-This is a transcript from Go Gaddis Radio to listen to the episode click here-> https://on.soundcloud.com/yJVYj
Welcome back to Go Gaddis Real Estate Radio right here on AM nine 20. The answer in this segment, what do executives at Zillow believe is in store for Zillow in 2023? Those of us in the real estate industry, we have this love hate relationship with Zillow. 'cause Zillow is basically an interloper in the real estate business.
They don't do real estate transactions, but they. Basically take leads. That should be rightfully the real estate brokers and agents' leads, and they sell 'em back to the people who helped them generate 'em in the first place. Also, we've got a very interesting listing for you, a home for sale in Michigan, Pontiac, Michigan, to be specific home for sale for $1.
I can't even imagine why a home would be for sale for $1, but we're gonna talk about that home. And give you some details about it here in this segment. My name is Cleve Gaddis. You're listening to Go Gaddis Real Estate Radio, where we help listeners, or at least we try to help listeners go from real estate novices to experts.
So, uh, home selling and buying can be done with. Really with total confidence and without all the worry that is so typical with life's biggest investments. And don't forget, we want to connect with you. It's easy to communicate with us. Go to go gettis radio.com. You can ask questions. You can ask questions that we answer on air or off air.
You can make comments or you can push back or challenge anything we say. You can share ideas with us if you want to. We love to get great ideas from listeners. We get some amazing ideas. Shared with us fairly consistently. Also, you can request your neighborhood be featured at our Neighborhood Spotlight coming up in the fourth segment of this show, and you can subscribe to our podcast we believe.
Everybody should be a podcast subscriber, and we are available on every single ma, every single podcasting platform for Zillow, which is a huge name in real estate. I talked just a second ago about the love hate relationship that the real estate community has with Zillow. Uh, they are what they are and they do what they do.
The real estate listing platform recorded a $35 million net loss in the second quarter of 2023. This is an article. From Real Trends, despite a $35 million net loss in the second quarter, Zillow says a slight annual increase in revenue to $506 million, um, shows they're having some growth. The company's executives told investors and analysts that they were pleased with the firm's second quarter performance, especially in touring financing and renting.
Zillow outperformed the broader industry for the fourth consecutive quarter. As we navigate a tough real estate markets at Zillow, co-founder and C E O, Richard Barton, he's went away from it for a while and he came back a few years ago. He says he's pleased with their steady progress on improving and integrating our customer and partner experiences, especially in touring financing and renting with the resilient but slower real housing market conditions of the second quarter of 2023.
Zillow reported. That traffic to its apps and site was 226 million average monthly unique users. Think about that. 226 million average monthly unique users down from 234 million a year ago, a a year ago. A year ago. Easy for me to say. Good grief. Um, they're only between, let's call it four and a half and 6 million home sales in the us and they've got 2200 26 million.
Average unique visitors going every single month. That's a lot of leads blowing through that system for very few closings. Zillow's mortgage arm home loans, uh, recorded a 17% year over year decline in revenue. Uh, rental revenue increased 28% year over year to 91 million as the company continued to see strong traffic and growth in multifamily properties.
Zillow has remained the most visited rental platform since May of 2022. Although Rival CoStar has made noise in overtaking realtor.com and web traffic, uh, Barton's stress that Zillow has remained the most visited rental platform, CoStar bought homes.com and I will tell you CoStar is a very profitable and a very aggressive business.
Uh, they are a commercial listing database and I was a member of their database for years and years. And to say they were aggressive, uh, would be an understatement. Barton also presented Zillow's product roadmap, touching on different updates and projects underway. He highlight, highlighted the launch of Listing Showcase by ShowingTime, which is what we talked about in the last segment.
Uh, they launched it in June and Select Markets. Atlanta is one of 'em. The product and AI powered super listing. It is available exclusively on Zillow. It was made to allow listing agents to present their brand and properties in a distinctive manner. Also, Zillow announced a, um, acquisition of EO, A R Y E O, eo, which is a marketing media solution for agents and brokerage.
It'll become a part of showing time and also, believe it or not, part of those listing showcase listings. And Barton also spoke of Zillow's partnership with opendoor, which offers sellers on Zillow. The ability to request cash offers from open door, stating that it now is present in 25 markets compared to only two when they launched in February.
So, you know what, um, I, I say that Zillow has probably lost a lot more money than was reasonable over the last three or four years, especially in their Zillow offers program where they were buying houses instead of helping agents sell houses. Uh, they are a real force, and I will tell you that, uh, Zillow and.
The technologies that, um, were predecessors to Zillow, they have changed the real estate industry because they've given consumers control over, um, they consumers have the ability to find pretty much everything. I shouldn't say that because as good listing agents, we always know a lot more about the property than they're even are available data points to put in the listing service.
