NEW YORK (TheStreet) - Spencer Rascoff, CEO of online real estate specialist Zillow (Z) believes the company is in the very early stages of growth, citing its mobile strategy as a huge revenue catalyst.
Monetization happens better on mobile devices than on the web, he explained, during an interview, with real estate agents connecting with clients more frequently through mobile devices.
"We have the number one real estate app on iPhone, iPad, Android, Blackberry, Windows Phone 7, Android tablet, every major public platform," Rascoff noted. When people are out shopping for a home, he added, they need access to all the information Zillow provides on its platforms, and that is "incredibly powerful".
|Zillow CEO Spencer Rascoff|
Rascoff said that 50 homes have been viewed every second on mobile devices so far in January, up from 36 homes in December.Zillow is still in the very early stages of growth, with revenues growing triple digits. This, however, is a huge addressable market, according to Rascoff, with Zillow only having 1% wallet share of advertising from real estate agents. A partnership with Yahoo! (YHOO) has also helped facilitate growth. Yahoo! Real Estate, which Zillow runs, is the largest real estate property on the web. The Seattle-based firm is also aggressively hiring and growing its ad sales team, according to the CEO, who says that Zillow is increasing the services it sells to real estate agents.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV