Zillow Group acquired VRX Media, a real estate marketing company and media services provider, to expand its suite of listing services for agents and brokers, the company announced on Thursday.
The acquisition marks Zillow’s 18th acquisition to date.
Zillow Group will offer VRX Media’s services — like aerial drone and high-definition photography, virtual staging and 3D tours — through ShowingTime+’s software suite, a brand of Zillow Group providing software and market statistics services.
ShowingTime+ looks to help agents differentiate their listings and provide a better client experience. The company automates the showing scheduling and management process for MLSs, associations, offices and agents, according to its website.
Through VRX Media, ShowingTime+ can provide Listing Media Services and Listing Showcase, two new products which will be released in 2023. These products will enable listing agents to combine photography services and listing media to create interactive listings.
In April, ShowingTime launched a new feature that allows homebuyers and sellers, and real estate agents and brokers, to check a property’s home tour availability on a real-time basis.
In a third-quarter letter to shareholders, Zillow CEO Rich Barton explained that all its real estate listing services will now be under the ShowingTime+ brand, including ShowingTime, dotloop, Bridge Interactive, and Rich Media Technology.
“With VRX Media, ShowingTime+ will give agents elevated listing products unlike anything available today and will transform the way they prepare and market their for-sale listings,” said Jun Choo, senior vice president of ShowingTime+, in a prepared statement.
According to the National Association of Realtors Home Buyers and Sellers Generational Trends Report from 2022, photos (84%), detail information on properties (80%), floor plans (55%), virtual tours (43%), interactive maps (34%) and virtual listing appointments (10%), are some of the most desired listing features for homebuyers.
The statement from Zillow Group says 70% of sellers opined that they are “more likely to hire an agent who includes virtual tours and/or interactive floor plans in their services, and 70% of sellers who included a virtual tour were more likely to receive an all-cash offer.”
In October, Zillow joined the ranks of many other companies in the housing industry who are right sizing their staff, laying off around 300 employees.
