Who Will Win? CoStar to take on Zillow's StreetEasy with New 'Citysnap' Portal

Zillow has some competition, and once again it is CoStar that has taken on the challenge, this time with its new Citysnap portal.

The new portal launches June 30, 2022 with the heady ambitions of challenging Zillow-owned StreetEasy and its near-monopoly on the New York City portal scene.

Details are still thin on the ground for a product that has yet to launch, but according to a press release published in late 2021:

“Citysnap will provide complete, accurate and real-time residential listing data to brokers, agents, building owners, property managers and consumers. Built for the industry and by the industry, Citysnap will be governed by “your listing, your lead,” meaning all leads will go to the listing broker or agent — with no additional cost or daily listing fee.”

CoStar CEO Andy Florance has reiterated this, saying Citysnap will offer a cheaper alternative to Zillow’s subsidiary portal.

Florance has indicated Citysnap will not charge for all listings, but it will offer brokers the option to pay for prominent placing. He has also said that Citysnap will not generate revenue by selling ads to buyer’s agents.

A Citysnap spokeswoman said:

“We have been working hard over the last eight months to develop a first-class product customized for Manhattan.

The past several months has [sic] been dedicated to development and marketing, and we’re thrilled to be launching a product that addresses all the pain points that come with searching for a home in New York City.”

It is a difficult time to launch a portal. The US housing market is preparing itself for a recession amidst rising interest rates and inflation, with firms like Redfin and Compass having already made staff redundant.

Meanwhile, CoStar will hope the launch of Citysnap will win them some favour in the market. The company has struggled with multiple controversies in the last 12 months.

Consumers can already pre-register for the Citysnap app.