CoStar Group, Inc. (CSGP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los datos de bienes raíces comerciales, Costar Group, Inc. (CSGP) se erige como una potencia transformadora, revolucionando cómo los profesionales acceden, analizan y aprovechan la inteligencia de mercado. Al combinar a la perfección la tecnología sofisticada, la agregación integral de datos y las innovadoras plataformas digitales, Costar ha forjado un nicho único que capacita a los inversores, corredores y desarrolladores con ideas sin precedentes sobre el complejo panorama de las propiedades comerciales. Su modelo de negocio meticulosamente elaborado representa un plan estratégico que los ha posicionado como un recurso indispensable en el ecosistema inmobiliario, impulsando la toma de decisiones informadas y la creación de valor en múltiples segmentos de clientes.

Costar Group, Inc. (CSGP) - Modelo de negocio: asociaciones clave

Proveedores y plataformas de datos de bienes raíces comerciales

Costar se asocia con múltiples fuentes de datos de bienes raíces comerciales, que incluyen:

Tipo de socio	Número de asociaciones	Cobertura de datos
Bases de datos de bienes raíces nacionales	47	Más del 95% de los mercados de propiedades comerciales de EE. UU.
Redes inmobiliarias internacionales	12	Cubriendo 6 países

Asociaciones de Servicios de Listado Múltiple (MLS)

Costar mantiene colaboraciones estratégicas con organizaciones de MLS:

• Asociaciones totales de MLS: 530 en los Estados Unidos
• Acuerdos de intercambio de datos que cubren listados de propiedades residenciales y comerciales
• Capacidades de integración de datos en tiempo real

Empresas de análisis de tecnología y datos

Categoría de socio	Número de socios	Enfoque tecnológico
AI y empresas de aprendizaje automático	8	Algoritmos de valoración de propiedad avanzada
Socios de computación en la nube	5	Infraestructura de almacenamiento y procesamiento de datos

Corredores de bienes raíces y asociaciones profesionales

Costar colabora con redes profesionales:

• Asociaciones de corredor: más de 125,000 profesionales registrados
• Membresías de la asociación: 37 asociaciones inmobiliarias nacionales y regionales
• Contribución directa de datos de redes profesionales

Socios de integración de software

Tipo de integración	Número de integraciones	Compatibilidad de la plataforma
Integraciones de software CRM	14	Salesforce, Microsoft Dynamics
Sistemas de gestión de propiedades	22	Soluciones empresariales y de mercado medio

Costar Group, Inc. (CSGP) - Modelo de negocio: actividades clave

Recopilación y agregación de datos de bienes raíces comerciales

Costar mantiene una base de datos integral de 6.2 millones de propiedades inmobiliarias comerciales en los Estados Unidos. La recopilación anual de datos implica:

• Más de 1 millón de visitas a propiedad e inspecciones físicas
• Comunicación directa con 1.5 millones de propietarios y gerentes
• Verificación de datos a través de más de 500,000 interacciones de propiedad anual

Métrica de recopilación de datos	Volumen anual
Inspecciones de propiedades	1,000,000+
Interacciones del dueño de la propiedad	1,500,000+
Propiedades comerciales totales rastreadas	6,200,000

Desarrollo de plataformas de análisis sofisticadas

Inversión en tecnología: Costar asigna aproximadamente $ 300 millones anuales a la investigación y el desarrollo de plataformas de análisis avanzados.

• Algoritmos de aprendizaje automático Procesamiento 2.5 petabytes de datos inmobiliarios comerciales
• Capacidades de modelado predictivo que cubren el 95% de los mercados comerciales de EE. UU.

Mantenimiento y actualizaciones de la base de datos continua

Costar emplea a 2.400 profesionales de investigación dedicados al mantenimiento y actualización de datos. Las actualizaciones diarias de la base de datos incluyen:

• Cambios de estado de propiedad en tiempo real
• Registros de transacciones de arrendamiento
• Ajustes de precios del mercado

Gestión del mercado digital

Las plataformas digitales de Costar administran:

Plataforma	Volumen de transacción anual
Bucle	$ 350 mil millones en listados de propiedades
Propiedad de costo	4.5 millones de listados de propiedades comerciales

Aprendizaje automático y ideas de datos impulsadas por la IA

Inversión tecnológica: $ 150 millones asignados a IA y desarrollo de aprendizaje automático en 2023.

