{"id":3097,"date":"2022-05-05T22:36:12","date_gmt":"2022-05-05T22:36:12","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2022\/05\/05\/picking-up-the-pieces-zillow-has-profitable-q1\/"},"modified":"2025-03-13T02:41:59","modified_gmt":"2025-03-13T02:41:59","slug":"picking-up-the-pieces-zillow-has-profitable-q1","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2022\/05\/05\/picking-up-the-pieces-zillow-has-profitable-q1\/","title":{"rendered":"Picking up the pieces: Zillow has profitable Q1"},"content":{"rendered":"\n

Zillow\u2019s<\/strong> long national nightmare<\/a> may be ending sooner than we thought.<\/p>\n\n\n\n

The Seattle company shocked the real estate world in November when it announced a wind down of its instant home buying operations, with CEO Rich Barton copping to the fact that the business\u2019s home price forecasting model was too volatile.<\/p>\n\n\n\n

In that quarter, Zillow lost $328 million<\/a>, and for the year the company hemorrhaged<\/a> $528 million.<\/p>\n\n\n\n

But for the first quarter of 2022, Zillow\u2019s fortunes turned, and the company made $16 million in net income. Zillow also raked in $4.3 billion, with $3.7 billion of that emanating from Zillow Offers, the soon to die iBuying division that is generating money by Zillow selling its inventory.<\/p>\n\n\n\n

This compares to $1.2 billion in revenue and $52 million net income in quarter one 2021 \u2013 an admittedly almost useless comparison given that Zillow was in the throes of ramping up iBuying at that point.<\/p>\n\n\n\n

Zillow\u2019s public numbers also gave confirmation<\/a> that the company mostly unloaded the homes purchased under iBuying.<\/p>\n\n\n\n

Just \u201capproximately 100 homes are currently not yet under contract\u201d to be sold, according to a letter released to shareholders Thursday.

\u201cWe expect the remaining inventory to be substantially complete in Q2,\u201d the letter noted, with realized or expected losses of $300 million at the end of quarter one.<\/p>\n\n\n\n

Barton touted on Thursday\u2019s call the \u201crapid and successful wind down\u201d of iBuying, creating a \u201cnimble balance sheet\u201d from Zillow.<\/p>\n\n\n\n

If Zillow can safely bury iBuying, what revenue sources will guide the widely popular listings website going forward?<\/p>\n\n\n\n

Barton used much of his prepared remarks to discuss 3-D home touring, a feature that dovetails with Zillow\u2019s $500 million buy of home touring scheduler<\/a> ShowingTime<\/strong> last year.<\/p>\n\n\n\n

And the CEO mentioned the development of Zillow\u2019s \u201cSuper App\u201d that would facilitate this home touring, and also better facilitate partnerships with real estate agents, who tend to have a love-hate relationship<\/a> with the listing titan.<\/p>\n\n\n\n

When Zillow Offers shut down, the company\u2019s largest revenue source will be Premier Agent. Under Premier Agent, real estate agents pay monthly fees in order to pop up when a consumer searches for a home on Zillow.<\/p>\n\n\n\n

Premier Agent, which is part of the company\u2019s \u201cInternet, marketing, and technology\u201d segment generated $363 million of the segment\u2019s $490 million in revenue.<\/p>\n\n\n\n

Income for Premier Agent is not broken out on Zillow\u2019s quarterly report. But the overall internet, marketing, and technology segment generated a robust $108 million in operating income.<\/p>\n\n\n\n

Analysts on the call focused many of their questions around Premier Agent, particularly the news of a Zillow pilot program in Raleigh, North Carolina and Denver.<\/p>\n\n\n\n

Under the program, agents would no longer pay monthly fees to Zillow, but rather on a contingency basis after making a sale. The pilot will also kick off hundreds of agents<\/a> not meeting Zillow goals.<\/p>\n\n\n\n

On the call, Barton framed the experiment as simply \u201cR&D\u201d and an effort to see if Zillow can \u201clower the participation\u201d and \u201cenhance our partner network.\u201d<\/p>\n\n\n\n

\u201cUnfortunately,\u201d Barton said of the program, \u201cIt broke into the public,\u201d which, the CEO noted, is the consequence of working with agent and broker partnerships.<\/p>\n","protected":false},"excerpt":{"rendered":"

For the first quarter of 2022, Zillow\u2019s fortunes turned, and the company made $16 million in net income. Zillow also raked in $4.3 billion, with $3.7 billion of that emanating from Zillow Offers, the soon to die iBuying division that is generating money by Zillow selling its inventory.<\/p>\n","protected":false},"author":16592,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[736],"class_list":["post-3097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"\nPicking up the pieces: Zillow has profitable Q1 - RealTrends - Blog<\/title>\n<meta name=\"description\" content=\"For the first quarter of 2022, Zillow\u2019s fortunes turned, and the company made $16 million in net income.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/preprod.realtrends.com\/blog\/2022\/05\/05\/picking-up-the-pieces-zillow-has-profitable-q1\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Picking up the pieces: Zillow has profitable Q1\" \/>\n<meta property=\"og:description\" content=\"For the first quarter of 2022, Zillow\u2019s fortunes turned, and the company made $16 million in net income.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/preprod.realtrends.com\/blog\/2022\/05\/05\/picking-up-the-pieces-zillow-has-profitable-q1\/\" \/>\n<meta property=\"og:site_name\" content=\"RealTrends - 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