Company to focus on direct home sales and further compete with OpenDoor
On the heels of a leadership shakeup, Zillow is pivoting. The company will double down on Zillow Offers where it allows potential sellers to request offers directly from the company.
- Be Smart: Zillow generated $1.3 billion in revenue last year, and has a market cap of $8.6 billion. With more than 157 million unique visitors to its various websites last quarter, Zillow will try to exploit this major advantage over its competitors.
- Heard on the Street: CEO and co-founder Rich Barton told GeekWire: “We are on the threshold of becoming a brand new startup… This is why we founded Zillow to actually solve the headaches that we were experiencing, that our moms and sisters and brothers were experiencing.”
- The space is getting crowded: OpenDoor raised $400 million from SoftBank five months ago, and is raising an additional $200 million. The company makes offers to buy homes within 24 hours of an online submission.