Showing management technology company ShowingTime has acquired real estate market analytics firm 10K Research and Marketing and former ShowingTime rival BookAShowing.com.
Terms of the deals were not disclosed. Both transactions closed in the last 30 days, according to ShowingTime.
10K’s market analytics reports and BAS’s online scheduling system will be merged into ShowingTime’s products under the ShowingTime brand. The buys may help the company stand out against competitors Showing Suite and Centralized Showing Service (CSS).
“To my knowledge, neither of these companies offer similar services,” ShowingTime President Michael Lane told Inman in an email.
“We have many innovations that we intend to bring to market in the near future for customers that use both 10K and ShowingTime,” he added.
Innovation and growth
The company plans to introduce “never-seen-before” supply and demand statistical reports to help real estate agents and brokers do their jobs better.
“ShowingTime manages showings and feedback on a widespread basis which provide a real-time indication of buyer demand,” Lane said.
“10K creates interactive market analytics tools — maps, videos and easy-to-read market reports — that illustrate supply-related information such as listing inventory and sales data. We think there is a big opportunity to combine this information in a unique way.”
More than 150 MLSs and associations representing over 800,000 agents and brokers use ShowingTime products.
10K and BAS are not ShowingTime subsidiaries, but rather will be fully integrated into ShowingTime, the company said.
ShowingTime declined to state employee headcounts at 10K or BAS, but said ShowingTime had retained all employees from both organizations.
“ShowingTime is hiring and we expect this to continue. Both 10K and BAS were growing and profitable companies prior to joining ShowingTime,” Lane said.
“Based on the synergies of the combined organization, we expect our growth to continue if not accelerate.”
The company hasn’t wasted any time. ShowingTime announced today that Colorado MLS Information and Real Estate Services (IRES) has launched 10K’s Infosparks market analytics tool for its more than 6,000 members.
10K’s customer base includes more than 250 real estate organizations, including MLSs, state and local Realtor associations, and brokerages. About half of these customers were already ShowingTime customers at the time of the purchase, the company said.
10K will now be known as ShowingTime 10K. The company was formerly a wholly-owned subsidiary of the Minneapolis Area Association of Realtors.
MAAR and 10K’s board made the “strategic decision” to sell in order to ensure 10K had access to capital and other resources necessary to maintain its quality products and services, and to expand business operations, MAAR said in a press release.
10K’s products and services will remain unchanged with additional capabilities added over time, the association said.
Gobbling up a former competitor
Before the acquisition, BookAShowing.com had 11 marketwide MLS or association agreements and about 500 additional brokerage agreements serving about 20,000 agents combined, ShowingTime said.
Those customers are now customers of ShowingTime but will continue using the same platform. BAS customers will gain access to ShowingTime’s mobile app, appointment center and front-desk software.
In turn, ShowingTime customers will benefit from BAS’s “very thoughtful user interface and design decisions,” Lane said.
“Showing management processes vary in subtle ways from one market to the next,” he said.
“The addition of BAS design considerations to the ShowingTime offering will make all ShowingTime products compatible for BAS customers. These design changes will benefit everyone using our services.”