Zillow Group, Inc. (ZG): Business Model Canvas

In der dynamischen Welt der Immobilientechnologie hat die Zillow Group mit ihrer innovativen digitalen Plattform die Art und Weise revolutioniert, wie Menschen Immobilien entdecken, kaufen, verkaufen und vermieten. Durch die Nutzung modernster Technologie, proprietärer Datenalgorithmen und eines umfassenden Ökosystems von Immobiliendienstleistungen hat Zillow den traditionellen Immobilienmarkt in ein nahtloses, datengesteuertes Erlebnis verwandelt, das Hauskäufer, Verkäufer, Makler und Investoren mit beispielloser Leichtigkeit und Transparenz verbindet. Diese Untersuchung des Business Model Canvas von Zillow enthüllt den strategischen Plan hinter dem bemerkenswerten Erfolg des Unternehmens bei der Umwälzung der Immobilienbranche durch digitale Innovation und benutzerzentrierte Lösungen.

Zillow Group, Inc. (ZG) – Geschäftsmodell: Wichtige Partnerschaften

Immobilienmakler und Makler

Ab 2023 arbeitet Zillow über sein Premier Agent-Programm mit rund 186.000 Immobilienmaklern zusammen. Die Plattform erwirtschaftete im Jahr 2022 einen Premier Agent-Umsatz von 1,3 Milliarden US-Dollar.

Partnerschaftstyp	Anzahl der Partner	Generierter Umsatz
Premier Agent-Programm	186.000 Agenten	1,3 Milliarden US-Dollar (2022)

Multiple Listing Services (MLS)

Zillow unterhält Partnerschaften mit über 900 Multiple Listing Services in den Vereinigten Staaten und ermöglicht so eine umfassende Erfassung von Immobiliendaten.

• Gesamtzahl der MLS-Partnerschaften: 900+
• Abdeckung: Bundesweite Immobilienmärkte

Hausbauer und Entwickler

Das Zillow Offers-Programm arbeitete mit zahlreichen Hausbauern zusammen, bevor es iBuying im Jahr 2021 einstellte. Aktuelle Partnerschaften konzentrieren sich auf Neubauangebote und Marketing.

Partnerschaftsfokus	Wichtige Bereiche der Zusammenarbeit
Neue Bauangebote	Marketing und Sichtbarkeit für Neuentwicklungen

Hypothekengeber und Finanzinstitute

Zillow Home Loans erwirtschaftete im Jahr 2022 einen Umsatz von 106 Millionen US-Dollar, unter anderem mit folgenden Partnerschaften:

• Wells Fargo
• Chase
• Bank of America

Technologie- und Datenanbieter

Zillow investiert erheblich in Technologiepartnerschaften mit Im Jahr 2022 werden 366 Millionen US-Dollar für Technologie und Entwicklung ausgegeben.

Bereiche der Technologiepartnerschaft	Investition
Datenanalyse	366 Millionen US-Dollar (2022)

Zillow Group, Inc. (ZG) – Geschäftsmodell: Hauptaktivitäten

Betrieb des Online-Immobilienmarktplatzes

Seit dem vierten Quartal 2023 betreibt die Zillow Group einen digitalen Immobilienmarktplatz mit den folgenden Schlüsselkennzahlen:

Metrisch	Wert
Monatlich aktive Benutzer	221 Millionen
Gesamtzahl der Website-/App-Besuche	2,8 Milliarden jährlich
Immobilienanzeigen	Über 3 Millionen aktive Einträge

Immobilienbewertungs- und Zestimate-Technologie

Die proprietäre Bewertungstechnologie von Zillow umfasst:

• Schätzgenauigkeitsrate von 82,1 % innerhalb von 5 % des Verkaufspreises
• Algorithmen für maschinelles Lernen verarbeiten mehr als 200 Datenpunkte pro Eigenschaft
• Echtzeit-Bewertungsaktualisierungen für 104 Millionen Häuser

Digitale Werbung und Lead-Generierung

Einnahmequelle	Leistung 2023
Premium-Agent-Werbung	1,24 Milliarden US-Dollar
Gesamter Marketingumsatz	1,67 Milliarden US-Dollar
Durchschnittliche Kosten pro Lead	$38.50

Softwareentwicklung und Plattformwartung

Details zu Technologieinvestitionen:

• Jährliche F&E-Ausgaben: 428 Millionen US-Dollar
• Größe des Software-Engineering-Teams: Über 1.200 Fachleute
• Plattformverfügbarkeit: 99,97 %

Datenanalyse und Marktforschung

Datenverarbeitungsfähigkeit	Metriken
Tägliche Datenpunkte analysiert	3,4 Millionen
Historische Immobiliendaten	Über 20 Jahre Aufzeichnungen
Markttrendberichte	52 erscheint jährlich

Zillow Group, Inc. (ZG) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Immobiliendaten und Algorithmen

Zillow unterhält eine Datenbank mit über 110 Millionen US-amerikanischen Häusern (Stand: 4. Quartal 2023). Der Zillow Home Value Index deckt etwa 97,5 % der US-amerikanischen Immobilienmärkte ab. Algorithmen für maschinelles Lernen verarbeiten über 200 Datenpunkte pro Immobilie, um Zestimate-Bewertungen zu erstellen.

