Commercial real estate leader CoStar is extending its reach into the residential world with the integration of Homesnap operations with Homes.com. But with that also comes news of layoffs.
According to the company, the CoStar Group took steps to combine and streamline the operations and functionality of Homes.com and Homesnap, in part by eliminating some 100 duplicative roles. Over the course of the next 12 months, CoStar Group expects to increase the net number of employees building Homes.com by 700.
David Mele, who led Homes.com for seven years prior to its acquisition by CoStar Group in 2021, has been named President of the combined Homes.com and Homesnap organization.
“CoStar Group is working to integrate the best of Homes.com with the best of Homesnap and Citysnap,” said Andy Florance, Founder and Chief Executive Officer of CoStar Group. “We appreciate the hard work, dedication, and contributions from the entire Homes and Homesnap teams that have helped to grow our residential business. While this integration will unfortunately impact some of our employees, their work has been integral to creating a product that better serves the industry and our customers.”