Talking Zillow with Spencer Rascoff | #TomFerryShow Episode 4

TL;DR

Tom Ferry interviews Zillow CEO Spencer Rascoff on real estate strategies.

Transcript

for over 20 years I've dedicated my life to bringing you the very best business building strategies to keep you thriving get ready to experience the success you've been searching for Welcome to the Tom Ferry show hey everybody it's coach Tom Ferry welcome to episode four of the new Tom fairy show I'm sitting with Spencer rasov CEO of Zillow and oth... Read More

Key Insights

• Zillow operates multiple brands including Zillow, HotPads, and StreetEasy, and plans to add Trulia, allowing agents to manage listings in one place.
• Zillow focuses on users and advertisers rather than competitors, emphasizing partnerships with MLSs for direct listing feeds.
• Zillow's new video ad product allows agents to target specific zip codes with high-quality video ads, enhancing their branding efforts.
• The book 'Zillow Talk' by Spencer Rascoff and Stan Humphrey uses data to debunk real estate myths, such as the value of kitchen remodeling.
• The book is intended for a broad audience, including consumers and agents, providing insights into real estate trends and data.
• Zillow's strategy involves working directly with MLSs and brokerages to ensure high-quality listings, avoiding intermediaries like ListHub.
• Zillow's partnership with Tom Ferry is based on a shared goal of helping agents make money and succeed in real estate.
• Tom Ferry offers a promotional deal for viewers to buy 'Zillow Talk' and receive additional business resources as a gift.

Questions & Answers

Q: What is Zillow's multi-brand strategy?

Zillow's multi-brand strategy involves operating several distinct brands, including Zillow, HotPads, and StreetEasy, with plans to incorporate Trulia. This approach allows consumers to choose their preferred platform while enabling agents and brokers to manage listings, media, and reputations through a single company, Zillow Group.

Q: How does Zillow view its competition?

Zillow focuses primarily on its users and advertisers rather than its competition. The company aims to provide superior service and value, believing that success in these areas will naturally address competitive challenges. The acquisition of realtor.com by News Corp highlights the importance of Zillow's independent partnerships with MLSs.

Q: What is the new video ad product from Zillow?

Zillow's new video ad product allows real estate agents to purchase video spots that are highly produced and targeted to specific zip codes. These videos, ranging from one to two minutes, appear on both desktop and mobile platforms, helping agents enhance their branding and reach in their chosen markets.

Q: What myths does 'Zillow Talk' aim to debunk?

The book 'Zillow Talk' debunks several real estate myths using data analysis. For example, it challenges the belief that remodeling kitchens yields high returns, suggesting instead that bathroom remodels, particularly at the low end, offer better returns. It also questions the advice to buy the worst house in the best neighborhood.

Q: Who is the target audience for 'Zillow Talk'?

'Zillow Talk' is designed for a broad audience, including both consumers and real estate agents. The book provides insights into real estate trends and data, making it useful for anyone interested in real estate. It has been well-received and is recommended as a resource for agents to share with clients.

Q: How does Zillow ensure high-quality listings?

Zillow ensures high-quality listings by partnering directly with MLSs and brokerages, bypassing intermediaries like ListHub. This direct relationship allows Zillow to obtain listings from the source, ensuring accuracy and reliability, which is crucial for maintaining the trust and satisfaction of users and advertisers.

Q: What is the relationship between Tom Ferry and Zillow?

The relationship between Tom Ferry and Zillow is based on a shared commitment to helping real estate agents succeed financially. Both organizations focus on providing innovative strategies, tools, and resources to enhance agents' business operations and profitability, fostering a mutually beneficial partnership.

Q: What promotional offer does Tom Ferry provide in the episode?

Tom Ferry offers a promotional deal where viewers who purchase 'Zillow Talk' and send a receipt to him will receive a copy of his CEO systems manual as a gift. This manual, valued at around $300, provides valuable business systems and is intended to help agents organize and elevate their business operations.

Summary & Key Takeaways

• In this episode, Tom Ferry interviews Spencer Rascoff, CEO of Zillow, discussing the company's multi-brand strategy and its impact on agents and consumers. Rascoff emphasizes the importance of partnerships with MLSs and introduces Zillow's new video ad product, designed to enhance agent branding.

• The conversation covers the competitive landscape, with Rascoff highlighting Zillow's focus on users and advertisers rather than competitors. He introduces the book 'Zillow Talk,' co-authored with Stan Humphrey, which uses data to debunk common real estate myths and offers valuable insights for both consumers and agents.

• Tom Ferry and Spencer Rascoff discuss their shared mission to help agents succeed financially. Ferry offers a promotional deal for viewers to purchase 'Zillow Talk' and receive additional business resources, reinforcing the episode's focus on innovative strategies and tools for real estate professionals.