CoStar Group, the Washington-based provider of commercial real estate information, analytics and marketplaces, has acquired LandWatch.com - one of the largest land-dedicated real estate marketplaces across America.
Founder and CEO of CoStar Group Andrew Florance says the acquisition is a win for CoStar.
"Solidifying our position as the No. 1 online network of marketplaces for rural real estate, the acquisition of LandWatch.com effectively doubles the exposure and leads available to property sellers and the number of rural listings available to the buyers," Florence says.
"Land is the single most valuable real estate asset class in the U.S., and by dramatically increasing the scale of our existing Land business we are putting in motion a plan to transform the land buying experience."
CoStar is already investing in improving the experience for sellers of land. Recent enhancements include adding a custom mapping tool to make property listings more dynamic and consolidating listing management for Lands of America and Land And Farminto a single property admin area - leveraging top SEO visibility and high-quality traffic to connect millions of active buyers with thousands of sellers.
While LandWatch.com will operate as a stand-alone site, CoStar plans to distribute its 1.4 million listings across the three land sites, allowing prospective buyers to find listings on whichever site they visit. LandWatch.com reported over 3.3 million average monthly visits in 2016 and when added to CoStar's existing traffic builds a combined network of 7.1 million monthly visits.