VirtualTourCafe

CoStar Acquires Matterport
Andy Florence hit the center stage at the HousingWire Gathering in Scottsdale, Ariz yesterday morning. It was a packed house. If there is one thing that you can say about Andy Florence, when he and his leadership team commit to something, they go in 100%. Early this week, Matterport was trading at just under $1.4B. When WAV Group worked with Matterport as a startup to launch into real estate so many years ago, we witnessed the awe of real estate professionals who immediately recognized the breakthrough innovation of the Matterport experience in real estate marketing. If you recall your first Matterport experience, you surely witnessed true technology innovation. The ability to move through rooms, and understand space through the doll house animation delivers an online home viewing experience like no other. With CoStar's massive domination of commercial real estate, rentals, and a top competitor in residential real estate portals, Matterport will be componentized into the marketing of all existing and proposed building structures. The announcement caused Matterport stock to jump from $1.70 per share to nearly $5 on the release. Sadly, we had exited our positions in Matterport long ago as their stock price languished. The price surged the valuation of Matterport up over $1.4 billion this morning on the news release. Press release follows: Matterport, the Global Leader in 3D Digital Twins, to be Acquired by CoStar Group The Transaction is Expected to Increase the Development and Deployment of Matterport's Advanced AI and Digital Twin Technology SUNNYVALE, Calif., April 22, 2024 — Matterport, Inc. (NASDAQ: MTTR), the spatial data company leading the digital transformation of the built world, announced today that it has entered into a definitive agreement with CoStar Group, Inc., a leading provider of online real estate marketplaces, information and analytics in the property markets, pursuant to which CoStar Group will acquire all outstanding shares of Matterport in a cash and stock transaction valued at $5.50 per share, representing an equity value of approximately $2.1 billion and an enterprise value of approximately $1.6 billion based on the closing price for CoStar Group common stock on April 19, 2024. Under the terms and subject to the conditions of the agreement, which has been unanimously approved by Matterport's Board of Directors, Matterport stockholders will receive $2.75 in cash and $2.75 in shares of CoStar Group common stock for each share of Matterport common stock. Founded in 2011, Matterport pioneered the development of the first 3D capture solution to deliver dimensionally accurate, photorealistic virtual tours or "digital twins" for any type of property. Matterport's proprietary and patented technology enables anyone to digitize a property using a variety of camera technologies including cameras found on most smartphones. Matterport also produces a line of innovative 3D capture devices, including the company's flagship LiDAR-based Pro3 camera which is capable of high-precision indoor and outdoor capture. At the center of the solution is Cortex, a powerful artificial intelligence software engine that automatically generates the 3D digital twin and virtual tour while providing property insights like detailed property dimensions, room layouts, and more. Matterport's 3D technology is utilized in nearly every sector of real estate, spanning residential, commercial, hospitality, retail, and industrial spaces, among others. Over the years, Matterport has curated what is considered the largest and most precise collection of spatial property data worldwide, with over 12 million spaces captured in 177 countries, and representing more than 38 billion square feet of digital property under management. Contributing to this growth, Matterport has established a global network of several thousand photographers, capture services technicians, and service partners producing hundreds of thousands of new 3D digital twins for properties each month. CoStar Group operates some of the most effective and widely recognized real estate information solutions and online property marketplaces in the world including Apartments.com, LoopNet, CoStar, and Homes.com, all of which feature Matterport's 3D virtual tours. CoStar Group was one of the first adopters of Matterport's technology, and currently has almost 300,000 Matterport digital twins available in the CoStar information product and online property marketplaces. Advertisers on CoStar Group marketplaces clearly recognize the value of Matterport virtual tours. In March 2024, there were over 7.4 million views of Matterport 3D Tours on Apartments.com, with consumers spending 20% more time viewing an apartment listing when Matterports were available. CoStar Group intends to utilize Matterport in a similar fashion on Homes.com to further enhance the most comprehensive agent, seller and buyer friendly residential portal on the market. "CoStar Group and Matterport have nearly identical mission statements of digitizing the world's real estate. I look forward to welcoming Matterport to the CoStar Group family and believe that we will be stronger together, in pursuit of our common mission," said Andy Florance, Founder and CEO of CoStar Group. "The world has changed and today a Matterport is the new open house or property tour. People now select their next home, apartment, office, store, hotel, or