Broker Public Portal + Homesnap split

The Broker Public Portal, the initiative from brokers and MLSs envisioned as a national consumer-facing portal, and Homesnap, the tech company the group partnered with to execute the vision, have split. The 50-50 joint venture will dissolve at the end of October. Homesnap’s new owner, CoStar Group, which acquired the firm in mid-2021, had proposed some new terms that the BPP board could not sign on to. CoStar has a well-defined playbook for operating portals, which includes charging brokers and agents for premium placement on its sites. This reportedly was one of the sticking points for the two groups as CoStar explored applying a similar approach to Homesnap. For more on CoStar’s vision and operation, see the 2022 Swanepoel Trends Report chapter, “CoStar Group: Inside Residential Real Estate’s New Heavyweight.”