Datenressource	Menge	Abdeckung
Home-Einträge	1,3 Millionen aktive Einträge	50 Staaten
Eigentumsunterlagen	110 Millionen Haushalte	97,5 % der US-Märkte

Digitale Plattform und Technologieinfrastruktur

Die Technologieinfrastruktur von Zillow unterstützt:

• 188 Millionen durchschnittliche monatliche Unique User
• 2,8 Milliarden monatliche Website- und App-Besuche
• Cloudbasierte Infrastruktur mit AWS

Markenbekanntheit und Benutzerbasis

Marktposition: Führender Immobilienmarktplatz mit:

• 3,1 Milliarden US-Dollar Umsatz im Jahr 2022
• 45 % Marktanteil bei Online-Immobilienplattformen
• Top-Immobilien-Website in den Vereinigten Staaten

Strategische Partnerschaften und Netzwerk

Partnertyp	Anzahl der Partner	Wert
Immobilienmakler	130,000+	1,2 Milliarden US-Dollar Umsatz mit Partnerdienstleistungen
Hypothekengeber	Über 50 nationale Kreditgeber	Einnahmen aus Hypothekendienstleistungen in Höhe von 450 Millionen US-Dollar

Qualifizierte Arbeitskräfte im Bereich Technologie und Datenwissenschaft

Zillow beschäftigt im Jahr 2023 etwa 5.900 Vollzeitmitarbeiter, mit einem erheblichen Schwerpunkt auf Technologiepositionen:

• Über 1.200 Softwareentwickler
• Über 350 Datenwissenschaftler
• Durchschnittliche jährliche Vergütung für Techniker: 185.000 US-Dollar

Zillow Group, Inc. (ZG) – Geschäftsmodell: Wertversprechen

Kostenlose Plattform für die Suche und Auflistung von Immobilien

Im vierten Quartal 2023 beherbergte die Plattform von Zillow 2,4 Millionen aktive Immobilieneinträge mit 211 Millionen monatlichen Unique Usern. Die Plattform bietet kostenlose Funktionen zur Immobiliensuche in 50 Bundesstaaten und über 20.000 Städten.

Plattformmetrik	Daten für 2023
Monatliche eindeutige Benutzer	211 Millionen
Aktive Home-Einträge	2,4 Millionen
Geografische Abdeckung	50 Bundesstaaten, über 20.000 Städte

Genaue Schätzungen des Hauswerts

Der Zestimate-Algorithmus von Zillow deckt 104 Millionen Häuser mit einer mittleren Fehlerquote von 2,4 % für auf dem Markt befindliche Immobilien und 6,9 % für nicht auf dem Markt befindliche Immobilien ab.

• Schätzgenauigkeit für auf dem Markt befindliche Häuser: 2,4 % mittlerer Fehler
• Schätzgenauigkeit für Off-Market-Häuser: 6,9 % mittlerer Fehler
• Gesamtzahl der Häuser mit Zestimate: 104 Millionen

Umfassende Einblicke in den Immobilienmarkt

Zillow Research stellt Marktdaten für 930 statistische Metropolregionen mit wöchentlich aktualisierten Preis- und Markttrendinformationen bereit.

Forschungsberichterstattung	Metrisch
Metropolregionen verfolgt	930
Aktualisierungshäufigkeit	Wöchentlich

Vereinfachter Hauskauf- und Verkaufsprozess

Das Zillow Offers-Programm wickelte im Jahr 2023 Haustransaktionen im Wert von 1,8 Milliarden US-Dollar ab, mit direktem Hauskauf und Sofortangebotsmöglichkeiten.

Integrierte Hypotheken- und Home-Services

Zillow Home Loans generierte im Jahr 2023 ein Hypothekenvolumen von 4,2 Milliarden US-Dollar, wobei die Dienstleistungen in 47 Bundesstaaten verfügbar sind.

Hypothekenservice-Metrik	Daten für 2023
Gesamthypothekenvolumen	4,2 Milliarden US-Dollar
Staaten bedient	47

Zillow Group, Inc. (ZG) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattform

Die digitale Plattform von Zillow bedient ab dem dritten Quartal 2023 213,4 Millionen einzelne monatliche Nutzer. Die Plattform verarbeitet 2,8 Milliarden monatliche Immobilienseitenaufrufe, wobei 71 % der Nutzer über mobile Geräte darauf zugreifen.