warehouse on their mobile device often without ever visiting the property. There is no better way to remotely experience space than via Matterport. CoStar Group intends to support and invest in research and development opportunities to further develop Matterport's spatial technology, including the application of AI and machine learning to extract information from the 3D spatial data library as well as using generative artificial intelligence to imagine and reimagine physical spaces." RJ Pittman, Chair and CEO of Matterport said, "We are thrilled to join forces with CoStar Group, a long-standing customer and partner with a shared vision for transforming global real estate through technology and digitization. This transaction is another significant milestone that acknowledges the groundbreaking work Matterport has accomplished in 3D digital twin technology and AI-driven property intelligence. With CoStar Group's expansive reach and scale in property research and analytics and our joint commitment to innovation, we believe that this powerful combination will transform how properties are marketed, sold, and managed worldwide. Importantly, it offers Matterport's stockholders the opportunity to participate in the value creation and future growth prospects of our combined efforts." The transaction, which is expected to be completed during the year, is subject to the approval of Matterport stockholders and the satisfaction of customary closing conditions, including applicable regulatory approvals. Directors, Officers and certain other stockholders of Matterport, representing approximately 15% of Matterport's fully diluted shares, have entered into voting agreements to support the transaction. The transaction is subject to a 10% symmetrical collar based on a CoStar Group share price of $86.02 as the midpoint. Qatalyst Partners is serving as financial advisor and Foley & Lardner LLP is serving as legal advisor to Matterport. About Matterport Matterport, Inc. (NASDAQ: MTTR) is the World's #1 Digital Twin Platform* leading the digital transformation of the built world. Our groundbreaking platform turns buildings into data to make every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse a gallery of digital twins. ©2024 Matterport, Inc. All rights reserved. Matterport is a registered trademark and the Matterport logo is a trademark of Matterport, Inc. All other marks are the property of their respective owners. *Largest digital twin cloud hosted platform for the built world sq. ft. scanned. Data on file. About CoStar Group, Inc. CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with over twelve million monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. OnTheMarket is a leading residential property portal in the United Kingdom. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France's leading commercial real estate news service. Thomas Daily is Germany's largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group's websites attracted over 160 million unique monthly visitors in September 2023. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. To view the original article, visit the WAV Group

Real Estate Media Trends You Should Follow in 2023
As a real estate pro, staying ahead of the curve and being up-to-date on the latest industry trends are essential. This not only allows you to serve your clients better but also allows you to stay ahead of the competition. The media landscape is constantly changing, and it can take time to keep up with the latest trends. However, following the industry trends is vital to stay on top of your game. Here are the top six real estate media trends for 2023: Virtual Reality Is More Favored One of the significant technologies changing the real estate landscape today is Virtual Reality (VR). VR allows potential buyers to virtual tour a property and its location without physically visiting the space. It also allows real estate developers to present complex projects in an immersive and realistic view. It is an excellent tool for real estate marketing. Realtors can create virtual tours of properties, making it convenient for potential buyers to view and ask questions about the property. So remember to keep up with VR and its continuous helpful effect on the industry to continue to provide your clients with the best possible service. Drone Footage Is Needed Another hot trend in real estate media is drone footage. Drones offer a unique perspective that allows viewers to see properties in a whole new way. 3D mapping is becoming popular as time goes on. It uses images taken from a drone to create highly accurate 3D models of buildings, landscapes, or objects that are not visible from ground level due to their height. Drones are an effective tool for real estate marketers. Given the demand for exceptional real estate photography and detailed property listings, this trend will be around for a while. Social Media Will Remain a Powerful Tool Social media is a powerful marketing tool in the real estate industry. Real estate professionals use social media to increase awareness, educate potential buyers, and generate leads. It is also a great way to connect with people in your community. Social media platforms like Facebook, Instagram, and Twitter can be used to share information about events, news articles, or pictures of your listings. Get on TikTok TikTok is one of the practical marketing tools that can