"Google appears to be running tests on putting real estate sale listings into its search results. Over the weekend, real estate tech strategist Mike DelPrete published mobile phone screenshots of Google Search results showing real estate listings, which appeared to be powered by real estate data company "HouseCanary." The listings allowed users to view the full details of a property's page, request a tour and contact an agent similar to the functions offered on Zillow.com's online marketplace portal."
"The decline in Zillow signals investors are bracing for the eventual impact of Google's foray into the real estate market. The stock was down at least 11% at one point during Monday's session. However, Wall Street analysts were quick to point out that Zillow's exposure to organic search is fairly small, limiting potential downside at least in the near term as more details around Google's product come to light."
Google is testing integrating real estate sale listings into mobile search results in select markets, displaying listing details, tour requests and agent contact options. Mobile screenshots surfaced showing listings that appeared powered by data company HouseCanary and offering functionality similar to online marketplace portals. Zillow shares plunged more than 9%, falling as much as 11% at one point, as investors reacted to potential new competition. Wall Street analysts noted Zillow's limited dependence on organic search, suggesting near-term downside may be constrained. A Wells Fargo analyst compared the listing product to Google's hotel metasearch, saying increased traffic costs are possible but disintermediation is unlikely.
Read at www.cnbc.com
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