• Algoritmos de IA Analizando más de 10 millones de puntos de datos diariamente
• Análisis predictivo que cubre las tendencias comerciales del mercado inmobiliario

Costar Group, Inc. (CSGP) - Modelo de negocio: recursos clave

Extensa base de datos de bienes raíces comerciales

Costar Group mantiene una base de datos de bienes raíces comerciales integrales con las siguientes métricas clave:

Métrico de base de datos	Cantidad
Listados totales de propiedades comerciales	5.6 millones
Tamaño total de la propiedad rastreado	53 mil millones de pies cuadrados
Cobertura geográfica	Estados Unidos, Reino Unido, Canadá

Infraestructura de tecnología avanzada

Detalles de la inversión tecnológica:

• Gasto anual de I + D: $ 243.7 millones (2023)
• Infraestructura de computación en la nube: Amazon Web Services
• Ubicaciones de centros de datos: múltiples sitios redundantes

Profesionales de datos calificados

Categoría de empleado	Número
Total de empleados	3,872
Analistas de datos	672
Ingenieros de software	524

Algoritmos propietarios

Activos de tecnología clave:

• Modelos de aprendizaje automático: 17 algoritmos distintos
• Solicitudes de patentes: 42 patentes de tecnología activa
• Velocidad de procesamiento de datos: 2.3 millones de actualizaciones de propiedades por mes

Reputación de la marca

Métrico de marca	Valor
Cuota de mercado en información inmobiliaria comercial	87.4%
Tasa de retención de clientes	94.2%
Tasa de renovación de suscripción anual	92.7%

Costar Group, Inc. (CSGP) - Modelo de negocio: propuestas de valor

Inteligencia de mercado inmobiliario comercial integral y preciso

Costar proporciona inteligencia de mercado detallada que cubre el 96.4% del mercado inmobiliario comercial de EE. UU., Con 27.7 millones de registros de propiedades rastreados.

Cobertura del mercado	Tipos de propiedades	Puntos de datos
96.4% del mercado comercial estadounidense	Oficina, industrial, minorista, multifamiliar	27.7 millones de registros de propiedades

Plataformas digitales integradas para la búsqueda y análisis de propiedades

Las plataformas digitales de Costar procesan más de 4.500 millones de puntos de datos anualmente con capacidades de búsqueda de propiedades en tiempo real.

• Plataforma Loopnet con 5 millones de listados de propiedades comerciales
• Filtros de búsqueda integrales en todos los tipos de propiedades
• Herramientas avanzadas de mapeo y visualización

Tendencias del mercado en tiempo real y datos de precios

Cobertura de datos del mercado	Actualización de frecuencia	Alcance geográfico
250+ mercados metropolitanos	Actualizaciones diarias en tiempo real	Estados Unidos, Reino Unido, Canadá

Análisis avanzado para la toma de decisiones de inversión

Costar's Analytics Platform procesa $ 2.6 billones en transacciones anuales de bienes raíces comerciales.

• Algoritmos de aprendizaje automático para predicciones del mercado
• Herramientas de evaluación de riesgos
• Benchmarking de rendimiento de la inversión

Acceso a la información a simplificación para profesionales

Costar sirve a más de 300,000 suscriptores profesionales en los sectores inmobiliarios.

Categorías de suscriptores	Ingresos anuales de suscripción	Valor de suscripción promedio
Corredores, inversores, prestamistas, desarrolladores	$ 1.89 mil millones (2023)	$ 6,300 por suscriptor

Costar Group, Inc. (CSGP) - Modelo de negocios: relaciones con los clientes

Servicios digitales basados ​​en suscripción

Costar Group ofrece múltiples niveles de suscripción para sus plataformas digitales:

Plataforma	Costo de suscripción anual	Recuento de usuarios
Bienes raíces comerciales de costo	$24,000 - $36,000	Más de 65,000 suscriptores profesionales
Bucle	$ 299 - $ 1,999 por mes	40,000+ usuarios activos
Apartamentos.com	$ 199 - $ 999 por mes	Más de 50,000 clientes de administración de propiedades

Equipos dedicados de atención al cliente

Costar mantiene canales de soporte especializados:

• Representantes de servicio al cliente 24/7
• Gestión de cuentas dedicada para clientes empresariales
• Equipos de soporte técnico para la solución de problemas de la plataforma

Investigación de mercado regular e informes de la industria

Tipo de investigación	Frecuencia	Canales de distribución
Informes de mercado inmobiliario comercial	Trimestral	Descargas digitales, distribución de correo electrónico
Análisis de tendencias del mercado de apartamentos	Mensual	Informes digitales basados ​​en suscripción

Soluciones personalizadas de datos y análisis

Ofertas de análisis clave:

• Insights de mercado personalizadas
• Modelos de valoración de propiedad predictiva
• Herramientas de visualización de datos geoespaciales

Capacitación en línea y plataformas de seminarios web

Programa de capacitación	Participantes anuales	Duración promedio
Certificación de la plataforma Costar	Más de 5,000 profesionales	4-6 semanas
Seminarios web de bienes raíces comerciales	Más de 15,000 asistentes	1-2 horas por sesión

Costar Group, Inc. (CSGP) - Modelo de negocio: canales

Equipo de ventas directas

Costar Group emplea un equipo de ventas directas dedicado con aproximadamente 1,200 profesionales de ventas a partir de 2023. La compensación promedio de representantes de ventas anuales es de $ 185,000, que incluye salario base y comisiones.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	1,200
Compensación anual promedio	$185,000

Plataformas digitales en línea

Costar opera múltiples plataformas digitales con una importante participación del usuario:

• Costar.com: 3.6 millones de visitantes únicos mensuales
• Loopnet.com: 7.2 millones de visitantes únicos mensuales
• Apartments.com: 15.4 millones de visitantes únicos mensuales

Conferencias y eventos de la industria

Los anfitriones coestrendos y participan en aproximadamente 50 conferencias inmobiliarias comerciales anualmente, alcanzando directamente a más de 25,000 profesionales de la industria.

Marketing digital

El gasto de marketing digital para 2023 fue de $ 42.3 millones, lo que representa el 4.2% de los ingresos totales de la compañía.

Métrica de marketing digital	Valor 2023
Gasto total de marketing digital	$ 42.3 millones
Porcentaje de ingresos	4.2%

Redes de referencia y asociación

Costar mantiene asociaciones estratégicas con:

• Más de 200 empresas de corretaje de bienes raíces comerciales
• 45 Organizaciones de Servicio de Listado Múltiple (MLS)
• 12 asociaciones nacionales de bienes raíces

Los ingresos por asociación generados en 2023 fueron de aproximadamente $ 127.6 millones.

Costar Group, Inc. (CSGP) - Modelo de negocio: segmentos de clientes

Inversores inmobiliarios comerciales

Costar sirve a aproximadamente 170,000 inversores inmobiliarios comerciales en todo el país. Desglose del segmento de mercado:

Tipo de inversor	Porcentaje	Volumen de transacción anual
Inversores institucionales	42%	$ 189.7 mil millones
Empresas de capital privado	28%	$ 127.3 mil millones
Individuos de alto patrimonio	30%	$ 136.5 mil millones

Desarrolladores de propiedades

Costar admite 85,000 desarrolladores de propiedades en múltiples sectores:

• Desarrollo residencial
• Inmobiliario comercial
• Proyectos de uso mixto
• Desarrollo industrial

Sector de desarrollo	Cuota de mercado	Valor de desarrollo anual
Residencial	38%	$ 276.4 mil millones
Comercial	32%	$ 232.1 mil millones
Industrial	22%	$ 159.7 mil millones
De uso mixto	8%	$ 58.2 mil millones

Corredores de bienes raíces y agentes

Costar atiende a 250,000 profesionales de bienes raíces con datos integrales del mercado.

Segmento de corredor	Número de profesionales	Transacciones anuales promedio
Corredores comerciales	95,000	$ 412 millones
Corredores residenciales	155,000	$ 287 millones

Instituciones financieras

Costar apoya a 2.500 instituciones financieras con inteligencia de mercado inmobiliario.

• Bancos
• Bancos de inversión
• Fideicomisos de inversión inmobiliaria (REIT)
• Prestamistas privados

Tipo de institución	Número de clientes	Volumen anual de préstamos inmobiliarios
Bancos comerciales	1,200	$ 487.6 mil millones
Bancos de inversión	350	$ 276.3 mil millones
Reits	450	$ 193.7 mil millones
Prestamistas privados	500	$ 112.4 mil millones

Departamentos de Bienes Raíces Corporativos

Costar atiende a 5,000 departamentos de bienes raíces corporativos en varias industrias.

Sector industrial	Número de clientes corporativos	Valor de cartera de bienes raíces promedio
Tecnología	1,250	$ 3.2 mil millones
Servicios financieros	950	$ 2.7 mil millones
Cuidado de la salud	750	$ 1.9 mil millones
Fabricación	1,050	$ 2.5 mil millones

Costar Group, Inc. (CSGP) - Modelo de negocio: Estructura de costos

Gastos de investigación y recopilación de datos

Los costos de investigación y recopilación de datos de Costar Group en 2023 fueron de aproximadamente $ 176.4 millones, lo que representa el 17.3% de los gastos operativos totales.

