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Zillow Is Buying And Selling Lots Of Homes And It’s Almost Half Its Business Now

BuzzFeedNews – Zillow made more than 40% of its revenue last quarter from selling homes: “Zillow, the real estate search and advertising platform, has gotten into the house-flipping business in a big way. That means the company earned about 41.5% of its revenue from selling homes in the three months ending June 30, according to its most recent earnings report. Zillow made $599.6 million in revenue last quarter, $248.9 million of which came from its Homes segment, which refers to the “buying and selling of homes directly through the Zillow Offers service,” which it kicked off in 2018. Zillow is now buying thousands of properties, investing in minor repairs, and then selling them — essentially flipping houses — in 15 markets around the country, with plans to be in 26 markets by mid-2020. It collects a fee from the seller with each of these transactions. The company sold 786 homes and bought 1,535 homes from April to June…”

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