24/05/2022

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Lawmakers Want FTC to Investigate Zillow Over Antitrust

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Users of Dwelling and Senate antitrust subcommittees asked the Federal Trade Fee to see if Zillow’s acquisition of ShowingTime could violate U.S. antitrust legislation.

WASHINGTON – U.S. lawmakers want the Federal Trade Commission (FTC) to investigate possible antitrust violations more than Zillow Group’s pending $500 million acquisition of ShowingTime, a scheduling system for household showings.

Rep. Ken Buck (R-Colo.) and Sen. Mike Lee (R-Utah), rating customers of Home and Senate antitrust subcommittees, reportedly despatched the FTC a letter urging an investigation into the acquisition.

Zillow Team has produced quite a few acquisitions more than current decades, which includes one that enables it to operate as a broker. In February, Zillow introduced plans to order ShowingTime, which it claims will remain an open up platform. The acquisition is nevertheless pending.

In their letter to the FTC, the lawmakers stated they imagine the acquisition could “further entrench Zillow’s purchaser details advantage to the detriment of homebuyers and their rivals.” The letter also refers to Zillow’s Zestimate, alleging it could “unduly influence” home owners who may well be trying to market their properties.

“The result of Zillow’s acquisitions seems to be that it can proficiently convey to the homeowner what their home is worth, obtain the residence from the property owner for that total, and then convert around and immediately provide the property for a better price tag,” the lawmakers said in the letter to the FTC.

Zillow delivered the following statement to GeekWire: “Since our announcement to acquire ShowingTime, Zillow and ShowingTime have labored constructively with the FTC team in their complete evaluation of the transaction. … Key to our mission is our perform to modernize the true estate transaction – which has been notoriously resistant to shopper-helpful improve in excess of the a long time. By making an open and equitable support which is offered to all agents and brokers, which will consist of ShowingTime, we are serving to transfer the marketplace to a more productive, digital foreseeable future that will work to benefit consumers.”

Supply: “Zillow Group Faces Antitrust Scrutiny From U.S. Lawmakers Over $500M ShowingTime Acquisition,” GeekWire (Aug. 13, 2021) and “Lawmakers Flag Zillow Deal for FTC Scrutiny,” Axios.com (Aug. 12, 2021)

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