Zillow Is Expanding From House-Listing to House-Flipping
Zillow has long been known for its online real estate listings, but now the company plans to expand into the house-flipping business.
Zillow will first start buying and selling houses in Phoenix and Las Vegas and will use local real estate agents to represent the company both when purchasing and selling the homes,Zillow announced Thursday. Zillow added that it “will make necessary repairs and updates and list the home as quickly as possible.”
Zillow(ZG, -7.33%)plans to own between 300 and 1,000 homes by the end of the year, chief marketing officer Jeremy Wacksman toldBloomberg. The company expects torenovate and sellthose homes within 90 days, according to theWall Street Journal.
The company is also expanding itsInstant Offerslisting option to Phoenix.
“This expansion of Instant Offers, and Zillow’s entrance into the marketplace, will help us better serve both types of consumers as well as provide an opportunity for Premier Agents to connect with sellers,” Wacksman said in a release. “This is expected to be a vibrant line of business for us and for our partners in the real estate industry, while providing homeowners with more choices and information.”