Plattformmetrik	Wert
Monatliche eindeutige Benutzer	213,4 Millionen
Monatliche Immobilienseitenaufrufe	2,8 Milliarden
Prozentsatz der mobilen Benutzer	71%

Personalisierte Immobilienempfehlungen

Die KI-gesteuerte Empfehlungsmaschine von Zillow verarbeitet monatlich über 500 Millionen Benutzerpräferenzen und Immobiliendatenpunkte, um personalisierte Vorschläge zu generieren.

Kundensupport über mehrere Kanäle

• Telefonsupport: 24/7-Verfügbarkeit
• E-Mail-Support: Durchschnittliche Antwortzeit 12 Stunden
• Live-Chat: Während der Geschäftszeiten verfügbar
• Social-Media-Supportkanäle: Twitter, Facebook

Community-Engagement und Benutzerbewertungen

Zillow beherbergt 35 Millionen nutzergenerierte Immobilienbewertungen und -bewertungen, wobei vierteljährlich durchschnittlich 2,3 Millionen neue Bewertungen hinzugefügt werden.

Community-Engagement-Metrik	Wert
Gesamtzahl der Benutzerbewertungen	35 Millionen
Vierteljährliche neue Rezensionen	2,3 Millionen

Regelmäßige Plattform-Updates und -Verbesserungen

Zillow investiert jährlich 324 Millionen US-Dollar in Technologie- und Produktentwicklung, mit vierteljährlichen Plattformaktualisierungen und Funktionserweiterungen.

• Jährliche Technologieinvestition: 324 Millionen US-Dollar
• Vierteljährliche Plattformaktualisierungen: 4–6 Hauptversionen
• Verbesserungen des Algorithmus für maschinelles Lernen: Kontinuierlich

Zillow Group, Inc. (ZG) – Geschäftsmodell: Kanäle

Website (zillow.com)

Monatliche Einzelbesucher auf Zillow.com: 206 Millionen (4. Quartal 2023)

Kanalmetrik	Wert
Gesamter Website-Traffic	2,47 Milliarden jährliche Seitenaufrufe
Durchschnittliche Zeit vor Ort	8,3 Minuten pro Sitzung

Mobile Anwendungen

Gesamtzahl der Downloads mobiler Apps auf allen Plattformen: 75 Millionen (Stand 2023)

Plattform	Statistiken herunterladen
iOS App Store	38,5 Millionen Downloads
Google Play Store	36,5 Millionen Downloads

Social-Media-Plattformen

Reichweite des Social-Media-Kanals:

• Facebook-Follower: 1,2 Millionen
• Instagram-Follower: 650.000
• Twitter-Follower: 450.000
• LinkedIn-Follower: 280.000

E-Mail-Marketing

E-Mail-Marketing-Metrik	Wert
Gesamtzahl der E-Mail-Abonnenten	18,5 Millionen
Durchschnittliche E-Mail-Öffnungsrate	22.3%
Klickrate	3.7%

Empfehlungsnetzwerke und Partnerschaften

Zusammensetzung des Partnernetzwerks:

• Immobilienmakler: 290.000
• Hypothekengeber: 1.200
• Heimwerkerfachleute: 75.000

Partnerschaftstyp	Jährlicher Umsatzbeitrag
Agentenwerbung	897 Millionen US-Dollar
Hypothekenmarktplatz	214 Millionen Dollar
Marktplatz für Heimdienstleistungen	163 Millionen Dollar

Zillow Group, Inc. (ZG) – Geschäftsmodell: Kundensegmente

Hauskäufer

Im vierten Quartal 2023 meldete Zillow monatlich 206,4 Millionen Unique User, die nach Informationen zum Hauskauf suchten. Die Plattform bedient etwa 63 % der Erstkäufer von Eigenheimen in den Vereinigten Staaten.

Segmentcharakteristik	Statistische Daten
Durchschnittliches Alter des Hauskäufers	33-44 Jahre alt
Mittlere Dauer der Wohnungssuche	3-4 Monate
Online-Immobilienansichten	47 Aufrufe pro potenziellem Käufer

Hausverkäufer

Zillow Offers hat im Jahr 2022 10.281 Hauskäufe abgewickelt, was einem erheblichen Segment der Hausverkäufer entspricht, die die Plattform nutzen.

• Durchschnittlicher angegebener Hauswert: 428.700 $
• Verkäuferdemografie: 55 % im Alter zwischen 35 und 54 Jahren
• Typischer Verkäuferstandort: Vorstädtische Ballungsräume

Immobilienprofis

Das Zillow Premier Agent-Programm umfasst ab 2023 186.000 aktive Immobilienfachleute.

