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Zillow Company Overview
Zillow Group is an online real estate database company that was founded in 2005 and created by Rich Barton and Lloyd Frink, former Microsoft executives and founders of Microsoft spin-off Expedia. Spencer Rascoff is the current CEO of Zillow, Inc. 1
In April 2009, Zillow announced a partnership to lend its real estate search engine to the web sites of more than 180 United States newspapers as a part of the Zillow Newspaper Consortium. Real Estate launched an exclusive partnership creating the largest real-estate advertising network on the web, according to comScore Media Metrix.
In April 2011 Zillow acquired Postlets, an online real estate listing creation and distribution platform. In May 2012, Zillow acquired RentJuice, a software-as-a-service company which allows landlords and property managers to market and lease their rental properties through a set of online tools.
Zillow acquired Omaha based mortgage technology company Mortech for $17 million on November 5, 2012. HotPads, founded in 2005, lists real estate and rental listings on a map-based web interface. On August 19, 2013, Zillow acquired StreetEasy for $50 million.
On July 16, 2014, Zillow acquired Retsly, a Vancouver, B.C.-based startup that helps developers access real-estate data from multiple listing services (MLS). On July 28, 2014, Zillow announced a deal to buy Trulia for $3.5 billion. Zillow has data on 110 million homes across the United States, not just those homes currently for sale.
In addition to giving value estimates of homes, it offers several features including value changes of each home in a given time frame (such as one, five, or 10 years), aerial views of homes, and prices of comparable homes in the area.
April 29, 2009 – iPhone application March 18, 2010 – Android App April 2, 2010 – iPad App. The reports identify market trends including, but not limited to: five and 10-year annualized change, negative equity, short sales and foreclosure transactions.
The survey is conducted by Harris Interactive and measures homeowners’ perceptions about home value changes of their own home and the local market.
Zestimate does not take into consideration home-specific factors like recent remodeling, although there is an option to update the information for a particular home.
In October 2006, the National Community Reinvestment Coalition filed a complaint with the Federal Trade Commission stating that Zillow was “intentionally misleading consumers and real-estate professionals to rely upon the accuracy of its valuation services despite the full knowledge of the company officials that their valuation Automated Valuation Model (AVM) mechanism is highly inaccurate and misleading.”
Zillow responded with their own statement that “the narrative being pushed by this law firm through their multiple lawsuits is completely inconsistent with those who know and work with Zillow. 2
Zillow News & Press Releases
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