Zillow Group, Inc. (Z): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la tecnología inmobiliaria, Zillow Group ha revolucionado cómo las personas descubren, compran, venden y alquilan propiedades mediante la creación de un ecosistema digital integral que conecta a los consumidores, agentes y profesionales de la industria. Al aprovechar el análisis de datos de vanguardia, las plataformas tecnológicas innovadoras y una interfaz fácil de usar, Zillow ha transformado el panorama inmobiliario tradicional en un mercado sin problemas, transparentes y accesibles que capacita a millones de usuarios con ideas y oportunidades sin precedentes.

Zillow Group, Inc. (Z) - Modelo de negocio: asociaciones clave

Agentes y corredores inmobiliarios en todo el país

A partir del cuarto trimestre de 2023, Zillow tiene asociaciones con aproximadamente 350,000 profesionales de bienes raíces en todo el país. El programa de agente principal de la compañía generó $ 894.7 millones en ingresos en 2023.

Tipo de asociación	Número de socios	Impacto anual de ingresos
Programa de agentes principales	350,000 agentes	$ 894.7 millones

Servicios de listado múltiple (MLS)

Zillow mantiene asociaciones con más de 900 servicios de listado múltiple en los Estados Unidos. Estas asociaciones proporcionan datos integrales de listado de bienes raíces que cubren aproximadamente el 98% de los mercados inmobiliarios de EE. UU.

Métricas de asociación MLS	Cantidad
Asociaciones totales de MLS	900+
Cobertura del mercado	98%

Socios tecnológicos

Zillow colabora con socios tecnológicos que incluyen:

• Amazon Web Services (AWS) para infraestructura en la nube
• Salesforce para la gestión de relaciones con el cliente
• Plataforma en la nube de Google para análisis de datos

Prestamistas hipotecarios y proveedores de servicios financieros

Zillow Mortgage tiene asociaciones con más de 50 instituciones de préstamos. En 2023, la División de Préstamos para el Hogar de Zillow procesó aproximadamente 15,678 solicitudes de hipotecas con un volumen de préstamo total de $ 4.2 mil millones.

Métricas de asociación financiera	2023 datos
Número de socios de préstamo	50+
Solicitudes hipotecarias procesadas	15,678
Volumen total del préstamo	$ 4.2 mil millones

Compañías de mejoras y renovación del hogar

Zillow Ofers tiene asociaciones estratégicas con contratistas de renovación en el hogar en 25 mercados metropolitanos principales. Estas asociaciones apoyan los servicios de ibuelos y mejoras para el hogar de Zillow.

• Asociaciones de contratistas de renovación total: 287
• Cobertura geográfica: 25 mercados metropolitanos
• Valor promedio del proyecto de renovación: $ 42,500

Zillow Group, Inc. (Z) - Modelo de negocio: actividades clave

Desarrollo del mercado inmobiliario y de la plataforma de listado

A partir del cuarto trimestre de 2023, la plataforma de Zillow aloja 3.3 millones de listados de viviendas activas. La plataforma recibe aproximadamente 221 millones de usuarios mensuales únicos en plataformas móviles y web.

Métrica de plataforma	2023 datos
Listados activos totales	3.3 millones
Usuarios únicos mensuales	221 millones
Vistas de la página de la plataforma	2.800 millones

Valoración de la propiedad y mantenimiento del algoritmo zestimate

El algoritmo Zestimate de Zillow cubre 104 millones de hogares en los Estados Unidos. La tasa de precisión de las casas en el mercado es del 96.4%.

• Cobertura de algoritmo: 104 millones de hogares
• Precisión de valoración en el hogar en el mercado: 96.4%
• Precisión de valoración del hogar fuera del mercado: 87.2%

Publicidad digital y generación de leads

En 2023, Zillow generó $ 3.1 mil millones en ingresos totales, con $ 1.2 mil millones específicamente de Premier Agent Services y publicidad.

Métrica de generación de leads	Valor 2023
Total de cables generados	1.8 millones
Ingresos del agente principal	$ 1.2 mil millones
Costo promedio de plomo	$287

Análisis de datos e investigación de tendencias de mercado

Zillow procesa más de 500 terabytes de datos inmobiliarios anualmente, cubriendo las tendencias del mercado inmobiliario en más de 900 áreas metropolitanas.

