Zillow is the site you go to when you want to know how much more the house you bought a few years ago is now worth — not to mention the homes of all your neighbors.
But the real estate information company is planning to get into the business of buying and selling houses too.
The company announced Thursday afternoon it was looking to potentially flip homes in the Phoenix and Las Vegas areas, saying in a press release that “when Zillow buys a home, it will make necessary repairs and updates and list the home as quickly as possible.”
“A local agent will represent Zillow in the purchase and sale of each home, enabling agents to earn commissions,” the company added.
During a conference call with analysts Thursday, Zillow chief financial officer Kathleen Philips said the company was planning a turnaround time of no more than 90 days between when it bought a home and then sold it.
The practice of flipping a home — buying it, fixing it fast and then selling it — can be very lucrative. But it is also risky. That seems to be the reason why shares of Zillow (ZG) plunged 8% Friday.
It didn’t help matters that the company also warned it would lose money in the first quarter — even though it boosted its sales forecasts.
Analysts peppered Zillow executives with…