Professionelle Kategorie	Anzahl der Teilnehmer
Immobilienmakler	142,000
Makler	29,000
Immobilienverwalter	15,000

Mieter

Der Mietmarktplatz von Zillow bedient 44,1 Millionen Miethaushalte in den Vereinigten Staaten.

• Durchschnittliche monatliche Mietsuche: 1.827 $
• Altersgruppe des Hauptmieters: 25–34 Jahre
• Städtische Mietobjekte: 68 % des Gesamtinventars

Immobilieninvestoren

Das Zillow Flex-Programm unterstützt rund 22.000 Immobilieninvestitionsexperten.

Anlagekategorie	Marktteilnahme
Einfamilieninvestoren	14.500 Fachkräfte
Mehrfamilieninvestoren	4.800 Fachkräfte
Kommerzielle Investoren	2.700 Fachkräfte

Zillow Group, Inc. (ZG) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Im Jahr 2023 meldete die Zillow Group Technologie- und Entwicklungskosten in Höhe von 517,4 Millionen US-Dollar. Die Kosten für Cloud-Infrastruktur und Serverwartung machten einen erheblichen Teil dieser Ausgaben aus.

Kostenkategorie	Jährliche Ausgaben (Mio. USD)
Cloud-Infrastruktur	186.5
Softwarelizenzierung	92.3
Hardwarewartung	64.7

Marketing und Kundenakquise

Die Zillow Group gab im Jahr 2023 662,1 Millionen US-Dollar für Marketingausgaben aus und konzentrierte sich dabei auf digitale Werbung und Kundenbindungsstrategien.

• Digitale Werbung: 378,9 Millionen US-Dollar
• Content-Marketing: 112,5 Millionen US-Dollar
• Performance-Marketing: 170,7 Millionen US-Dollar

Forschung und Entwicklung

Die F&E-Investitionen beliefen sich im Jahr 2023 auf insgesamt 517,4 Millionen US-Dollar, wobei der Schwerpunkt auf KI- und maschinellen Lerntechnologien lag.

F&E-Schwerpunktbereich	Zuteilung (Mio. USD)
KI und maschinelles Lernen	276.4
Produktinnovation	158.3
Datenwissenschaft	82.7

Gehälter und Leistungen der Mitarbeiter

Die gesamten Personalkosten der Zillow Group beliefen sich im Jahr 2023 auf 1,2 Milliarden US-Dollar und umfassten Gehälter, aktienbasierte Vergütungen und Sozialleistungen.

• Grundgehälter: 752,6 Millionen US-Dollar
• Aktienbasierte Vergütung: 287,4 Millionen US-Dollar
• Sozialleistungen und Lohnsteuern: 160,0 Millionen US-Dollar

Datenerfassung und Lizenzierung

Die Zillow Group investierte im Jahr 2023 214,6 Millionen US-Dollar in die Datenerfassung und Lizenzierung.

Datenquelle	Lizenzkosten (Mio. USD)
Immobiliendatenbanken	98.3
Marktforschungsdaten	62.7
Drittanbieter von Daten	53.6

Zillow Group, Inc. (ZG) – Geschäftsmodell: Einnahmequellen

Digitale Werbung

Die Zillow Group erwirtschaftete im Jahr 2022 Werbeeinnahmen in Höhe von 1,08 Milliarden US-Dollar. Digitale Werbung machte etwa 46 % der gesamten Einnahmequellen des Unternehmens aus.

Werbekategorie	Umsatz (2022)
Display-Werbung	492 Millionen US-Dollar
Gesponserte Einträge	588 Millionen US-Dollar

Abonnementgebühren für Premier Agent

Die Abonnementgebühren für Premium-Agenten generierten im Jahr 2022 einen Umsatz von 660 Millionen US-Dollar für die Zillow Group.

• Durchschnittliche monatliche Abonnementgebühr pro Agent: 350 $
• Gesamtzahl der aktiven Premier Agents: 22.000

Empfehlungen für Hypotheken und Hausdienstleistungen

Die Zillow Group verdiente im Jahr 2022 253 Millionen US-Dollar mit der Vermittlung von Hypotheken- und Hausdienstleistungen.

Empfehlungsservice	Umsatzbeitrag
Hypothekenempfehlungen	156 Millionen Dollar
Empfehlungen für Haushaltsdienstleistungen	97 Millionen Dollar

Zillow-Angebote (iBuying)

Zillow Offers erwirtschaftete im Jahr 2021 einen Umsatz von 2,1 Milliarden US-Dollar, bevor das Programm im November 2021 eingestellt wurde.

Datenlizenzierung und professionelle Dienstleistungen

Datenlizenzierung und professionelle Dienstleistungen trugen im Jahr 2022 87 Millionen US-Dollar zum Umsatz der Zillow Group bei.

