CoStar Group
CSGP
recently launched Citysnap in association with The Real Estate Board of New York (REBNY). Citysnap is the first-ever consumer-facing search website and mobile app for REBNY’s Residential Listing Service (RLS).
Citysnap is designed to specifically cater to New Yorkers and addresses the problem of finding a place to live, an issue that several people face in New York. It is the very first search site and app to provide home searchers in New York and real estate professionals with accurate and up-to-date data, which will help people in finding both residential rentals and properties for sale.
Citysnap achieved this by sourcing all of its data from RLS. It provides features uniquely designed for New Yorkers’ home searches, like distance to nearby subway stations and need-to-know details on the buildings in which each listing is located. Citysnap also offers a Sky cam feature with over 50,000 360-degree aerial videos of residential buildings to enhance user experience.
CoStar Group designed Citysnap in collaboration with REBNY follows the principles of “Your Listing, Your Lead,” which essentially means that all leads from listings in Citysnap will automatically go to listing agents or brokers at no additional cost. This will help real estate brokers to collaborate better with their clients and market their brands more extensively.
This unique offering by CoStar Group is the very first app designed to cater to the needs of consumers in New York and real estate brokers alike, separating its services from competitors.
CoStar Group, Inc. Price and Consensus
CoStar Group, Inc. price-consensus-chart
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CoStar Group, Inc. Quote
CoStar Group’s New Offering to Aid Price Performance
CoStar Group stock, which currently carries Zacks Rank# 3 (Hold), has fallen 23.4% year to date compared with the Zacks
Computer-IT Services
industry decline of 31%. You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
.
CoStar Group, like its online real estate market space peers
Zillow Group, Inc.
ZG
,
Redfin Corporation
RDFN
and
AppFolio, Inc.
APPF
, is suffering from the ongoing macro-economic turmoil, which has jeopardized the real estate market. Rising inflation and the recent Fed rate hikes have hindered the stock price growth of companies operating in the real estate industry as demand for property buying and renting has declined amid current market volatility.
Due to tighter market conditions, the advertisement budgets of competitor companies are decreasing, which is resulting in declining brand awareness.
Zillow shares have fallen 45.9% year-to-date compared with the Zacks
Internet Services
industry’s decline of 28.7%.
Redfin’s shares have tumbled 77% year-to-date compared with the Zacks
Real Estate Operations
industry’s decline of 30.9%.
AppFolio shares have slumped 23% year-to-date compared with the Zacks
Internet-Software
industry’s decline of 52.9%.
However, CoStar Group is optimistic regarding its revenue growth despite the current volatility. The company is experiencing more and more traffic from renters on its online platform.
CoStar Group is capitalizing on this situation by increasing its investment in advertisements and brand promotions. The company has collaborated with a New York advertising agency to develop a marketing campaign for Citysnap to deliver hundreds of millions of media impressions across streaming video audio, social and physical media.
The company expects that its marketing strategy and its unique products like Citysnap, which are entering various markets as the first entrant, will help CoStar differentiate its services from its competitors and gain market share. This will help in driving top-line growth in the long term.
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