Zillow CEO Spencer Rascoff has compared his company’s recent expansion to Netflix’s dive into original content.
"[Netflix] used their data advantage and then they built that muscle memory, that DNA, to be creative,” Rascoff says “And it was a big swing for them and obviously it's created a huge business.”
The new service, called Instant Offers, will allow homeowners to compare offers from Zillow and other potential buyers on the company’s database. If Zillow wins the offer, it will flip the house and put it back on the market with one of its premier real estate agents.
Rascoff told CNBC that in some cases, Zillow will be able to advertise flipped homes to prospective buyers before it officially purchases them.
Advertisement
Related Stories
Remodeling Projects
High Inflation and Recession Fears Aren’t Enough to Slow a Red-Hot Remodeling Industry
Home prices are peaking and mortgage rates are rising, but homeowners are moving full speed ahead with new remodeling projects in 2023
Remodeling
Remodeling Sector Eyes Slower Growth Ahead in 2023
Affordability concerns and moderating home price appreciation are causing a slowdown in the remodeling sector, though spending is expected to remain historically high into the year ahead
Remodeling
Remodeling Sentiment Remains High in the First Quarter of 2022
Remodeling market conditions are stable year-over-year, and remodelers are enthusiastic about more growth in the year ahead