allowing us to focus on what we do best, helping customers buy and sell homes with local Redfin agents.”
How is this legal, when the DRE requires that all listings be marketed on MLS within 254 hours?
Whatever happened to Monopoly laws in this country? They are rotten and will continue to try to use AI to replace the professionals who work in the industry. We would cut them off.