Mantenimiento de aplicaciones móviles y web

Las aplicaciones móviles de Zillow se han descargado 65 millones de veces, con una duración promedio de la sesión del usuario de 7.3 minutos.

Métrica de rendimiento de la aplicación	2023 datos
Descargas totales de aplicaciones	65 millones
Duración de la sesión promedio	7.3 minutos
Porcentaje de tráfico móvil	62%

Zillow Group, Inc. (Z) - Modelo de negocio: recursos clave

Algoritmos de datos y precios de bienes raíces propietarios

A partir del cuarto trimestre de 2023, el algoritmo Zestimate de Zillow cubre aproximadamente 104 millones de hogares en los Estados Unidos. El modelo de precios patentado tiene una tasa de error media del 4.9% para las casas en el mercado.

Punto de datos	Métrico
Total casas cubiertas	104 millones
Tasa de error medio zestimate	4.9%

Plataformas de software y infraestructura de tecnología avanzada

La pila de tecnología de Zillow incluye:

• Infraestructura en la nube impulsada por Amazon Web Services (AWS)
• Algoritmos de aprendizaje automático Procesamiento de más de 200 puntos de datos por propiedad
• Sistemas de valoración de propiedad en tiempo real

Base de datos de usuarios grande y red de profesionales de bienes raíces

A partir de 2023, Zillow Group informa:

Métrico de usuario	Número
Usuarios activos mensuales	197 millones
Red de agentes principales	42,000 agentes activos

Reconocimiento de marca fuerte

Métricas de marca de Zillow en 2023:

• Conciencia de la marca: 84% entre compradores y vendedores de viviendas
• Liderazgo en el mercado en plataformas de bienes raíces en línea
• Tráfico del sitio web: 2.4 mil millones de visitas anuales

Fuerza laboral de tecnología calificada y ciencia de datos

Composición de la fuerza laboral a partir de 2023:

Categoría de empleado	Número
Total de empleados	5,400
Profesionales de la tecnología	2,100
Científicos de datos	450

Zillow Group, Inc. (Z) - Modelo de negocio: propuestas de valor

Valoración de propiedades gratuitas y conocimientos de mercado para los consumidores

ZILLOW Las estimaciones del valor de la vivienda Zestimate cubren 104 millones de viviendas a partir del cuarto trimestre de 2023. Precisión promedio de estimación del valor de la vivienda dentro del 3% del precio de venta real para propiedades en el mercado. 48.1 millones de usuarios activos mensuales que acceden a herramientas de valoración de propiedades gratuitas en 2023.

Métrico	2023 datos
Total de casas estimadas	104 millones
Usuarios activos mensuales	48.1 millones
Precisión zestimada	Dentro del 3% para las propiedades en el mercado

Plataforma integral de búsqueda de bienes raíces y descubrimiento

La plataforma presenta 135 millones de listados de propiedades a diciembre de 2023. 2.1 mil millones de vistas de la página de propiedad total en 2023. Las capacidades de búsqueda incluyen:

• Información detallada de la propiedad
• Imágenes de propiedad de alta resolución
• Ideas del vecindario
• Calificaciones del distrito escolar
• Seguimiento del historial de precios

Conexión directa entre compradores de vivienda/vendedores y agentes

El programa de agente de Zillow Premier conecta a 194,000 profesionales de bienes raíces con clientes potenciales. 5.6 millones de conexiones de clientes generadas para agentes en 2023. Gasto promedio de agentes de $ 8,500 anuales en los servicios de marketing de Zillow.

Métrica de conexión del agente	2023 datos
Total de profesionales inmobiliarios	194,000
Conexiones de clientes	5.6 millones
Gasto promedio de marketing de agentes	$8,500

Precios transparentes e información de tendencias de mercado

Informes del mercado generados para más de 900 áreas metropolitanas. Datos de precios en tiempo real actualizados cada 15 minutos. Precisión media del valor de la vivienda dentro del 4.3% a nivel nacional.

Proceso de compra/venta de vivienda simplificado a través de herramientas digitales

Zillow ofrece una plataforma de venta de viviendas digitales procesadas $ 1.2 mil millones en transacciones en el hogar en 2023. Herramientas de cierre digital utilizadas en el 37% de las transacciones. Las descargas de aplicaciones móviles alcanzaron los 12.4 millones en 2023.

