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Shares of online real estate and home-related mobile platform Zillow rallied Monday afternoon after Valiant Capital said the stock is one of its portfolio picks.
The huge advantage Zillow has here is so much traffic already coming to its site, Valiant President and Founding Partner Chris Hansen said from the Sohn Conference in New York. He added that Zillow is set for another big rally as they move to “flex” their competitive advantage and take of piece of the typical real estate commission.
“We think there’s another big stair-step for this business coming,” Hansen said.
Hansen lauded the company for its no-hassle design, allowing customer to bypass onerous tasks like hiring an agent, fixing up the home, and others. He also highlighted that Zillow will offer to buy some homes in as little as 7 to 10 days.
In addition to providing real estate listings and estimated market prices, Zillow is now taking sales commissions and is expanding its home flipping business.
The stock, which was trading flat before Hansen’s presentation, was last up nearly 2%.