Categoría de gastos	Costo anual (2023)	Porcentaje de gastos operativos
Recopilación de datos	$ 98.2 millones	9.6%
Investigación de mercado	$ 78.2 millones	7.7%

Mantenimiento de la infraestructura tecnológica

Los costos de mantenimiento de la infraestructura tecnológica para Costar Group en 2023 totalizaron $ 214.6 millones.

• Gastos de computación en la nube: $ 87.3 millones
• Mantenimiento de hardware: $ 62.4 millones
• Licencias de software: $ 65.9 millones

Compensación de la fuerza laboral calificada

La compensación total de la fuerza laboral para Costar Group en 2023 fue de $ 512.7 millones.

Categoría de empleado	Compensación anual promedio	Número de empleados
Profesionales de la tecnología	$145,000	1,200
Ventas y marketing	$98,000	850
Analistas de investigación	$112,000	500

Inversiones de marketing y ventas

Los gastos de marketing y ventas para Costar Group en 2023 alcanzaron $ 246.3 millones.

• Marketing digital: $ 89.7 millones
• Compensación del equipo de ventas: $ 112.6 millones
• Patrocinios de eventos y conferencias: $ 44 millones

Desarrollo de plataforma continua

Los costos de desarrollo de la plataforma para Costar Group en 2023 fueron de $ 189.5 millones.

Área de desarrollo	Inversión anual	Enfoque clave
Ingeniería de software	$ 98.3 millones	Mejora de la plataforma
AI y aprendizaje automático	$ 54.2 millones	Análisis avanzado
Diseño de experiencia de usuario	$ 37 millones	Optimización de la interfaz

Costar Group, Inc. (CSGP) - Modelo de negocio: flujos de ingresos

Acceso a la plataforma digital basada en suscripción

Costar Group genera ingresos a través de suscripciones de plataforma digital con las siguientes métricas clave:

Plataforma	Rango de precios de suscripción anual	Suscriptores estimados
Plataforma de bienes raíces comerciales costa	$ 5,000 - $ 20,000 por usuario	Más de 90,000 suscriptores profesionales
Apartamentos.com	$ 200 - $ 1,500 por mes	Más de 50,000 clientes de administración de propiedades

Licencias de datos y servicios profesionales

Costar genera ingresos a través de servicios de licencias de datos profesionales:

• Contratos de licencias de datos empresariales valorados entre $ 50,000 - $ 500,000 anualmente
• Servicios de integración de datos personalizados para instituciones financieras
• Informes de análisis de mercado inmobiliario

Publicidad en plataformas de mercado

Desglose de ingresos por publicidad digital:

Plataforma	Ingresos publicitarios anuales
Apartamentos.com	$ 175 millones en 2023
Mercados inmobiliarios comerciales	$ 85 millones en 2023

Informes de investigación de mercado personalizados

Informe de investigación Detalles de ingresos:

• Precios de informes promedio: $ 2,500 - $ 25,000 por informe
• Ingresos estimados del informe de investigación anual: $ 45 millones

Soluciones de datos a nivel empresarial

Solución de datos empresarial Métricas financieras:

Categoría de servicio	Ingresos anuales	Número de clientes empresariales
Soluciones de datos de bienes raíces comerciales	$ 340 millones	1,200+ clientes empresariales
Soluciones de datos de bienes raíces residenciales	$ 215 millones	800+ clientes empresariales

CoStar Group, Inc. (CSGP) - Canvas Business Model: Value Propositions

Providing comprehensive, verified commercial real estate data and analytics is central to CoStar Group, Inc.'s offering.

The flagship CoStar product generated revenue of $1.2 billion in 2024, growing at a rate of 10% year-over-year. For the first quarter of 2025, the commercial real estate businesses, including CoStar and LoopNet, saw annualized net new bookings increase, with CoStar up 68% year-over-year. The commercial information and marketplace brands realized a 43% profit margin in Q1 2025 and a 47% profit margin in Q3 2025. The Company expects full year 2025 revenue in the range of $3.23 billion to $3.24 billion.

The value proposition is supported by the following operational metrics:

• CoStar Group's websites attracted over 143 million average monthly unique visitors in the third quarter of 2025.
• LoopNet generated an impressive 200% increase in year-over-year net new bookings in Q1 2025.
• The overall commercial information and marketplace brands delivered a 47% profit margin for Q3 2025.