assist agents and brokers in reaching a larger audience and increasing their conversion rate. It enables you to present your listings and services to instantly catch homebuyers' attention. The app has become a popular app for real estate. TikTok's true power stems from its relative simplicity. You can create lead-generating material that indicates your authority on the subject and help position you as the go-to real estate professional in your community with a few clicks using the information you already have. Harnessing the Power of Email Email marketing is becoming a necessity in this day and age. More than an online presence is needed; you also need a sound customer relationship management system. This means that you need to send out newsletters regularly. Real estate pros need to send out more marketing emails to reach your business goals and connect with your target audience. You're busy seeking new homeowners for your properties; automated email marketing campaigns deliver the appropriate message directly to them. Real estate email marketing used correctly, can help you reach more clients and close more deals. Prioritize SEO SEO is a crucial part of marketing strategy for the growth of a real estate business. Building a solid online presence can help differentiate your company from the competition and grow your business. Search engine optimization (SEO) is optimizing a website to rank higher in search engine results pages (SERPs). This process includes on-page factors such as page load speed, content relevance, title tags, and keyword density. There are many things to consider regarding SEO and real estate. The keywords that you use on your website, the content you post, your design, and how often you update your pages all impact how well your website ranks in search engines. The most important thing to remember about SEO is that it's not something you do once and forget about later. It's a process that requires constant attention and care if you want to see results. To Wrap Things Up Real estate media trends are changing rapidly, and agents need to keep up with these changes. With the emergence of new media technology, agents and brokers can reach a wider audience and increase their lead generation. In recent years, online platforms such as social media, blogs, and websites have provided agents with the necessary solutions for marketing their businesses. Following these trends will improve your real estate business, whether you try them yourself or get in touch with experts to help you stay on track. To view the original article, visit the Realtyna

HomeJab Reveals Top Trends in Pro Real Estate Photos, Video, 3D Tours, Aerial and more
Do your agents use professional real estate photographers to shoot every listing? They should if they want to stay competitive, as today, 73% of all agents use professional photography to promote every property they list. Professional photos, video, virtual staging immersive 3D tours, aerial photography, and the use of twilight photos by agents are all covered in a brand-new survey from HomeJab. If you use professional photographers and other visual assets to promote your property listings and don't know HomeJab, you should. Go to HomeJab.com and see for yourself how they connect you with top local photographers and deliver a lightning-fast 24-hour turnaround. Founded in 2013 by real estate industry veteran and real estate photo and video expert Joe Jesuele, HomeJab has emerged as America's most popular and reliable on-demand professional real estate photography and video service for real estate pros. HomeJab is also one of the hottest startups in its category. The new HomeJab study uncovered some fascinating recent tech trends, including: Video tops 3D tours: While immersive 3D interactive tours continue to soar in popularity, real estate agents pick video over 3D. Thirty-six percent said they preferred video tours versus 21% for 3D tours. Additionally, 30% said they use both video and 3D tours, depending on the seller. Virtual staging narrowly beats traditional staging: HomeJab found that 30% of agents now prefer virtual staging, slightly more popular today than traditional staging at 29%. Only 7% of agents shoot their own listing photos: Despite the advancements in smartphone camera technology, professional photography still beats DYI – by a wide margin. Agents know that pro photos positively showcase their personal brand, HomeJab notes. Aerial photography is hot and getting hotter: Sixty-seven percent of real estate agents said they had used aerial photography with their listings. Fifty-five percent of agents said their use depends on the property. Twelve percent said they use aerial photography with every property listing. The newest trend is the growing popularity of virtual twilight photos: Seventy-six percent of agents have used them to promote their property listings or are interested in using them. Forty percent of agents said they use twilight photos. Thirty-five percent say they love them, and 5% say they use them but don't love them. This new data from HomeJab showcases how high-quality and innovative imaging assets have become the cornerstone in property listings marketing. More importantly, it's great to see new data points on this hot topic, as much of the existing research is mostly dated. Here is their full news release on the recent HomeJab survey. To view the original article, visit the WAV Group