Cutting Out (or Becoming) the Real Estate Middleman

Zillow, which made its name as a real estate database, is taking on more of the heavy lifting in the industry by partially automating it.

Yesterday, Zillow launched 3D Home, an AI-powered iOS app that lets owners create virtual property tours.

• The app’s algorithms generate optimal lighting, choose the best thumbnails, and weave together a 3D home walkthrough, per VentureBeat.
• Owners can build an Insta-ready catalogue of their house, while sellers can tour from the comfort of their couch.

The bigger bet

Zillow’s trove of market data and AI chops help its apps and websites recommend personalized listings and give precise pricing estimates. This has paved the way for a new line of business: high-tech house flipping, known as “iBuying” in the biz.

• In three to five years, Zillow expects iBuying to generate $20 billion annually (investors are skeptical).
• Its total revenue in 2018 was $1.3 billion.

Bottom line: With its newfound AI savvy and data on top of data, Zillow’s trying to be much more than a creative way to stalk your coworkers.