What is Zillow?
Zillow Group, Incan is an American tech real-estate marketplace company. In 2006, the company was founded by Lloyd Frink and Rich Barton, two former Microsoft employees and founders of Microsoft spin-off Expedia; Spencer Rascoff, a co-founder of Hotwire.com; David Beitel, Zillow’s current chief technology officer; and Kristin Acker, Zillow’s current senior vice president of experience design. Currently, Rich Barton is serving as the CEO. In 2023, Zillow net worth is around $12 Billion.
|Incorporated in:||December 2004|
|Launched in:||February 8, 2006|
|Founded by:||Rich Barton, Lloyd Frink|
|Headquarters:||Russell Investments Center Seattle, Washington, U.S.|
|Zillow Net Worth 2023:||$12 Billion|
Barton was encouraged to fund Zillow while working at Microsoft and felt that the real estate industry would change. Zillow was added in 2004. In February 2006, Zello’s website was launched.
Spencer Rascoff was named CEO of the company in 2010. Barton served as executive chairman. In April 2018, Zello entered the on-demand home-buying market with Zello offers. Barton returned as CEO to lead the change In February 2019.
In 2018, Zello signed a partnership with Century 21 Canada to launch an on-site listing of Canadian properties, the first country outside the United States to cover the company.
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Zello’s stock rose 18% after falling for four years in February 2020. In March of that year, Zello’s CEO announced a 25% reduction in costs and laid off jobs due to the COVID-19 epidemic. Zillow announced plans to increase the workforce by 40% by hiring more than 2,000 employees in March 2021.
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Zillow started buying homes in 2018/2019 to become a market maker with a break-even target of +/- 200 basis points (+/− 2%). Rich Barton, CEO of Zello, announced that the company would close the i-buying portion of the business, sell its existing inventory, and lay off 25% of its employees in November 2021.
When Barton announced that the company would stop buying homes, Zello owned about 7,000 homes. Zello Offers, the division responsible for home acquisition and sales, lost $420 million to the company in the third quarter of 2021.
Zillow Group, Inc. Runs mobile and web applications focused on real estate. Its brands cover all aspects of the home life cycle, including rent, purchase, sale, home improvement, and financing.
Several rental and property markets are under its umbrella, including Zello, Street Easy, Trolley, and Hotpads. In addition, it works with realtors, lenders, and property managers.
Zillow Net Worth 2023 / Zillow’s Revenue / Income
In 2023, Zillow’s net worth is $12 Billion. Zillow has stated that they generate revenue through advertising on their website.
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