Rich Barton highlighted how COVID-19 is greatly accelerating the need for technology transformation in the real estate industry on an earnings call.

The virtual tools that home shoppers are relying on out of necessity during an era of social distancing are going to be expected of the real estate industry on the other side of this global crisis, Zillow CEO Rich Barton said on an earnings call with investors, Thursday.

Rich Barton | Photo credit: Zillow Group

Those tools from Zillow include virtual buying and selling, a rich media experience, 3D floor plans, virtual home tours and e-closing and signing of documents.

“The virtual tools home shoppers need for safety today, will become their expectations for convenience tomorrow,” Barton said. “Our focus now is not just on managing our way through this crisis, we’re also moving faster into the future.”

“That’s all exactly what people’s expectations are for a 2020 industry, how it should operate, but today’s real estate industry has not been operating that way, it’s been operating like as if it’s been back in the 1960s or 70s.”

The COVID-19 crisis has impacted Zillow like it has many other real estate companies, but part of navigating crisis is knowing when to hit the brakes — Zillow paused home buying in March, for example — and when to accelerate, Barton said. Now’s the time to be accurate on the company’s vision of Zillow 2.0, and make it a reality, sooner than they had planned, Barton added.

Barton said the company needs to be mindful of how it accelerates, but “also not blind to the opportunities that are being unlocked to accelerate a new era for real estate.”

“You’re seeing years of technology progress get accelerated down into months,” Barton said. “As the tech leaders in the industry, we are in a position to lead and we are the beneficiaries of that.”

Barton has previously given insight into what he calls, “real estate 2.0,” or sometimes, “Zillow 2.0,” which is headlined by the company’s shift from focusing on Premier Agent to Zillow Offers, it’s homebuying and selling platform.

“We dream one day of you almost having a trade-in experience with your house,” Barton told CNBC in November 2019, describing real estate 2.0.

“Where you’re standing in a Zillow Offers house that we own, you’ve been there 15 times, you’ve let yourself in with the Zillow app, we know who you are and where you live, we have a mortgage ready to go, we have an offer for your house when you’re ready to transact and you, with one click, can decide to move.”

Email Patrick Kearns

Zillow
Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×