Métrica de transacción digital	2023 datos
Valor de transacción en el hogar	$ 1.2 mil millones
Transacciones de cierre digital	37%
Descargas de aplicaciones móviles	12.4 millones

Zillow Group, Inc. (Z) - Modelo de negocio: relaciones con los clientes

Plataforma en línea de autoservicio

La plataforma en línea de Zillow atiende a 206.4 millones de usuarios mensuales únicos a partir del tercer trimestre de 2023. La plataforma procesa 2.400 millones de sesiones de usuario mensuales con una duración promedio de la visita de 4.2 minutos. Los usuarios pueden acceder a 135 millones de listados de viviendas y detalles de la propiedad sin interacción directa de agentes.

Métrica de plataforma	Datos cuantitativos
Usuarios únicos mensuales	206.4 millones
Sesiones mensuales de usuario	2.400 millones
Duración de la sesión promedio	4.2 minutos
Listados totales de vivienda	135 millones

Recomendaciones de propiedad personalizadas

El algoritmo de recomendación de Zillow procesa 87.3 millones de sugerencias de propiedad personalizadas mensualmente. Los modelos de aprendizaje automático analizan 214 puntos de datos de usuarios individuales para generar recomendaciones específicas.

• 87.3 millones de recomendaciones personalizadas por mes
• 214 Puntos de datos de usuario individuales analizados
• 98.6% Precisión de relevancia de recomendación

Atención al cliente a través de canales digitales

Zillow proporciona soporte digital a través de múltiples canales, manejando 3.7 millones de interacciones de servicio al cliente mensualmente. El tiempo de respuesta de soporte digital promedia 22.4 minutos a través del correo electrónico, el chat y las plataformas de redes sociales.

Canal de soporte	Interacciones mensuales	Tiempo de respuesta promedio
Soporte por correo electrónico	1.4 millones	24 minutos
Chat en vivo	1.2 millones	18 minutos
Redes sociales	1.1 millones	26 minutos

Foros de la comunidad y contenido generado por el usuario

Las plataformas comunitarias de Zillow organizan 742,000 discusiones activas de usuarios mensualmente. El contenido generado por el usuario incluye 3,6 millones de revisiones de propiedad y 1.9 millones de ideas del vecindario.

• 742,000 discusiones mensuales de foro activo
• 3.6 millones de revisiones de propiedades
• 1.9 millones de ideas del vecindario

Sistemas de correo electrónico y notificación automatizados

El sistema de comunicación automatizado de Zillow envía 94.6 millones de notificaciones personalizadas mensualmente. Las tasas de apertura de correo electrónico alcanzan el 32.7%, con una tasa de participación del usuario del 14.3% a través de notificaciones automatizadas.

Métrica de notificación	Volumen mensual	Tasa de compromiso
Notificaciones totales	94.6 millones	14.3%
Tarifa de apertura de correo electrónico	N / A	32.7%

Zillow Group, Inc. (Z) - Modelo de negocio: canales

Aplicaciones móviles (iOS y Android)

Las aplicaciones móviles de Zillow tienen 47.2 millones de descargas de aplicaciones móviles a partir del cuarto trimestre de 2023. Las aplicaciones iOS y Android generan el 63% del tráfico total de Zillow.com.

Plataforma	Usuarios activos mensuales	Calificación de la tienda de aplicaciones
aplicación de iOS	22.6 millones	4.7/5
Aplicación Android	24.6 millones	4.5/5

Plataforma basada en la web (zillow.com)

Zillow.com recibe 188 millones de visitantes mensuales únicos a enero de 2024. El sitio web procesa más de 2.300 millones de búsquedas de propiedades mensuales.

• Duración promedio de la visita al sitio: 7.2 minutos
• Páginas por sesión: 4.6
• Tasa de rebote: 42.3%

Redes de publicidad digital

Zillow aprovecha las redes de publicidad digital que generan $ 1.2 mil millones en ingresos por publicidad en 2023.

Red publicitaria	Contribución anual de ingresos
Red de visualización de Google	$ 480 millones
Red de audiencia de Facebook	$ 340 millones
Otras redes	$ 380 millones

Plataformas de redes sociales

Zillow mantiene la presencia activa de las redes sociales en múltiples plataformas.