Professioneller Service	Einnahmen
Lizenzierung von Unternehmensdaten	62 Millionen Dollar
Professioneller API-Zugriff	25 Millionen Dollar

Zillow Group, Inc. (ZG) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Zillow Group, Inc. keeps dominating the consumer mindshare in real estate, even as the market shifts. The value proposition isn't just one thing; it's a stack of integrated services designed to capture every step of the housing journey.

For Consumers: Seamless, end-to-end digital home transaction experience.

The goal is the housing super app, making the entire process simpler. This massive audience is the foundation for everything else. You see the scale in the latest traffic numbers:

• Average monthly unique users across Zillow Group's mobile apps and sites hit 250 million in Q3 2025.
• Total visits during Q3 2025 were up 4% year-over-year, reaching 2.5 billion.

For Consumers: Free, transparent home valuation via Zestimate.

This is the original disruption, giving consumers instant, transparent data. The algorithm is sharp; as of mid-2025, the Zestimate median error for on-market homes sat at approximately 1.9%. That level of precision builds trust for the initial search.

For Agents: High-intent, qualified leads via the Premier Agent program.

The Premier Agent program remains a core revenue driver, feeding agents the traffic Zillow generates. The strength of this segment is reflected in the revenue figures, showing agents are still paying for access to this audience. Here's how the 'For Sale' category performed in Q3 2025:

Metric	Value (Q3 2025)	Year-over-Year Change
For Sale Revenue	$488 million	Up 10%
Residential Revenue (Includes Premier Agent)	$435 million	Up 7%

That's solid growth, outpacing the broader industry transaction value growth of approximately 5% in the same period.

For Landlords: Access to a rental audience of over 2.4 million active listings.

Zillow Group is aggressively building out its Rentals marketplace, which saw revenue growth of 41% year-over-year in Q3 2025, hitting $174 million for the quarter. This growth is fueled by supply, which is key for landlords. As of Q2 2025, Zillow reported a total supply of 2.4 million active rental listings.

For Agents: Integrated software tools like Follow Up Boss for lead management.

The acquisition and integration of software like Follow Up Boss (FUB) is central to keeping agents within the Zillow ecosystem and improving lead conversion. This integration is becoming mandatory for top-tier partners; for instance, FUB became required for Flex teams starting September 1, 2025. The effectiveness of this centralized workflow is clear:

• More than 90% of connections in Enhanced Markets were managed through Follow Up Boss by early Q4 2025.
• During pilot testing, messages sent via the Zillow Messages tool, exclusively available in FUB, saw reply rates increase by 6% to 20% compared to standard texts.

It's about making the work easier so agents close more deals.

Zillow Group, Inc. (ZG) - Canvas Business Model: Customer Relationships

You're looking at how Zillow Group, Inc. manages the massive, diverse relationships across its ecosystem-from the individual home browser to the professional agent and the mortgage applicant. It's a balancing act between high-volume automation and targeted, high-touch service, all aimed at driving transactions through their integrated platform.

Automated, data-driven personalization of the app experience

The sheer scale of Zillow Group, Inc.'s audience demands automation for personalization. This relationship management is rooted in keeping users engaged on their platform, which remains the dominant destination for housing search.

The platform's ability to keep users coming back is evident in the traffic numbers:

• 250 million average monthly unique users across Zillow Group, Inc.'s mobile apps and sites in Q3 2025, marking a 7% increase year over year.
• The platform generated 2.5 billion visits in Q3 2025, which was up 4% year over year.
• For the Rentals segment specifically, Zillow saw approximately 35 million average monthly unique visitors between July 2025 and September 2025.
• The Zestimate median error for on-market homes was approximately 1.9% as of mid-2025, showing the level of data refinement driving user experience.

Dedicated B2B sales and support for Premier Agents and lenders

For Zillow Group, Inc.'s professional partners, the relationship is transactional but supported by dedicated resources to maximize their return on investment. The Premier Agent program is the core revenue driver here, and its success is tied directly to agent transaction volume.

Here's a look at the performance metrics tied to these B2B relationships as of late 2025:

Metric Category	Data Point	Value/Amount
Q3 2025 For Sale Revenue (Premier Agent/Software)	Year-over-Year Growth	10%
Q3 2025 Residential Revenue (Agent/Software Benefit)	Year-over-Year Growth	7%
Trailing 12-Month For Sale Revenue Per TTV (Q3 2025)	Compared to Q3 2024	10.1 basis points vs. 9.8 basis points
Agent Performance Uplift (Premier Agent Users)	Transactions Closed vs. Non-Users	60% more transactions on average
Enhanced Market Connection Target (Year-End 2025)	Percentage of Connections	More than 35%

The integration strategy is key here; buyers transacting through Zillow Group, Inc. who connected with both Zillow Home Loans and a Zillow Premier Agent partner closed at an 80% higher rate than those using only a Premier Agent partner in Q1 2025.

