“When Zillow jumped in the market, I got pounded with questions,” Bair said. Shares of both companies slid this week as Zillow’s troubles rattled investors, though they rallied Thursday to erase much of those losses. use tech to buy and sell homes, pitching consumers on speed and convenience to ease headaches in the U.S. IBuyers such as Offerpad and Opendoor Technologies Inc. So when the company announced plans to abandon its home-flipping business and fire 25% of its workforce, it brought new scrutiny to the so-called iBuying industry. real estate industry, serving as a fixation for consumers and competitors. “Buying, renovating and selling in 100 days is the key to doing this successfully.” Chief Executive Officer Brian Bair said in an interview. “Buying homes is the easiest part of being an iBuyer,” Offerpad Solutions Inc. The issue is not with business model, they say, but the execution. (Bloomberg) - Zillow Group Inc.’s pullback from its home-flipping operation is reverberating across the real estate industry, leaving its competitors to defend using technology-powered algorithms to buy houses.
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