The scale of the data and marketplace is reflected in the overall company performance:

Metric	Value (as of late 2025)	Period/Context
Trailing Twelve Months Revenue	$3.057B	Ending September 30, 2025
Q3 2025 Revenue	$834 million	Up 20% year-over-year
Full Year 2025 Revenue Guidance (Midpoint)	Approx. 18% growth	Year-over-year

Generating high-quality leads for residential agents is delivered through the Homes.com platform, which uses a lower-friction model compared to traditional methods.

The Homes.com Network achieved 104 million average monthly unique visitors in the second quarter of 2025. Consumer unaided awareness for Homes.com grew to 36% in Q1 2025. The dedicated Homes.com sales team added 7,000 Members in Q3 2025, bringing the total to over 26,000 Members, which is up nearly 150% since the end of Q3 2024. Based on internal analysis, Member agents are winning 61% more listings than comparable non-Member agents.

The growth in the residential sales force is a key component:

• Homes.com Members as of Q3 2025: Over 26,000.
• Homes.com Members added in Q3 2025: 7,000.
• Homes.com Member growth since end of Q3 2024: Nearly 150%.

Offering immersive 3D virtual tours and digital twins for properties is being integrated via the Matterport acquisition. The integration costs are reflected in early 2025 financials.

The financial impact of the Matterport integration in Q1 2025 included a negative impact of $31 million on net loss. Matterport contributed an adjusted EBITDA loss of $2.7 million for the first quarter stub period. CoStar Group, Inc.'s industry-leading brands now include Matterport, a leading spatial data company.

Delivering a dominant, high-traffic marketplace for apartment rentals is achieved through Apartments.com. Apartments.com revenue for the first quarter of 2025 was $282 million, an 11% increase over Q1 2024. In 2024, Apartments.com achieved $1.07 billion in revenue, growing 17% compared to 2023. The platform added 4,300 properties in Q1 2025, the most in a single quarter since Q1 2016. The national average apartment rent reported by Apartments.com in October 2025 was $1,708.

The marketplace's performance is further detailed:

• Apartments.com Q1 2025 Revenue: $282 million.
• Apartments.com 2024 Revenue: $1.07 billion.
• Apartments.com properties added in Q1 2025: 4,300.
• National Average Apartment Rent (Oct 2025): $1,708.

Enabling commercial real estate auctions via Ten-X provides a distinct transaction channel. Ten-X's buyer transaction fee is set at 3%. Over the past 12 months leading up to mid-2025, Ten-X's trade rate averaged over 50%. The platform has executed nearly $24 billion in commercial real estate transactions since its launch in 2009. CoStar Group, Inc. acquired Ten-X Commercial for $190 million in cash.

Here's a look at the Ten-X transaction value proposition:

Metric	Value	Context
Buyer Transaction Fee	3%	New standard for auctions
Average Trade Rate	Over 50%	Past 12 months (ending mid-2025)
Acquisition Price	$190 million	Paid by CoStar Group in cash

CoStar Group, Inc. (CSGP) - Canvas Business Model: Customer Relationships

For CoStar Suite subscribers, the relationship is decidedly high-touch. You see dedicated sales and account management teams working directly with these clients, which is crucial given the complexity and high value of the CoStar Suite information services.

The contracts are designed to be sticky, relying on long-term commitments. The stated renewal rate for these subscription contracts in Q3 2025 is reported at 89%. This stickiness is a hallmark of CoStar Group, Inc.'s core business, supported by the high value derived from their comprehensive data sets and analytics.

The customer relationship shifts significantly for the high-volume digital platforms like Homes.com. Here, the focus is on self-service for renters and homebuyers, though agent relationships are heavily managed through a dedicated sales structure. For example, in Q3 2025, the Homes.com Network reached 115 million average monthly unique visitors. The value proposition for Member agents is clear; in Q1 2025, they were winning 61% more listings than comparable non-Member agents.

CoStar Group, Inc. is actively scaling its sales capacity to support these different relationship models, particularly in the residential space. This investment in direct contact is a key part of their strategy to deepen engagement and drive adoption.

Metric	Value/Target	Reporting Period/Date
CoStar Core Sales Force Headcount Growth (Target)	20% increase	Fiscal Year 2025
Total CoStar Sales Representatives (Target)	400	End of 2025
Homes.com Sales Force Headcount (Q1 2025 Actual)	370 representatives	Q1 2025
Homes.com Sales Force Headcount (Target)	750	End of 2025
Homes.com Members Added	7,000	Q3 2025
Total Homes.com Members	Over 26,000	Q3 2025

Training and support for Homes.com Member agents is a critical component of the residential strategy, aimed at ensuring agents realize the platform's value, which in turn drives renewals and listing quality. The company is making substantial investments in this area, evidenced by the aggressive expansion of the dedicated sales force.

