Zillow Is Losing Millions on Selling Homes. but Its Risk-Taking CEO Isn't Worried
Share
[aggregation-styles]
CNN
Zillow has long been known as the place to go when you’re looking to buy a new home. It’s famous for its Zestimate, which uses proprietary algorithms to estimate the current price of your house (or your neighbor’s, if you’re feeling nosy).
But Zillow decided to shake things up.
In April 2018, the company announced it was launching Zillow Offers and would purchase homes directly from sellers, doing any necessary repairs before turning around to resell the house itself.
The model, known as instant buying, or “iBuying,” marked a major overhaul for Zillow’s core business. Up until then, the company had operated in a purely digital realm, removed from the headaches of owning or renovating actual brick-and-mortar properties.
At the company, the dramatic shift is known as “Zillow 2.0,” and CEO Rich Barton has laid out a bold vision, painting this moment as a “new frontier in real estate.” He wants Zillow’s service to eventually transform the industry so that selling a home is as easy as trading in a car. But first, he warns, the company and its shareholders have to be patient.
Read More →
CNN
Zillow has long been known as the place to go when you’re looking to buy a new home. It’s famous for its Zestimate, which uses proprietary algorithms to estimate the current price of your house (or your neighbor’s, if you’re feeling nosy).
But Zillow decided to shake things up.
In April 2018, the company announced it was launching Zillow Offers and would purchase homes directly from sellers, doing any necessary repairs before turning around to resell the house itself.
The model, known as instant buying, or “iBuying,” marked a major overhaul for Zillow’s core business. Up until then, the company had operated in a purely digital realm, removed from the headaches of owning or renovating actual brick-and-mortar properties.
At the company, the dramatic shift is known as “Zillow 2.0,” and CEO Rich Barton has laid out a bold vision, painting this moment as a “new frontier in real estate.” He wants Zillow’s service to eventually transform the industry so that selling a home is as easy as trading in a car. But first, he warns, the company and its shareholders have to be patient.
Read More →
By Aimee Rawlins | 21 Feb 2020
RELATED TOPICS:
Mexico’s Sheinbaum Urges US to Avoid Immigration Action at LA Soccer Game
World /
15 hours ago
Valley Crime Stoppers’ Most Wanted Person of the Day: Allan Saly
Crime /
16 hours ago
Fresno Shooting Leaves Man Dead Near Griffith and Hughes
Latest /
13 hours ago
Iran and Israel Say a New Wave of Iranian Missile Attacks Has Begun. Explosions Heard Over Jerusalem
World /
13 hours ago
Man Found Dead in Bass Lake, Cause Under Investigation
Local /
13 hours ago
Mexico’s Sheinbaum Urges US to Avoid Immigration Action at LA Soccer Game
World /
15 hours ago
Valley Crime Stoppers’ Most Wanted Person of the Day: Allan Saly
Crime /
16 hours ago
Fresno Shooting Leaves Man Dead Near Griffith and Hughes
Latest /
13 hours ago
Iran and Israel Say a New Wave of Iranian Missile Attacks Has Begun. Explosions Heard Over Jerusalem
World /
13 hours ago
Man Found Dead in Bass Lake, Cause Under Investigation
Local /
13 hours ago
Mexico’s Sheinbaum Urges US to Avoid Immigration Action at LA Soccer Game
World /
15 hours ago
Valley Crime Stoppers’ Most Wanted Person of the Day: Allan Saly
Crime /
16 hours ago
Vacant Fresno Restaurant Heavily Damaged in Early Morning Fire
An early morning fire caused significant damage to a vacant restaurant building in Fresno, the Fresno Fire Department reported.
...
Local /
11 hours ago
Categories
Latest
Videos

Local /
11 hours ago
Vacant Fresno Restaurant Heavily Damaged in Early Morning Fire

Crime /
12 hours ago
Visalia Police Make Arrest in Deadly Hit-and-Run

Latest /
13 hours ago
Fresno Shooting Leaves Man Dead Near Griffith and Hughes

World /
13 hours ago
Iran and Israel Say a New Wave of Iranian Missile Attacks Has Begun. Explosions Heard Over Jerusalem

Local /
13 hours ago