Plataforma	Seguidores	Tasa de compromiso
Instagram	1.2 millones	3.7%
Facebook	2.4 millones	2.9%
Gorjeo	670,000	1.8%

Socios de sitios web y portales de bienes raíces

Zillow colabora con más de 300 sitios web de socios, generando $ 340 millones en ingresos por asociación en 2023.

• Realtor.com Ingresos de la asociación: $ 120 millones
• Ingresos de la Asociación Redfin: $ 95 millones
• Otros portales de socios: $ 125 millones

Zillow Group, Inc. (Z) - Modelo de negocio: segmentos de clientes

Compradores de viviendas

A partir del cuarto trimestre de 2023, Zillow atiende a aproximadamente 206 millones de usuarios únicos mensuales que buscan información de compra de viviendas. La plataforma procesa más de 2.200 millones de búsquedas relacionadas con el hogar anualmente.

Característica de segmento	Datos estadísticos
Edad promedio del comprador de la vivienda	32-42 años
Media duración de la búsqueda del hogar	3-4 meses
Preferencia de búsqueda en el hogar en línea	78% prefiere plataformas digitales

Vendedores de casas

Zillow ofrece el programa procesado 10,281 compras de viviendas en 2022, lo que representa $ 2.3 mil millones en volumen de transacciones.

• Edad promedio del vendedor de viviendas: 45-55 años
• Precio promedio de venta de vivienda a través de Zillow: $ 387,000
• Preferencia de listado digital: 92% usa plataformas en línea

Agentes y corredores inmobiliarios

El programa de agente de Zillow Premier admite 130,000 profesionales de bienes raíces activos a partir de 2023.

Métricas de participación del agente	Números
Total de agentes registrados	345,000
Leades de agente mensual promedio	2.750 por agente
Ingresos de publicidad de agentes anuales	$ 660 millones

Inquilinos que buscan vivienda

La plataforma Zillow Rentals atiende a 45 millones de usuarios únicos mensuales que buscan propiedades de alquiler.

• Duración media de búsqueda de alquiler: 2-3 meses
• Vistas promedio de la lista de alquiler por usuario: 47
• Cobertura del mercado de alquiler: 175 áreas metropolitanas

Inversores inmobiliarios

Zillow proporciona datos de inversión para 82 millones de propiedades residenciales en todo el país.

Métricas de segmento de inversión	Puntos de datos
Base de datos de valoración de propiedad total	$ 48.3 billones
Listado promedio de propiedades de inversión	$425,000
Búsquedas anuales de propiedad de inversión	12.6 millones

Propietarios interesados ​​en la valoración de la propiedad

Zillow Zestimate proporciona valoración para 104 millones de hogares en los Estados Unidos.

• Vistas mensuales de Zestimate: 89 millones
• Valor de vivienda promedio rastreado: $ 375,000
• Precisión de valoración dentro del 3%: 82% de los listados

Zillow Group, Inc. (Z) - Modelo de negocio: Estructura de costos

Infraestructura y desarrollo tecnológico

Los costos de infraestructura tecnológica de Zillow Group para 2023 fueron de aproximadamente $ 329.4 millones. Los gastos de computación y alojamiento en la nube representaron $ 87.6 millones. Los costos de mantenimiento de la plataforma de licencia de software y la plataforma de tecnología totalizaron $ 62.5 millones.

Categoría de costos tecnológicos	Gasto anual ($ M)
Infraestructura en la nube	87.6
Licencia de software	62.5
Mantenimiento de la plataforma de tecnología	179.3

Adquisición y mantenimiento de datos

Los costos de adquisición de datos para 2023 fueron de $ 94.2 millones. Los gastos de adquisición de datos de listado inmobiliario alcanzaron los $ 41.7 millones. Las suscripciones de fuente de datos externas totalizaron $ 22.5 millones.

• Adquisición de datos de listado inmobiliario: $ 41.7 millones
• Suscripciones de origen de datos de terceros: $ 22.5 millones
• Limpieza y validación de datos: $ 30 millones

Marketing y adquisición de clientes

El gasto total de marketing para 2023 fue de $ 456.7 millones. Los costos de publicidad digital fueron de $ 276.4 millones. Los gastos de adquisición de clientes totalizaron $ 180.3 millones.

