James Packer, an Australian billionaire, has invested $298M into Zillow stocks to gain a 9.3% stake in the company. Zillow's stock prices have tripled in the past year, but Forbes contributor Neerja Jetley says that Packer is not a man to hurry into an investment such as this. Though this may have some questioning if Zillow will, in time, decrease the necessity of real estate agents, Zillow CEO Spencer Rascoff promises that there is more than enough business to go around.
The good news is that two-thirds of Zillow's revenue does come from agents that subscribe to their "Premier Agent" subscriptions. This gains agents access to high visibility and leads. The number of these agents has gone up 71% in the past year, but this is only touching on the possibilities that Zillow could achieve.
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