Zillow’s net profit in 2011 was 1.1 Million Dollars. For 2012 it was 5.9 Million Dollars. A grand total of Seven Million Dollars net profit for the past two years. I personally know AGENTS who’ve made that much money. Zillow is practically bragging about having made these amounts. http://investors.zillow.com/releasedetail.cfm?ReleaseID=740156
They have been in business since 2006 and until the past two years mostly LOST MONEY. So the 7 million is sort of close to the entire amount they’ve made since they started. You can drill down deeper if the exact amounts you fascinate – but the 7 million is close. Here is something they don’t tend to brag about – and this link has some of the most astounding numbers you will EVER see. http://www.insider-monitor.com/trading/cik1334814.html Scroll down if you want to see specific amounts for individual officers of the corporation.
That is correct. ONE HUNDRED FORTY-SEVEN MILLION DOLLARS in insider sales since they went public. If you calculate how long the company will need to average their best year (5.9 million) for the company to make as much as the insiders have already taken as gains for themselves – it will take 25 YEARS!
This isn’t about “Zestimates” being wrong. It is about them being irrelevant. It makes no difference if their data is correct or complete crap. The insiders are rich. If there is something I’ve written any Zillow executive has a problem with, please have your lawyer send their Threat Letters to me here: http://zillowripsoffagents.com/zillowlegalthreats.htm
One of the most astounding facts I found is that Zillow’s (at least as of this post, today) market cap is at 1.7 BILLION. (http://finance.yahoo.com/q?s=Z) Yes, Billion, with a “B”. This is astounding because there is no way in hell it is worth that much and some short sellers are going to make a tremendous amount of money when the bubble bursts. But I will save those details for a future post.