Business Wars Best of Business Wars Daily | Big Tech's Next Frontier Is Home Buying | 7
Mar 3, 2022
Natalie Robehmed, a seasoned writer for Business Wars and expert on real estate, joins comedian Ed Herro to dissect the intersection of technology and the housing market. They explore Zillow's costly misstep with its iBuying unit and how competitors like Opendoor stand to gain. The conversation continues with innovative ideas like co-buying, which aims to redefine homeownership, alongside how tech influences hospitality trends. The dynamic shift in buyer competition, especially against wealthy influencers, adds depth to the rapidly evolving landscape.
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Zillow's iBuying Failure
- Zillow's home-buying unit shut down after miscalculating the housing market.
- Their iBuying algorithm overbid on homes, leading to significant losses.
Zillow's Miscalculation
- Zillow's overestimation of the market and rapid expansion contributed to their downfall.
- Their aggressive pricing strategy and underdeveloped technology also played a part.
Zillow Addiction
- Ed Herro's wife continues to browse Zillow even after purchasing a home.
- This highlights the addictive nature of online real estate browsing.