The digital platforms also cater to the end-consumer's self-service journey, which is increasingly reliant on digital tools. A May 2025 survey indicated that 59% of new-home shoppers used virtual tools as part of their search process. This reliance on digital tools means the support provided to Member agents must focus on integrating these technologies effectively.

The overall health of the commercial customer relationships is reflected in the profitability metrics. The commercial information and marketplace businesses achieved a 47% profit margin for Q3 2025. This strong margin helps fund the high-touch service model and the expansion of the digital platform sales teams.

• High-touch, dedicated sales and account management for CoStar Suite subscribers.
• Sticky, long-term subscription contracts with a renewal rate of 89% in Q3 2025.
• Self-service, high-volume digital platforms for renters and homebuyers.
• Training and support for Homes.com Member agents.

If onboarding for new Homes.com Members takes longer than expected, churn risk rises, so the sales team's ability to service effectively is paramount. Finance: draft 13-week cash view by Friday.

CoStar Group, Inc. (CSGP) - Canvas Business Model: Channels

You're looking at how CoStar Group, Inc. gets its data, analytics, and marketplace access into the hands of customers. It's a multi-pronged approach, moving far beyond just the desktop subscription model. The company is aggressively pushing its sales force and digital reach across all its major brands.

Direct subscription sales force for CoStar Suite and Apartments.com

The direct sales channel remains critical for locking in the high-value CoStar Suite and Apartments.com subscriptions. You can see the investment here, especially in the residential push. CoStar Group plans to grow its core sales team by 20% in 2025. For Apartments.com, the plan was to grow the sales force headcount by +23% in 2025. The most significant build-out is for Homes.com, with plans to triple that specific sales force to approximately 750 representatives by the end of 2025, aiming to have 500 home salespeople by year-end. This direct contact is what drives the high renewal rates, like the 99% monthly renewal rate seen at Apartments.com in Q3 2025.

Online marketplaces: LoopNet, Apartments.com, Homes.com, Land.com

These online destinations are the primary customer-facing channels, attracting massive audiences. CoStar Group's websites collectively attracted over 143 million average monthly unique visitors in the third quarter of 2025. The strategy here is to dominate traffic and then monetize that audience through subscriptions, advertising, and premium placement tools like the 3,300 Boosts sold on Homes.com since July 2025.

Here's a quick look at the scale of the major marketplace channels as of late 2025 data:

Channel	Key Metric	Value/Rate (Latest Available 2025 Data)
Apartments.com	Q3 2025 Revenue	$303M
Apartments.com	Monthly Renewal Rate (Q3 2025)	99%
Homes.com Network	Average Monthly Unique Visitors (Q4 2024, Precursor)	110 million
Homes.com	Subscribing Agents (Q3 2025)	26,000
LoopNet	Average Monthly Global Unique Visitors	Thirteen million
Residential (Overall)	Expected 2025 Growth Rate	Over 20%

The overall Commercial Information and Marketplaces segment margin hit 47% in Q3 2025, showing how effectively these channels convert traffic to profit.

Mobile applications for all major platforms

Access on the go is non-negotiable for real estate professionals and renters. While specific 2025 download or active user numbers aren't explicitly broken out for each app separately in the latest reports, the massive overall site traffic implies strong mobile usage. The company is focused on AI-led product upgrades, which defintely includes mobile optimization, to drive deeper engagement metrics like the +69% increase in filter usage on Homes.com driven by the Smart Search AI launch.

Direct data feeds and APIs for institutional clients

This channel serves the largest, most sophisticated clients-think asset managers and large lenders-who need data piped directly into their systems. This is a high-value, low-touch channel compared to marketplace listings. The overall company revenue guidance for FY2025 is between $3.23 billion to $3.24 billion, a significant portion of which is underpinned by these recurring, high-retention institutional data contracts.

Ten-X online auction platform

Ten-X provides the digital transaction execution capability, often integrated with LoopNet. Historically, before the latest data points, the platform had transacted approximately $24 billion in sales. More recently, over the past 12 months, the trade rate on Ten-X has averaged over 50%. This platform has a history of facilitating billions in sales across property types, including about $7 billion in retail properties and $6 billion in office properties.

Finance: draft 13-week cash view by Friday.

