Zillow CEO Spencer Rascoff says his site is “zooming” past the competition with aggressive growth, and with the planned acquisition of Trulia, the two will share 61% of the online real estate listing market. On news that Rubert Murdoch’s News Corp is buying Move, which owns Realtor.com, Rascoff says he is not worried, because Zillow has had partnerships with many real estate agents and sites, and is regarded as best-of-breed.
Trulia will be under the same umbrella as Zillow, but will operate as a distinct brand. On an interview with Jim Cramer on CNBC’s Mad Money, Rascoff said that even if housing prices are peaking, that is not likely to hurt business, because Zillow’s growth depends more upon the transition from print to digital for advertising and listing of agents than actual housing prices. New York City, which had been a weaker market for Zillow because of competitors, has improved through acquisitions.
In addition to Zillow, Spencer Rascoff co-founded Hotwire in 1999. Forbes named him one of America’s 20 most powerful CEOs under 40 in 2012 and 2013.