In 2024, Florance continued CoStar Group’s aggressive and sustained leap into the residential real estate portal game with major pushes for Homes.com and the launch of a subscription product for agents to market their listings on the portal.

While Florance oversees a diverse real estate business in CoStar Group, Florance has stated growing Homes.com is his big focus for his firm, which has a market cap of over $31 billion (in December 2024), making it the industry’s second most valuable company, behind HomeServices of America (owned by Berkshire Hathaway). It also maintains a profit margin of nearly 4% on $50 million in revenue through the third quarter of 2024.

With his leadership and resource investment, the firm has significantly grown its Homes.com traffic and revenue. The company has grown traffic significantly since revamping and relaunching the portal in 2023 (including a major Super Bowl ad spend as part of a reported $1 billion marketing spend for the portal), making it among the nation’s most popular portals.

Some of the highlights for Florance and Homes.com in 2024 include:

• Revenue growth. Through the first three quarters of 2024, Homes.com brought in $41.6 million, nearly as much as it did in all of 2023.
• Launch of its Homes.com subscription product, which grew to approximately 11,000 agent subscribers by the end of the third quarter.
• Acquisition of leading virtual tour software provider Matterport, which diversifies Homes.com’s offerings and adds a valuable, rich data set.
  
  

Since jumping into the residential sales side of the business in 2020 with two feet with the $250 million acquisition of Homesnap, Florance has promised big moves. He has and continues to make them thanks to significant investments and focused attention on growing Homes.com, and he is starting to see more success.

The continued willingness to put the resources into a company he started as a college student and to build upon a deep bench of intellectual property and systems, sees Florance becoming the fifth most powerful person in real estate in 2025.