Um, but um, You know, most of the information you might want as a home buyer would be available for sale on Zillow. This segment of the show is brought to you by the law firm of o' Kelly and Sohan o' Kelly and Sohan is a full service law firm with 26 offices throughout Metro Atlanta. They specialize in residential real estate closings, including home purchases.
Refinance, closings, corporate relocation, and real estate. Contract review and title insurance matters. They can be reached by calling 7 7 0 4 9 7 1 8 8 0 7 7 0 4 9 7 1 8 8 0. If you're listening and you're thinking about selling your metro Atlanta home anytime in the next six months, Well, we believe we can sell your house for $28,000 more than your neighbor sold his or her house for.
You might be thinking, well, that sounds too good to be true. 'cause how could my house be worth more money than my neighbor's? Well, what if your house was more desirable to perspective buyers than your neighbor's house was? My house was at the end of the cul-de-sac in a street, and there was an identical house, had a slightly different roof line at the beginning of the street.
There was a $135,000 difference in the sales price. No, $115,000 difference in the sales price of those two houses. My home, fortunately sold for $115,000 more, and it was because the condition of my home was different than the condition of the home with an identical floor plan. And I say it's an identical floor plan, but the reality is, is that first floor had been changed so much as we renovated it, that it didn't even look like the same floor plan, but it was $115,000 difference.
And so if you go to go gaddis radio.com, click on $28,000 more, put in a little bit of information, you'll be on off site. In 30 seconds. I'll reach out to you, myself and tell you how the two things that we will do for you that are very unique. Uh, notice I think is very unique, that are unique, one of a kind, uh, number one, we will prepare every, we will prepare a customized maximum value plan for you.
Just like an appraisal on steroids. It's a, it's a, it's a, a proprietary way of looking at potential sales prices, and you can participate in our r and r program. You can rest and relax while we rehab and refresh your home. We put the home in tip top showing shape. You pay for those. Monies that we advance back at closing.
And in some cases people invest 10,000 and sell their house for 30 or $40,000 more. It's quite spectacular. And we believe that we're really providing a valuable service to, uh, the community of homeowners in metro Atlanta. In our prior segment, we talked about Zillow listing Showcase. And earlier in this segment, we talked about Zillow in 2023, and we're continuing on the discussion with Zillow 'cause we just can't help ourselves.
We looked at the outlook for Zillow. Again, in that last article. We thought it'd be fun to share with you, um, about a home listed on for sale on Zillow for $1. That is. Absolutely right. The address is 70 Solani Avenue, 70 East Ypsilanti, Y P S I L A N T I Avenue in Pontiac, Michigan. If you've got a few minutes, look it up.
724 square feet built. 1956. They're paying a whopping commission of 1500. To a buyer's agent, I don't quite understand how you can list it for a dollar and agree to pay $1,500, but my guess is they think they're going to sell it faster and for a lot more money. It has been viewed 209,000 times and been saved 6,796 times.
It's been on Zillow for seven days. It's listed by a brokerage called Good Company. So if you're interested in more information, you can reach out to good company and, uh, get as much information as you can. But as we look through the listing, it's hilarious. It says, introducing the world's cheapest home.
Unleash your inner d i y guru. Embrace the challenge of turning this two bedroom, one bath. Ranch into a masterpiece that will make Chip and Joanna Green with envy priced at a mind-boggling. $1. Yep, you heard it. This home is not just a house, it's a ticket to the real estate adventure of a lifetime. Step inside the home and experience a thrilling rollercoaster of emotions.
Number one, the roof might have seen better days, but hey, it's not leaking. And then talk about a unique feature that makes the place stand out like the avant-garde floor hole art installation conveniently located next to the furnace. Who needs a traditional open concept layout when you have an open floor plan, thanks to the authentic, unfiltered glimpse into the crawl space.
Who wants that? The garden is a blank canvas waiting for your green thumb to work its magic. The overgrown shrubbery and exotic weeds. Linden Air of mystery inviting local critters. For an impromptu garden party investors, this is your moment to sign shine. This home's potential is as limitless as your imagination.
If you're a visionary, a risk taker, or simply someone who thrives on life's little curve balls, this home is calling your name. Buckle up for a journey, fill with twist, and turns in a whole lot of character. Don't just buy a house. Buy an experience. Act now before someone else grabs this one of a kind opportunity to own a slice of Pontiac Michigan Awesomeness.
Offers were due by 10:00 AM this past Wednesday, or Yes, this past Wednesday. No, 10:00 AM not this past Wednesday, two Wednesdays ago. And, uh, we are going to investigate for you and let you know the amount of the final sale, Sahil. In our next segment in our neighborhood spotlight, we're featuring Brookside Crossing in Auburn.
And what is a shipping container home? And should you have your shoes on or shoes off when you enter a home? We got those subjects and more we'll be back.