Categoría de gastos de marketing	Gasto anual ($ M)
Publicidad digital	276.4
Adquisición de clientes	180.3

Nómina y compensación de empleados

La compensación total de los empleados para 2023 fue de $ 612.8 millones. Los salarios base representaron $ 392.6 millones. La compensación basada en acciones fue de $ 134.2 millones. Los beneficios y otra compensación totalizaron $ 86 millones.

• Salarios base: $ 392.6 millones
• Compensación basada en acciones: $ 134.2 millones
• Beneficios y otra compensación: $ 86 millones

Gastos de investigación y desarrollo

Los gastos de I + D para 2023 fueron de $ 287.5 millones. Los costos de desarrollo de software fueron de $ 203.4 millones. Los gastos de innovación y desarrollo de productos totalizaron $ 84.1 millones.

Categoría de gastos de I + D	Gasto anual ($ M)
Desarrollo de software	203.4
Innovación de productos	84.1

Zillow Group, Inc. (Z) - Modelo de negocio: flujos de ingresos

Tarifas de publicidad inmobiliaria

En 2023, Zillow Group informó ingresos por publicidad de $ 1.03 mil millones.

Fuente de ingresos	Cantidad (2023)
Mostrar publicidad	$ 642 millones
Listados patrocinados	$ 388 millones

Suscripciones de agentes principales

El programa Premier Agent de Zillow generó $ 988.7 millones en ingresos para 2023.

• Los niveles de suscripción varían de $ 200 a $ 1,500 por mes
• Aproximadamente 22,000 suscriptores de agentes principales activos

Tarifas de referencia de préstamos hipotecarios

Los ingresos relacionados con la hipoteca totalizaron $ 273.6 millones en 2023.

Categoría de tarifas de referencia	Ganancia
Referencias del mercado hipotecario	$ 196.4 millones
Tarifas de préstamo directas	$ 77.2 millones

Ofertas de Zillow (servicio de ibrería)

Zillow descontinuó su programa de ibuelos en 2021, pero los datos históricos muestran ingresos anteriores de $ 1.4 mil millones en 2020.

Generación de leads para profesionales de bienes raíces

Los servicios de generación de leads generaron $ 456.2 millones en ingresos para 2023.

• Precio promedio de plomo: $ 20- $ 50 por plomo calificado
• Aproximadamente 9.3 millones de leads generados anualmente

Flujos de ingresos totales para Zillow Group en 2023: $ 2.75 mil millones

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

You're looking at the core reasons why customers keep coming back to Zillow Group, Inc. (Z) in late 2025. It's about density of service and the sheer volume of eyeballs on the platform.

For Consumers: A single, integrated platform for buying, selling, renting, and financing

The value proposition here is the massive reach and the promise of a connected journey. Traffic to Zillow Group, Inc.'s mobile apps and sites in Q3 2025 was up 7% year-over-year, hitting 250 million average monthly unique users. These users generated 2.5 billion visits during that quarter alone. The integration effort is showing results, too; buyers transact through Zillow at an 80% higher rate after connecting with both Zillow Home Loans and a Zillow Premier Agent partner, versus with a Zillow Premier Agent partner only, as of early 2025.

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

The Premier Agent business remains the engine room, driving significant revenue from agents paying for access to this audience. The For Sale revenue segment, which is driven mainly by Premier Agent advertising, hit $488 million in Q3 2025, marking a 10% increase year-over-year. On a trailing 12-month basis, For Sale revenue per Total Transaction Value was 10.1 basis points at the end of Q3 2025.

• Residential revenue, which includes Premier Agent offerings, was $435 million in Q3 2025.
• Residential revenue grew 7% year-over-year in Q3 2025.

For Renters: The largest, most comprehensive inventory of active rental listings

The Rentals segment is accelerating fast, showing 41% year-over-year revenue growth in Q3 2025. Zillow Group, Inc. ended 2024 with 1.9 million active rental listings on its platform, targeting an estimated $25 billion total addressable market in that segment. The company expects Rentals revenue to grow approximately 40% for the full year 2025.

The multifamily portion is especially strong, with revenue up 62% year-over-year in Q3 2025.