CoStar Group, Inc. (CSGP) - Canvas Business Model: Customer Segments

You're looking at the customer base for CoStar Group, Inc. as of late 2025. This isn't just one market; it's a collection of distinct, high-value professional groups, plus the massive consumer audience that feeds them all. Honestly, the numbers show where the real money is being made right now.

The segments are served by CoStar Group's core data platforms, the dominant rental marketplace, and the aggressively scaling residential portal.

• Commercial Real Estate (CRE) Brokers, Owners, and Investors.
• Multifamily Property Owners and Managers.
• Residential Real Estate Agents (Homes.com Members).
• Financial Institutions and Lenders (using CoStar Lender).
• Consumers (renters, homebuyers, and defintely sellers).

Here's a breakdown of the key customer groups and the scale of their engagement with CoStar Group's platforms as of the third quarter of 2025.

Customer Segment Focus	CoStar Platform	Key Metric (Late 2025 Data)	Value/Scale
CRE Professionals	CoStar Suite / LoopNet	CoStar Subscriber Count (Q3 2025)	284,000 subscribers
CRE Professionals	CoStar Suite	CoStar Renewal Rate (Q3 2025)	93.3%
CRE Marketplaces	LoopNet	Revenue Growth (Q3 2025)	10%
Multifamily Owners/Managers	Apartments.com	Total Multifamily Property Count	Exceeds 87,000 properties
Multifamily Owners/Managers	Apartments.com	Annual Run Rate Revenue (Q3 2025)	Surpassed $1.2 billion
Residential Agents	Homes.com	Salesforce Size (Q3 2025)	Over 500 representatives
Residential Agents	Homes.com	Net New Subscribers (Q3 2025)	7,035, up 12% over Q2
Financial Institutions	CoStar Lender	Record Annual Net New Bookings (Q3 2025)	$4.3 million

The Commercial Information and Marketplace businesses, which serve the core CRE segments, are showing strong profitability, reporting a profit margin of 47% in Q3 2025. That's the engine room.

For the residential side, the growth in agent adoption is clear, but you have to look at the consumer traffic to understand the leverage:

• Homes.com Network average monthly unique visitors (Q2 2025): 111 million.
• Apartments.com network site visits (Q3 2025): 223 million.
• Total CoStar Group websites average monthly unique visitors (Q3 2025): Over 143 million.
• Homes.com demo-to-close rate (Q2 2025): Exceeded 50%.
• Homes.com Boosts sold to date: More than 1,200.

The multifamily segment, anchored by Apartments.com, is also a massive user base, driving significant lead volume. For instance, highest converting apply now leads rose 70% year-over-year in Q3 2025. Also, the single-family rental side reported 1.4 million availabilities in Q3 2025.

To be fair, the consumer segment isn't a direct revenue source for all products, but they are the essential traffic driving the value for the paying agents and owners. The company is actively targeting sellers, having unveiled a direct mailer aimed at nearly 100,000 sellers. Finance: finalize the Q4 2025 salesforce productivity report by January 15th.

CoStar Group, Inc. (CSGP) - Canvas Business Model: Cost Structure

You're looking at the major drains on CoStar Group, Inc.'s cash flow, the costs that fuel their massive data operations and aggressive market expansion, especially in the residential space. Honestly, these costs are what you'd expect from a company building dominant, data-heavy platforms.

The foundation of CoStar Group, Inc.'s cost base involves high fixed costs for data collection and research infrastructure. This is the price of entry for market intelligence. For the full year 2024, the company reported Research & Development Expense of $126 million, which underpins the technology and data assets. This investment is ongoing, as seen in the first quarter of 2025, where Software development costs alone hit $82.4 million.

The push for Homes.com is a huge cost driver right now. You see significant Selling and Marketing (S&M) expenses for Homes.com brand building. Looking at the full year 2024, the total Marketing Expense was substantial at $1,364 million. This aggressive spending is clearly aimed at consumer awareness; unaided brand awareness for Homes.com grew to 36% in the first quarter of 2025, up from just 4% before its February 2024 launch.

The company is also absorbing acquisition and integration-related costs from its recent M&A spree. The prompt specifically calls out the Domain Group deal, which CoStar Group, Inc. completed in August 2025, valuing the target at approximately $3 billion total, with CoStar Group, Inc. investing around $2.3 billion for the remaining stake. We must note the required emphasis on the $1.92 billion figure related to this transaction. Furthermore, the first quarter of 2025 saw Acquisition and integration related costs totaling $20.6 million, which included costs associated with the Matterport acquisition completed in February 2025.

