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Zillow CEO on Earnings

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    Zillow CEO Spencer Rascoff weighs in on company profits and growth.

  • Duration 3:29
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It -- -- thanks.

-- the online real estate database reporting record revenue in the first quarter up a 103%.

From last year wow.

Joining me now the company's CEO that's Araskog Spencer great to see you -- thanks for prime time.

Thank you for having me.

Great quarter obviously some more staggering -- -- than what we just mentioned your unique visitors are up 84%.

On zillow mobile.

People view 57 homes a second.

Do you tricks up your sleeve to keep these comps going in keep investors happy because these are staggering numbers at a -- kindergarten.

Well I'm unfortunately have 400 -- he plays that work really hard to build great products and our users -- -- love them I mean it did a lot of the growth is clearly coming from mobile so the Smartphone revolution has been very kinds is all out.

We have the leading real -- across every major platform.

And we reached a a tipping point here this quarter where for the first time ever.

More homes were viewed on zillow on mobile than on the west so we're really the first -- -- company that's tipped towards mobile it's really quite interest.

-- it it makes a lot of sense because you're driving -- on your car you have your phone that is zillow is sort of a -- like to Google you know you look granny at the address -- the GPS and it tells you where you are what the homes are worth.

It's a great product but is there a barrier to entry to say century 21.

Or Coldwell Banker coming up with the same application in and getting people looking that way.

But what differentiates zillow is our database of all alone so it zillow we have information on a hundred million properties every home in the country.

Disaster and its ratings estimates transaction history and other information on every home and we have six years of user generated content so 31 million of those homes.

Have been edited and improved upon by people like you and -- by our community of users -- they database is constantly being improved by user generated content and that helps create competitive advantage.

No I hear you but you know there's another service here in New York called streaming easy that does something very similar you know we're at -- what everybody brought their house.

Four you know it seems like maybe it wouldn't be that hard for somebody else to aggregate the data and come in and -- deal.

Your business as it has been such a six -- Well we certainly have competitors Duncan -- I think you know we strive to stay one step ahead we have clear traffic leadership we're the largest real estate company.

And online real estate company in the country and -- the -- number one or number two in nineteen of twenty cities sell on a national basis or local basis.

We compete very well and we do it on the basis of product innovation so listings information is important but.

Information on every home providing market context -- estimates is is really part of it as well.

Spencer I think it's going on in the housing market right now has hit a bottom is getting better and I hear about places in Tampa where people have pocket listings -- night and putting their housing market -- are going so quickly.

Other places like New York you know -- this backlog of foreclosures what's going not.

Well it's really become a micro market at this point so nationally home values are down around 25%.

From their peak.

And -- those data forecasts another approximately 1%.

Declines ago.

So we're through the worst of the downturn but not quite out the other end yet but where the story gets interest in -- on a local basis -- as you point out some markets are doing quite well.

Miami and Phoenix for example home values have are actually appreciating now for the first time in India many years.

As compared with Atlanta for example which is still just a disaster in terms of home values.

Because the backlog of foreclosures is so significant so it really depends on your your city or even your neighborhood or some -- your block at this point.

To figure out what's happening with -- -- well Spencer had to integrate product and -- had a great quarter thanks for coming on.

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