Zillow CEO Spencer Rascoff has compared his company’s recent expansion to Netflix’s dive into original content.
"[Netflix] used their data advantage and then they built that muscle memory, that DNA, to be creative,” Rascoff says “And it was a big swing for them and obviously it's created a huge business.”
The new service, called Instant Offers, will allow homeowners to compare offers from Zillow and other potential buyers on the company’s database. If Zillow wins the offer, it will flip the house and put it back on the market with one of its premier real estate agents.
Rascoff told CNBC that in some cases, Zillow will be able to advertise flipped homes to prospective buyers before it officially purchases them.
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