Spencer Rascoff, Zillow Group CEO, discusses the online real estate company’s decision to buy and flip houses. “We’re entering that market and think we have huge advantages because we have access to the huge audience of sellers and buyers,” Zillow CEO Spencer Rascoff said on CNBC’s “Squawk Alley.” “After testing for a year in a marketplace model, we’re ready to be an investor in our own marketplace.”
- Zillow CEO Spencer Rascoff said the company's existing audience of sellers and buyers uniquely positions it for success as a real estate investor.
- he move marks a radical change in the company's business model and is spooking investors.
- The company will take on collateralized debt to purchase the homes, and hopes to have between 300 and 1,000 homes held for sale by year's end.