Experts envision the company pivoting to the comparatively easier business of working with buyers after the failed experiment of scooping up homes from sellers.
Zillow’s decision to shut down its iBuyer is more than just a response to volatility of the Zestimate, but an indication technology can't solve everything.
The popular portal raked in $1.7 billion during the third quarter of 2021, though it also lost $328 million — much of it from iBuying.
The move should take several quarters and will also result in Zillow reducing its workforce by approximately 25 percent.
The company's net income between April and June clocked in at $10 million — better than one year ago but short of the heights of the past two quarters.
Zillow co-founders Rich Barton and Lloyd Frink, eXp founder Glenn Sanford and five other real estate executives became billionaires in the past year.
To kick off Connect Now on Tuesday, Brad Inman and Trulia co-founder Pete Flint discussed the challenges and opportunities tied to the digitization of real estate.
The company revealed yearly revenue numbers that would make most real estate companies green with envy. But not top rival Realogy.
The mercurial Keller Williams founder Gary Keller still operates like a cowboy, running his sprawling global enterprise as he sees fit.
Susan Daimler is stepping into the role of president while Jeremy Wacksman will continue on as chief operating officer in a bid to focus the company's "end-to-end" experience.
Zillow CEO Rich Barton said his company is trying to center transactions in its business model and that he wants to do to real estate what the iPhone did to phones and media.
The company saw its stock price climb more than $30, to $203 per share, in the morning trading hours Thursday.