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1Q2024CoStarMatterportMatterport NewsMSPNewsReal Estate News

CoStar to hire thousands of Photographers to Shoot Matterport + Photos19806

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DanSmigrod private msg quote post Address this user

Matterport News


CoStar to hire thousands of Photographers to Shoot Matterport + Photos

Hi All,

CoStar Founder and CEO Andy Florance says in this "must read" Real Estate News article today (4 May 2024):

You mentioned hiring thousands of photographers to perform potentially hundreds of thousands of scans per month. What's the ROI on that venture?

We will cover the cost through the [Homes.com] membership fees. Member listings soar to the top, so say the consumer comes to Homes.com and they're looking at some neighborhood in Washington, D.C., and the first five pages all have floor plans and Matterports — the experience for the consumer is really good. I'm confident that as we start to make this the norm, other folks will adopt it more.

Matterport has the best technology by far, but it hasn't gotten into the hands of real estate photographers because of the cost. A Matterport camera costs $6,000. We can equip a photographer with a piece of equipment and then they're going to do thousands of Matterports, so the cost of the camera goes to nothing.

Source: Real Estate News

Once the acquisition is finalized, will Matterport tours be available only on CoStar sites?

No. We have an interest in getting the biggest training model possible — the bigger your model is, the more intelligent it is, so we want to open it up to the whole world. Zillow has their own digital twin technology, Redfin uses Matterport, and Realtor.com probably has 30 different technologies. But in a world where we drive more digital twins, we will get a solid share of that.

Source: Real Estate News

If we're spending north of $500 million a year on marketing, compare that to spending $40-$50 million annually on driving up the number of 3D digital twins. That's better than marketing, because it improves the consumer experience and the homeseller experience.

Source: Real Estate News

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Related WGAN Forum Topics

What CoStar's Acquisition of Matterport Means for Real Estate Photographers
Why CoStar planned acquisition of Matterport is Good News for Competitors
Matterport Highlights from the CoStar Group 1Q2024 Earnings Call
✓ All WGAN Forum discussions tagged: CoStar Acquires Matterport News

Your thoughts?

Best,

Dan
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ScanYourSpace private msg quote post Address this user
Hopefully they’ll pay more per job or sq ft than matterport was trying to pay. I turned them down because it was literally Pennies per sq ft.
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@dansmigrod

I'm going to keep my finger on the pulse of this on the local level. As I mentioned in an earlier blog post, I have a good friend whom I assisted in getting a job as a photographer with CoStar. She has been happy with the work load and the pay so far.

I can't imagine that CoStar would continue to hire photographers (rather than engage independent contractors), given the cost realities in employment.

I think it spells opportunity. Matterport's program is ridiculous.

KF
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HarlanHambright private msg quote post Address this user
Because Matterport needed to make money on scanning. co-star will be making money BY scanning.
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@harlanhambright

Absolutely - spot on. Zillow is doing the same with the 3D Home+ Interactive Floor Plan program. Gaining data / info through the program, not making money (and ticking off all of their adherents) by scanning alone. I would love to take a peek at the database that Zillow has amassed through the 3D Home + Floorplan process.

KF
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SeeIt360 private msg quote post Address this user
This sounds enticing (so far). Does this mean one would need to have or acquire a Matterport Camera to be considered by CoStar?
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GETMYVR private msg quote post Address this user
Yeah yeah we are the sharpest tools in the shed. The shed that agents ignored and avoided because they didn't think 3D tours and floor plans were important. Well now we know the truth. All are you here with me on this journey? We were all freaking right. @SeeIt360 I'm thinking they're going to acquire a lot of pro 3's and put them in the field.
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Chemistrydoc private msg quote post Address this user
They already have!
Post 8 IP   flag post
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We all know that Homes.com has been a distant last in the eyeball race. I lobbied Realtor.com years ago, when it was the ONLY Matterport direct upload, to take advantage of their position. Had they heavily boosted listings with 3D tours they could have gained eyeballs and attention. I recommended they add a landing page button option, a filter to show only homes with 3D tours, for buyers that want premium information. Of course, not even a reply.

Now that CoStar steps in, this may mean that Homes.com, one way or another, moves to include a MP tour for every single listing, which would boost the platform's value immensely above Realtor, Redfin and even Zillow, in the eyes of buyers. I foresee Homes.com rising in popularity.

Yes, I worry about Costar looking at MSPs as Uber drivers, but time will tell. Matterport, in its most basic execution, is a plug-n-play technology. We know that to do it superbly requires experience, but does the public see the difference? Will Costar? So the jury is out on whether this is good or bad for MSPs. I've traveled down the road toward high-end bespoke tours in 3DVista, a much more customizable and powerful system, which therefore cannot be Uberized. I'm secure in this journey.

But, after all these years waiting for something to happen with MP, now it has. So that's probably a good thing. The tech was always excellent, just the executive decision-making felt driven by private equity investors, short term view. I drink a toast to change.
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Taoiseach_7 private msg quote post Address this user
Dan, post a link to the application when the start please
Post 10 IP   flag post
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DanSmigrod private msg quote post Address this user
@Taoiseach_7

You can apply now.

Here are all available CoStar Group Jobs.

"Field Researcher" is the CoStar name for "Real Estate Photographer" ...

Best,

Dan

Here is an example job opening in Houston



Post 11 IP   flag post
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@Taoiseach_7

Here is a list of All CoStar "Field Researcher" Openings.

Best,

Dan
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These guys were recruiting hard last fall/winter promising something big would be happening in 2024 after a Super Bowl ad. Well here it is. At the time, they wanted us to terminate our business and join exclusively with them pay rates varied around the country from about $80-$110k a year with possibility of having their company car. With non competes being ruled as unlawful, I'm curious if their can now be room to work both if you choose to keep a couple clients and sign on.
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Buster6070 private msg quote post Address this user
I'm wary of this.

I believe my top client is a member of Homes.com and pays $1,000 a month. It sounds like members will get tours included with their membership, if so the math isn't in my favor. No way they'll pay a photographer market rate for a tour if that's their fee structure. Plus it sounds like they'll be subsidizing the camera and Matteport membership plan for they're photographers which will give them all the more reason to pay below market value.

In another post someone mentioned their photographers make between $80-$100k, which is great, but reminds me of how Redfin tried to change the Real Estate market by making Realtors salary. That's a great deal and money for most people, but as a entrepreneur I have higher expectations for myself and my business in the future.
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