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Sign into your accountBacked by Google, Zillow Set to Become Online Brokerage
June 16 2016
Real estate is not just an online thing. It's a global thing. People buy houses all around the globe and, in many nations, the notion of online real estate is hot. In the small nation of England, companies valued at £312m or £40m, like Housesimple along with easyProperty and eMoov, are all trying to make a go of it with significant venture backing. Online real estate is ripe for the taking.
Zillow Group will not need to go out for additional funding to pivot to online real estate. The company is valued at over $5B and is operating at a run rate of $703M. Their balance sheet shows $570 million in cash and cash equivalents.
Moreover, as the Sydney Morning Herald reports, Google has registered as a licensed mortgage broker in the US and is already working with Zillow to sell home loans. Google has $90 billion languishing in cash. Situating that cash in home mortgages is a way to put that money to work.
Zillow Knows the Consumer Better than Most Brokers
Want to know who owns what house? Zillow knows. Zillow launched an effort to acquire public records data years ago. But Zillow's customer record goes beyond the public record. Zillow knows the home buyer and seller's email address and phone number from a decade of consumers passing through their portal. They even know who the agent was that worked with them on their last transaction!