Zillow, Redfin build on partnership with new construction listings
The two former rivals and popular home-search sites extend their connection beyond 3D Home, with Redfin calling Zillow listings “a new revenue opportunity.”
- Zillow’s listings of non-MLS new construction homes will appear in search results on Redfin as well.
- Customers “are increasingly turning to new construction.”
- Redfin is the third most popular consumer search portal, after Zillow and Realtor.com.
Seeking to capitalize on the increasing supply of brand-new homes and consumers' interest in them, Zillow and Redfin announced today that the two real estate listing sites are teaming up to share exclusive new-construction single-family home listings.
Specifically, Zillow's network of non-MLS new construction homes will automatically cross-post to Redfin where they will end up in the results for consumers searching for homes on both sites. The move is being framed as an opportunity to give builders a bigger reach while giving consumers more housing options, particularly in a moment when existing home inventory remains incredibly tight.
"With buyer demand outpacing the supply of existing homes for sale, Redfin's home-buying customers are increasingly turning to new construction," Adam Wiener, Redfin's president of real estate operations, said in the announcement. "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."
Additionally, the new partnership between the two Seattle-based companies, will provide "a new revenue opportunity" to Redfin when customers use its agents to purchase any of the new-construction properties shared from Zillow.
This new partnership is not the first between the two listing sites. Back in May, Zillow announced that its 3D Home tours — a product which Zillow has invested heavily in — would automatically be shared with Redfin.
Also in May, Zillow announced an expanded partnership with Opendoor where sellers could get an offer from Opendoor via Zillow's Premier Agent platform. The pilot started with Atlanta and Raleigh in February and then added Dallas, Houston, Phoenix and more. Redfin has an ongoing partnership with Opendoor as well, covering Atlanta, Raleigh, Phoenix and other cities.
In terms of whether or not these new construction listings will end up anywhere other than Zillow and Redfin, a Zillow rep told Real Estate News that the company is "constantly evaluating partnerships and tools that benefit our customers."
Zillow, which has long been the most visited site in the real estate listing portal space, had over 335 million visits in June, according to SimilarWeb. Redfin, which ranks third after Zillow and Realtor.com, had over 111 million visits in the same period.