The news that Zillow is purchasing ShowingTime for $500 million sent shockwaves through the residential real estate industry in February.
The online scheduling platform reports that nearly 1 million agents use ShowingTime in North America, and the app facilitated more than 50 million showings in 2020. That’s why so many traditional brokers now worry that Zillow will collect ShowingTime users’ information and then use it to help edge them out of the market.
Hundreds of Atlanta Agent readers responded to our survey about the mega-deal. Practically all of the respondents (94%) said they use the app, and more than a quarter (28%) said they are dropping it. The majority of users (56%) said they are uncertain whether they’ll continue using ShowingTime, while the remaining 16% said they will keep using it.
Of the users who said they’ll find another method of scheduling showings, the vast majority (89%) were unsure how they would replace the app. Some respondents said they’d do things the old-fashioned way: “I will use the phone, text or email like I always have!”
Zillow said in February that purchasing the app would help increase tour volume and transactions for its agents, adding that many of them already use ShowingTime. The company also noted that ShowingTime would “maintain its existing data privacy policies.”
Despite the public statement, Zillow has some heavy lifting to do to develop trust among its users. Most users (90%) said they are concerned that ShowingTime will share their information with Zillow.
One ShowingTime user gave this take on the deal: “Zillow is going to be a, probably a formidable, competitor in the digital world. I think that is where we are heading. No sense helping make their path smoother. ”
Another said they believe the purchase shows Zillow is building a one-stop-shopping experience for real estate. “I believe that Zillow is trying to produce a platform for a consumer ‘all-in-one’ experience. However, this can’t replace a Realtor standing by your side looking after your best interest. ”