A tear rolls down his cheek and lands on his iPhone hitting the rent-now button on Apartments.com. We assume minimal revenue contribution from smaller independent owners using our digital tools in 2020 as we focus on landlord adoption of these digital tools so we can build scale. Important factors that can cause actual results to differ include, but are not limited to those stated today in CoStar Group's press release issued earlier today and in our filings with the SEC, including our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, under the heading Risk Factors. Thanks for talking the questions. The sales of CoStar Suite improved sequentially in the third quarter by over 2 times the level of CoStar Suite sales in the second quarter. That suggested the tenant is finding the property first and sharing it with their broker. and it's an area we feel very comfortable with because we've been working with that space for a while. We're encouraged that the renewal rate has stabilized after only one quarter of downward pressure from the disruption in Q2. Scott Wheeler
In the previous quarter alone, 820 communities with five to 100 units began new advertising relationships with us for overall average revenue per property per month of $536. The highlight metrics for 2019 and operations for CoStar Group were impressive. So historically, the conventional wisdom has been and then the empirical experience this year is that the higher the vacancy rate goes, the greater the demand for lead generation with an online marketplace like Apartments.com. Adjusted EBITDA for the first quarter of 2020 is expected to be between $115 million to $120 million. Our forecast assumes continued strong growth from our field sales team, selling into larger communities, with a growing contribution throughout the year from our mid-market sales teams. As we begin making plans for LoopNet in 2021, we intend to invest in growing both our sales force and our marketing with an eye to accelerating our revenue growth even faster. Great momentum, guys. We believe that most of these units, as well as the 330,000 units that delivered last year will be advertised on Apartments.com. There is very high overlap between the people who we're trying to sell CoStar to and to the people who would be -- would benefit from marketing on a LoopNet. The amount of revenue that we're forecasting right now on the inside sales team is very small and we're really forecasting nothing coming from the value in the market place. ApartmentFinder.com,
They have a network of photographers and researchers who are volunteer, sort of like wiki around the world, who go around to take pictures of buildings and collect data about who the architects are, the construction company. Our Apartment field sales force is an excellent one, but is nowhere near large enough to sell into millions of rental units in properties that are smaller than 100 units. Because you're shifting the sales force focus from going from CoStar Suite over to LoopNet, could you just update us on how many CoStar customers are using LoopNet and vice versa? All forward-looking statements are based on information available to CoStar Group on the date hereof, and CoStar Group assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Again, these are -- these investments are not nearly as large as the investments we've made when we went into the United Kingdom. It's important to building enough scale, that we can build more direct traffic to our sites that are not subject to Google price increases. Washington, DC 20005
From where we stand today, the proposed timeline is not changed versus two weeks ago and we look forward to being able to welcome the RentPath websites and their team to CoStar before the end of 2020. Découvre vite tous costumes de la nouvelle collection sur ZARA.com With the build-out of the dedicated LoopNet sales team, I wanted to ask about the plans for, I guess, the suite sales team capacity and prioritization. A live audio webcast of the conference will be available in listen-only mode through the Investors section of the CoStar Group website: https://investors.costargroup.com. We intend to maintain this spend over the year. Good evening, thanks for the question gentlemen. So the yes. Please go ahead. Parts of the retail landscape clearly remained challenged by reduced traffic and social distancing mandates, but I should note that leasing volumes recovered strongly for retail assets in the third quarter. Westside Rentals,
We expect our overall gross margins to move up to 81% in 2020. It's a great ROI, it's real straightforward, and we have a great team to grow with. So the -- and then at that lower end, that number is really quite impressive to me. You must click the activation link in order to complete your subscription. Founded in 1987, CoStar conducts expansive, ongoing research
So as we pull STR and CoStar together, it's going to be important that both of those platforms support users in dozens of countries. If you scale the REA commercial business pro rate, it implies a $1.3 billion addressable size of market in the US for LoopNet. Good afternoon. Net income for the fourth quarter of 2019 was $88 million, an increase of 5% or $4 million compared to Q4 2018. So LoopNet separate sales force. So I think it was pretty evenly balanced and more so than actually some other quarters. We averaged over 20 million monthly unique visitors to our sites in '19, an increase of 15%. For more information, visit www.costargroup.com. It's often a good idea to run a contest to get a sales force's attention. But that customer segment is growing at twice the rate of the larger 100-unit plus community advertisers. At this point, 84% of the team has achieved their first sales and 100% of the 1st October class is now selling. The metrics are great and the results we're getting there. If you just take their 50%-plus margins -- I think they're 60%, 70% margins but they're huge, and you just scale them to the U.S., there's clearly a lot of opportunities in the U.S. that are underdeveloped while people are moving in -- away from really pure digital models and getting into actually becoming players in brokerage and flipping and mortgages, and so I think there's some big opportunities out there, nothing to talk about today but very focused on it. Finally, I'll conclude by reviewing where we stand in the commercial real-estate economy. As you add these salespeople, they are incredibly high-margin incremental adds after the first six months of onboarding.