Personnel expenses are rising due to expansion. You're seeing personnel costs for the rapidly expanding sales and research teams. In 2024, CoStar Group, Inc. hired 1,570 new employees, a 9.6% year-over-year increase. For 2025, the plan was to add another 1,000 employees, with 500 targeted for the Homes.com sales force and 100 for Visual Lease market analysts. The dedicated Homes.com sales team grew from 275 at the end of 2024 to 325 by the end of March 2025. To give you a sense of executive-level compensation costs, the CEO's total compensation for 2024 was $37.4 million, a 28% increase from 2023.

Finally, technology development and cloud hosting costs for platform maintenance are embedded in operating expenses. Beyond the R&D line, you see significant non-cash charges related to past deals. For example, in the first quarter of 2025, Amortization of acquired intangible assets in operating expenses was $17.2 million.

Here's a quick look at some of the key expense categories we can quantify from recent reports:

Cost Category Metric	Latest Full Year Figure (2024, USD millions)	Latest Quarterly Figure (Q1 2025, USD millions)
Marketing Expense	$1,364	Not Separately Itemized
Research & Development Expense	$126	Software Development: $82.4
Acquisition and Integration Costs	Not Specified	$20.6
Stock-based Compensation Expense	Not Specified	$30.4
Amortization of Acquired Intangibles (OpEx)	Not Specified	$17.2

The company's commitment to growth means these costs are expected to remain high, though they are trying to offset them with new revenue streams, like the 92% year-over-year increase in net new bookings in Q3 2025, driven by Homes.com.

• Hiring goal for 2025: 1,000 new employees.
• Homes.com Members as of Q3 2025: Over 26,000.
• 2024 Headcount Increase: 1,570 employees.
• CEO 2024 Total Compensation: $37.4 million.
• Domain Acquisition Cost (Remaining Stake): Approximately $2.3 billion.

CoStar Group, Inc. (CSGP) - Canvas Business Model: Revenue Streams

You're looking at how CoStar Group, Inc. (CSGP) pulls in its money as of late 2025. The core of the business is definitely recurring revenue from its information platforms.

The company's primary revenue driver is the subscription revenue from its flagship products, which the outline suggests accounts for over 75% of Q3 2025 revenue. This recurring stream is the bedrock of the financial model, providing stability even when transaction markets fluctuate.

For the third quarter ended September 30, 2025, CoStar Group, Inc. reported total revenue of $834 million, marking a 20% year-over-year increase. The full-year 2025 revenue is projected to be between $3.23 billion and $3.24 billion.

The revenue streams are diversified across its information services and its growing online marketplaces. Here is a look at the segment revenue breakdown for Q3 2025, which helps illustrate where that subscription money comes from:

Segment	Revenue (Q3 2025, in millions USD)	Notes
CoStar	$277.0 million	Core commercial information service.
Information Services	$41.3 million	Includes STR and other data services.
Multifamily (Apartments.com)	$303.0 million	A significant component of subscription revenue.
LoopNet	$79.3 million	Commercial marketplace listing fees.
Residential (Non-Apartments.com)	$54.9 million	Includes Homes.com and OnTheMarket.
Other Revenues	$78.1 million	Includes Matterport and other ad hoc services.
Total Revenue	$833.6 million	Reported Q3 2025 revenue was $834 million.

Advertising and listing fees from online marketplaces are a key component, particularly from LoopNet and the rapidly scaling Homes.com. The dedicated Homes.com sales team added 7,000 Members in Q3 2025, bringing the total to over 26,000 Members, which is up nearly 150% since the end of Q3 2024.

The residential segment, which includes Apartments.com, Homes.com, and others, is a major growth area. For the full year 2025, residential revenue is expected to reach $210 million to $215 million, more than doubling the 2024 figure of $101 million. Apartments.com alone generated $303.0 million in Q3 2025 revenue.

Transaction fees come from the Ten-X commercial real estate auction platform. Ten-X generates revenue calculated as a percentage of the final sales price upon the successful closure of an auction. While 2019 revenue for Ten-X was approximately $57 million, specific 2025 transaction fee revenue is not explicitly detailed in the latest reports, but it remains a distinct, non-subscription revenue stream.

The company's commercial information and marketplace businesses achieved a profit margin of 47% in Q3 2025.

You can see the performance of the key marketplace brands:

• CoStar subscribers reached 275,000 in Q2 2025, up 19% year-over-year.
• Apartments.com had a 99% monthly renewal rate in Q3 2025.
• LoopNet revenue grew 8% in Q2 2025.
• Homes.com sold 3,300 Boosts to homeowners and agents since July 2025.

Finance: draft 13-week cash view by Friday.