Z News & Events

BTIG noted that Google (GOOGL) is testing for-sale home listings in mobile search results across multiple markets, in what could be seen as a direct challenge to the portal models of Zillow Group (ZG) and CoStar Group's (CSGP) Homes.com. The firm added that Google is sourcing listings from a data platform/registered broker and monetizing via book-a-tour, find-an-agent and ask-a-question buttons that direct searchers to buyside agents that pay for the placement. This could be a problem for the residential portal sites given Google's reach and potential to feed listings into AI results, BTIG told investors in a research note. The firm reiterated a Neutral rating on Zillow Group. BTIG also maintained its Buy rating and $55 price target on CoStar Group.

Midwest Real Estate Data, or MRED, announces that it will suspend property listing data feeds to Zillow Group websites, including Zillow.com and Trulia.com, unless Zillow cures its violation of its license agreements and MRED's rules by Tuesday, May 19, at midnight CDT. "MRED reserves the right to terminate Zillow's license based on Zillow's material breach of its license agreements by suppressing display of listings on its websites," the group stated. Rebecca Jensen, President and CEO of MRED, added: "The rules of this MLS exist to protect every participating broker and every consumer who relies on a complete and accurate picture of the market. Those rules apply equally to every participant, regardless of the size of their audience or the reach of their platform. MRED enforces its rules consistently and fairly, and hopes that Zillow returns to operating consistent with its longstanding agreements with MRED."

Zillow sues Compass over Chicago listings, Bloomberg reports