Self-service tools for landlords via Zillow Rental Manager

Landlords and property managers use Zillow Rental Manager for self-service listing, screening, and payment tools. The focus here is scaling the inventory and revenue from this segment.

The growth in the Rentals segment shows strong adoption of these tools:

• Expected full-year 2025 Rentals revenue growth is projected to be approximately 40%.
• Rentals revenue in Q2 2025 was up 36% year over year, reaching $159 million.
• Multifamily properties on the platform grew from 37,000 at the end of 2023 to 50,000 by the end of 2024.
• Multifamily revenue growth in Q2 2025 was 56% year over year.

High-touch, human-assisted service for Zillow Home Loans customers

For Zillow Home Loans customers, the relationship shifts to a more traditional, high-touch model centered around loan officers guiding applicants through financing. This is a critical component of the integrated transaction strategy.

The financial results for Q3 2025 demonstrate the success of this assisted service:

Zillow Home Loans Metric	Q3 2025 Value/Rate	Year-over-Year Change
Mortgages Revenue	Not explicitly stated, but revenue grew	36% increase
Purchase Loan Origination Volume	$1.3 billion	57% increase
Estimated Annual Revenue (Overall ZHL)	$154.9M (Estimate)	N/A
Average Rate Spread vs. APOR (2023 Data)	0.41 percentage points above APOR	Consistent from 2022

The company is making it easier for buyers to choose Zillow Home Loans, which is the main growth driver for their mortgage revenue.

Community and forum engagement for user support

Zillow Group, Inc. fosters community engagement through specialized forums, such as the New Construction Forum, which brings together builders and buyers. While specific user support metrics for general forums aren't readily available, engagement in specialized areas shows a focus on direct, topic-specific interaction.

Insights from the New Construction Forum in 2025 suggest that buyers are highly engaged digitally before engaging with sales offices:

• 82% of prospective buyers considered new construction in 2025, the highest share in years.
• 52% of prospective buyers actually prefer new construction homes.
• Showcase listings, which feature immersive media, are more likely to go pending within 14 days and sell for 2% more on average than similar non-Showcase listings.

Finance: draft 13-week cash view by Friday.

Zillow Group, Inc. (ZG) - Canvas Business Model: Channels

You're looking at how Zillow Group, Inc. (ZG) gets its value proposition in front of customers and partners as of late 2025. The Channels block is all about the pathways they use to reach you, whether you're a home buyer, seller, or a real estate professional.

The foundation of Zillow Group, Inc.'s channel strategy remains its massive digital footprint. The primary digital channels are the Zillow mobile apps and websites. You saw traffic hit 2.6 billion visits in Q2 2025, which is a huge volume of intent flowing through their ecosystem. This digital dominance is supported by 243 million average monthly unique users during that same quarter.

For the financing side, the Zillow Home Loans direct-to-consumer mortgage channel is a key integration point. This channel saw significant growth in Q2 2025, with Mortgages revenue increasing 41% year-over-year to $48 million. The engine behind that revenue was a 48% increase in purchase loan origination volume, totaling $1.1 billion for the quarter. It's clear they are pushing this integrated financing option hard as part of their overall strategy.

The Premier Agent network is the direct link to local real estate professionals. This channel is designed to connect high-intent users with agents who pay for those connections. Zillow Group, Inc. has a goal to grow its customer transaction share to 6% by the end of 2025, up from 3% in 2023. Agents who actively use the Premier Agent service close 60% more transactions than those who don't. Back in 2022, the plan was to double the Premier Agent business by 2025, which would mean an additional $1.5 billion paid by agents. They are also focusing on an integrated experience, aiming to get 35% of customers exposed to the combined Zillow Home Loans and Premier Agent offering by the end of 2025.

ShowingTime+ is the technology layer that streamlines the physical showing process for agents and brokers. This platform is quite widespread; ShowingTime products are used by over 190+ MLSs and associations, covering more than 900,000 real estate professionals across the U.S. and Canada. However, the traffic channel itself shows market dynamics; for instance, the Showing Index for the United States in September 2025 reflected an 11.3% decrease in showing traffic compared to one year prior.

Social media and digital advertising campaigns are used to drive traffic back to the primary digital properties. While I don't have the specific 2025 spend or reach numbers right now, the strategy is clearly about using broad digital reach to feed the high-intent funnel. You can see the results of this massive digital marketing effort in the sheer volume of site visits.

