Warning: Trying to access array offset on value of type bool in /mnt/BLOCKSTORAGE/home/1018056.cloudwaysapps.com/ucfwgyvtrf/public_html/wp-content/plugins/wp-word-count/public/class-wpwc-public.php on line 123
Zillow Group and Redfin’s New Partnership
Real estate listing platforms Zillow Group and Redfin have formed a new partnership to automatically syndicate Zillow Group’s new-construction listings to Redfin. This groundbreaking new deal comes at a pivotal time, with new construction coming to account for roughly 30% of the current housing sales market.
The partnership aims to expand the reach of homebuilder listings on Zillow and allow Redfin customers to explore a broader range of new construction for sale. According to Owen Gehrett, Vice President and General Manager of New Construction at Zillow, “Zillow’s Community pages, in particular, help buyers understand the benefits of a new-construction home and give home builders a place to highlight all the amenities within a new-build community.” With this new partnership, home builders have the chance to reach out to a wider audience and bring more awareness to their product.
The partnership follows a rate lock-in effect that has attracted buyers to new construction due to rising mortgage rates. In June of 2023, new single-family home sales rose 23.8% from a year ago, with 28% fewer new listings. One third of single-family homes available for sale were newly built homes, also marking a record-high share.
The new partnership is a benefit to both Zillow Group and Redfin customers. For Zillow Group customers, it provides an easier access to a much wider range of homebuilders and options. Meanwhile, Redfin customers have more homes to explore and aid in their journey to finding their perfect home. On top of that, the deal creates a new revenue opportunity for homebuilders.
Adam Wiener, President of Real Estate Operations at Redfin, said this partnership is “a win-win-win for our customers, agents and the builders who advertise with Zillow”. For both companies, continuing the mission of helping customers buy and sell homes is the ultimate goal – something that their new partnership is just another step towards achieving.
Though both Zillow Group and Redfin reported a net loss in the first quarter of 2023, they remain optimistic and determined to make the home-buying transaction more seamless for the remainder of the year. This pioneering partnership between the two leading real estate platforms is the perfect way to start