The number of agents paying to promote themselves on Zillow grew 68 percent from a year ago, to 44,749, the company said in reporting third-quarter results today. But average monthly revenue per subscriber was essentially flat at $264, compared with $270 during the same quarter last year.
Zillow reported record revenue ($53.3 million), new subscribers (5,942) and average monthly unique visitors (61.1 million) for the quarter, but reported a net loss of $1.2 million on increased advertising expenses.
Revenue for the quarter was up 67 percent from a year ago, with advertising by real estate agents accounting for the lion’s share of revenue ($35.1 million).
“The third quarter was another extremely strong one for Zillow, as we exceeded our outlook and delivered record results,” said Zillow CEO Spencer Rascoff in a statement. “We made significant progress toward our priorities to grow audience, grow our Premier Agent business and grow our emerging marketplaces.”
Zillow announced an initiative this year to boost the company’s brand with enhanced spends in advertising on the Web and TV. The company hosted a housing discussion with President Barack Obama in August and a housing forum with Washington, D.C., heavyweights including Federal Housing Finance Agency Director Edward DeMarco and Federal Housing Agency Commissioner Carol Galante in October.
Zillow’s chief competitors, Trulia and realtor.com, reported third-quarter revenue growth of 59 percent and 14 percent, respectively.