Here's a quick look at some of those key Q2 2025 channel and segment performance metrics:

Channel/Segment Focus	Metric	Q2 2025 Value
Primary Digital Traffic	Total Visits	2.6 billion
Primary Digital Traffic	Average Monthly Unique Users	243 million
Zillow Home Loans	Purchase Loan Origination Volume	$1.1 billion
Zillow Home Loans	Mortgages Revenue	$48 million
Rentals Channel	Rentals Revenue	$159 million
ShowingTime+ Adoption	Subscribing Professionals (US/Canada)	900,000+

The company also uses specific agent-facing tools to enhance its professional channel relationships. These include:

• Zillow Premier Agent lead generation services.
• ShowingTime+ for showing and transaction management.
• Integration tools like SkyTour for enhanced home tours.
• Follow Up Boss with implemented AI features for agent support.

If you're an agent, your interaction point is often through the Premier Agent platform, which varies between the standard upfront payment model and the Flex model in enhanced markets, where payment is success-based upon closing. Finance: draft 13-week cash view by Friday.

Zillow Group, Inc. (ZG) - Canvas Business Model: Customer Segments

Home Buyers and Sellers (the largest segment).

Zillow Group aims to increase its customer transaction share to 6% by the end of 2025. In 2024, over 400,000 customer transactions were completed on Zillow. For March 2025, sellers put more than 375,000 homes on the market, an increase of nearly 9% compared to March 2024, while about 265,000 listings went into a pending sale. Zillow forecasts existing home sales to reach 4.09 million in 2025, representing a 0.6% increase over 2024. The average mortgage rate in March 2025 was 6.65%.

Real Estate Agents and Brokers (paying Premier Agents).

Agents who use Zillow Premier Agent close 60% more transactions on average than those who do not. In 2021, over 1.4 million buyers were connected via Premier Agent. The average cost per lead in major metro areas was reported as $223, while non-major metros saw an average cost of $139. One agent reported achieving a 4-6x return on their Zillow spend.

Renters and Landlords/Property Managers (a high-growth segment).

This segment is showing strong acceleration. Rentals revenue reached $174 million in Q3 2025, marking a 41% year-over-year growth. The number of renter households using Zillow to find homes reached a record-high of 46 million in 2025. The total supply of active rental listings reached 2.4 million in Q2 2025. The count of multifamily properties on the platform hit 64k at the end of Q2 2025, a 45% year-over-year increase.

Mortgage Seekers (for purchase and refinance loans).

Mortgages revenue increased 36% year-over-year to $53 million in Q3 2025. This was primarily driven by a 57% increase in purchase loan origination volume to $1.3 billion in the same quarter. In Q1 2025, purchase loan origination volume grew 32% year-over-year to $791 million.

Home Builders and New Construction developers.

Growth across the company's agent and software offerings, including within the New Construction marketplace, contributed to Residential revenue growth. In Q3 2025, Residential revenue was $435 million, up 7% year-over-year.

Here's a quick look at the platform's overall reach and segment performance as of late 2025:

Metric	Value/Amount	Timeframe/Context
Average Monthly Unique Users	250 million	Q3 2025
Total Quarterly Visits	2.5 billion	Q3 2025
Projected 2025 Existing Home Sales	4.09 million	2025 Forecast
Premier Agent Transactions Closed	60% more	Compared to agents who don't use it
Rentals Revenue	$174 million	Q3 2025 (up 41% YoY)
Active Renter Households	46 million	2025
Mortgages Revenue	$53 million	Q3 2025 (up 36% YoY)
Q3 2025 Purchase Loan Origination Volume	$1.3 billion	Q3 2025 (up 57% YoY)

The platform's overall traffic is substantial; over 50% of all real estate portal visits in the U.S. go to Zillow Group. For context, the Q3 2025 total revenue was $676 million, up 16% year-over-year.

• Buyers were more likely to start with contacting an agent (39%) than contacting a lender (13%).
• 47% of buyers hired the first agent they contacted.
• The typical buyer's annual median household income is approximately $97,600.
• The Zestimate median error for on-market homes was reported around 1.9%.

Zillow Group, Inc. (ZG) - Canvas Business Model: Cost Structure

You're looking at the core expenses that fuel Zillow Group, Inc.'s platform and agent services as of late 2025. Honestly, for a company this size, the cost structure is dominated by technology investment and the massive effort to acquire and support the agent and consumer audience.

Technology and Development

This is where a significant chunk of capital goes, supporting the AI ambitions and the sheer scale of the property database. You're paying for the compute power to run the Zestimate, the AI tools for agents, and keeping the whole super app running smoothly nationwide. For the twelve months ending September 30, 2025, Zillow Group's Research and Development expenses hit $602M. This spend underpins the continuous integration of new features, like AI-powered virtual staging, which is key to their strategy to capture more transaction revenue.

