CoStar merges Homesnap and Homes.com, cutting 100 jobs
The company is integrating “the best of Homes.com” with Homesnap and Citysnap, said Andy Florance, CoStar CEO and founder.
- CoStar acquired Homesnap in 2020, followed by Homes.com in 2021.
- Homes.com describes itself as an “agent-first, property-first portal.”
CoStar Group has integrated the services of Homes.com and Homesnap under one roof, an apparent shift in strategy after acquiring the two companies in 2020 and 2021.
David Mele, who led Homes.com prior to the acquisition, will oversee the combined organization. As a result of the reorganization, which will take place over the next 12 months, Homes.com will gain 700 employees and eliminate 100 "duplicative roles." Although CoStar reported strong revenue during the third quarter, the layoffs are just the latest in a series of staffing reductions across the real estate industry this year.
"The company believes that the combined entity is now better positioned to efficiently achieve its goal of becoming the leading residential real estate portal," CoStar said in a statement.
CoStar debuted its new consumer-facing platform for Homes.com at the recent annual conference of the National Association of Realtors in Orlando, where real estate professionals had the chance to interact with the online services. The real estate portal, which bills itself as "agent-first, property-first," lets consumers pick an agent in their community from a national directory and filter by experience and neighborhood expertise.
"CoStar Group is working to integrate the best of Homes.com with the best of Homesnap and Citysnap," Andy Florance, CoStar CEO and founder, said in a prepared statement. "We appreciate the hard work, dedication, and contributions from the entire Homes and Homesnap teams that have helped to grow our residential business.
"While this integration will unfortunately impact some of our employees, their work has been integral to creating a product that better serves the industry and our customers," he said.
CoStar also owns Apartments.com, LoopNet and ApartmentFinder.com, among other websites.