The investment focus is clear:

• Invest heavily in cloud infrastructure.
• Fund the engineering teams building proprietary AI models.
• Maintain and enhance the core data science advantages.

Sales and Marketing

Acquiring eyeballs and converting them into agent connections is expensive, which is reflected in the Selling, General, and Administrative (SG&A) line item. For the twelve months ending September 30, 2025, Zillow Group's total SG&A expenses were $1.347B. Sales and marketing costs are a major component of this, covering advertising to attract users and the headcount-related expenses for sales, customer support, and mortgage loan officers. The goal is to maintain their leading brand position, which attracted an annual high of 241 million unique users in July 2024.

Partnership Costs

To power the platform, Zillow Group needs access to the most current listing data, which means paying up. Data licensing fees from Multiple Listing Services (MLSs) are a necessary, non-negotiable cost of doing business in this sector. While I don't have the specific dollar amount for 2025 data licensing fees, you know this cost is baked into the technology spend and is essential for the Bridge Listing Output platform that brokers use to access MLS data via API.

Personnel Costs

Salaries and related expenses are a fixed, large component of the cost base. The prompt specifies the employee count you should use for this model block, which reflects a point in time before the latest reported growth. You are modeling for salaries for 6,263 employees, covering engineers, sales staff, and loan officers. To give you context on the actual scale, Zillow Group had 6,856 employees as of December 31, 2024. The company is mindful of compensation costs; for instance, stock-based compensation expense was down 8% year-over-year in Q3 2025, with an expected 10% year-over-year decrease for the full year 2025.

General and Administrative

This covers the corporate overhead that keeps the lights on and the business compliant. For Zillow Group, this includes legal compliance, corporate functions, and office space costs. The company has shown discipline here; for example, in 2024, General and Administrative expenses decreased by $29 million, or 5%, largely driven by a $31 million reduction in rent expense due to changes in office space use.

Here's a quick look at some of the key financial figures that frame these costs:

Metric	Latest Reported Value	Period End Date
Total Revenue	$2.48B	Trailing Twelve Months ending September 30, 2025
SG&A Expenses	$1.347B	Twelve Months ending September 30, 2025
Research & Development Expenses	$602M	Twelve Months ending September 30, 2025
Full Year 2024 GAAP Net Loss	$112 million	December 31, 2024
Q3 2025 EBITDA	$165 million	Q3 2025

Finance: draft 13-week cash view by Friday.

Zillow Group, Inc. (ZG) - Canvas Business Model: Revenue Streams

You're looking at the core ways Zillow Group, Inc. makes money as of late 2025. The model is heavily reliant on its agent network, but the growth engines are clearly in Rentals and Mortgages.

Premier Agent Program: This remains the bedrock, historically accounting for approximately 70% of total revenue, though the company is diversifying. This revenue comes from fees agents pay for leads and advertising placements across Zillow Group's high-traffic sites. The broader For Sale category, which includes Premier Agent, generated $488 million in revenue for the third quarter of 2025, representing a 10% year-over-year increase.

Rentals: This segment is accelerating fast. For the third quarter of 2025, Rentals revenue hit $174 million, which was up 41% year-over-year. A big driver here is the multifamily business, which saw its revenue jump 62% year-over-year in Q3 2025. The company ended Q3 2025 with an all-time high of 69,000 multifamily properties on its apps and sites.

Mortgages: Zillow Home Loans brings in revenue from loan origination fees and interest income as part of the integrated transaction strategy. In Q3 2025, Mortgages revenue grew 36% year-over-year to reach $53 million. This was supported by purchase loan origination volume soaring to $1.3 billion in the quarter.

Other: This bucket captures revenue from display advertising, which is less central, and software subscriptions that help agents run their business more efficiently. Software offerings include tools like ShowingTime+ and Follow Up Boss. The Residential revenue segment, which was $435 million in Q3 2025, benefits from these agent and software offerings.

Here's a quick look at the Q3 2025 revenue breakdown by segment:

Revenue Segment	Q3 2025 Revenue Amount	Year-over-Year Growth
For Sale (Includes Premier Agent)	$488 million	10%
Rentals	$174 million	41%
Mortgages	$53 million	36%

The overall financial expectation for the full year 2025 is for revenue growth to land in the mid-teens range, at the higher end of the initial outlook.

Key financial targets and metrics underpinning these revenue streams include:

• Full-year 2025 revenue growth target: Mid-teens percentage range.
• Full-year 2025 Rentals revenue growth target: Approximately 40%.
• Q3 2025 Total Revenue: $676 million, up 16% year-over-year.
• Q3 2025 Adjusted EBITDA Margin: 24%.
• Estimated percentage of U.S. residential transactions involving an agent using at least one Zillow product: 80%.

Finance: draft 13-week cash view by Friday.