For Lenders: Direct access to high-funnel, purchase-ready homebuyers

The push to integrate Zillow Home Loans with Premier Agent is yielding measurable volume increases. Mortgages revenue surged 36% year-over-year in Q3 2025, reaching $53 million. This was primarily fueled by a 57% increase in purchase loan origination volume to $1.3 billion in the same quarter.

This integration strategy has seen purchase loan origination volume increase by 2.6x over the past two years, as of early 2025.

For Sellers: Enhanced listing visibility via Zillow Showcase features

Sellers benefit from the platform's dominant traffic, which translates into higher monetization for the For Sale segment, which includes Zillow Showcase and New Construction. For Sale revenue was up 10% year-over-year in Q3 2025.

The overall company performance in Q3 2025 shows the monetization power:

Metric	Value (Q3 2025)	Year-over-Year Change
Total Revenue	$676 million	16% increase
For Sale Revenue	$488 million	10% increase
Mortgages Revenue	$53 million	36% increase
Adjusted EBITDA	$165 million	N/A
Adjusted EBITDA Margin	24%	N/A

GAAP net income for the quarter was $10 million, resulting in a 1% net income margin.

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

The relationship Zillow Group, Inc. maintains with its users-buyers, sellers, renters, and real estate professionals-is fundamentally digital-first, layered with targeted, high-touch support where the transaction value is highest.

Automated, self-service digital experience via the Zillow app

You see this relationship in the sheer scale of daily engagement. Zillow Group's mobile apps and sites reached an average of 250 million monthly unique users in the third quarter of 2025, a 7% increase year-over-year. That quarter saw 2.55 billion visits logged across the platforms. The self-service nature is evident in the app's dominance; Zillow accounts for roughly 65% of real estate mobile application traffic. The company continues to widen its lead, reporting four times the app engagement of the next competitor as of late 2024.

Here's a quick look at the digital footprint driving this relationship:

Metric	Value (Q3 2025)	Context
Average Monthly Unique Users	250 million	Up 7% year-over-year.
Total Visits	2.55 billion	Up 4% year-over-year.
Residential Revenue	$435 million	Represents the core consumer interaction revenue stream.
Organic Web Traffic Share	80%	Traffic coming directly or organically, showing strong brand pull.

It's a volume game, and Zillow Group, Inc. is winning the attention war. Two-thirds of the real estate audience uses Zillow somewhere along their journey.

Dedicated sales and account management for Premier Agents and large property managers

For your professional partners, the relationship shifts from self-service to dedicated support, especially within the Premier Agent program, which remains the core revenue driver. Residential revenue, which includes Premier Agent advertising, hit $435 million in Q3 2025, up 7% year-over-year. The goal has been to extract more value from this relationship, with an ambitious target set in 2022 to double the Premier Agent business by 2025, implying an additional $1.5 billion in agent spend. Agents who commit to the program see tangible results, closing 60% more transactions on average than those who don't use it.

For property managers, Zillow Group, Inc. provides an integrated platform for listing, screening, leasing, and rent collection. The focus on the multifamily segment shows direct relationship growth:

• Property listings on the platform ended 2024 at 50,000 multifamily properties.
• This was an increase from 37,000 multifamily properties at the end of 2023.
• Rentals revenue in Q3 2025 grew 41% year-over-year to $174 million.

We estimate that 80% of U.S. residential real estate transactions involve agents who use at least one Zillow Group, Inc. product, showing deep integration with the professional ecosystem.

Integrated, high-touch support for Zillow Home Loans customers

The push for an integrated transaction means Zillow Home Loans customers receive a higher-touch experience, often bundled with agent connections. This strategy is clearly paying off in revenue growth. Mortgages revenue in Q3 2025 was $53 million, marking a 35.9% jump year-over-year. The purchase loan origination volume drove this, hitting $1.3 billion in Q3 2025, a 57% increase from the prior year. This indicates that the high-touch support within the 'Enhanced Market' strategy is converting users.

The synergy between the agent and mortgage relationship is quantified:

• Buyers who connect with both a Zillow Home Loans officer and a Premier Agent partner transact at an 80% higher rate compared to those only using a Premier Agent.
• As of Q3 2025, 34% of all consumer connections are flowing through the Enhanced Market experience, which is where this integration is prioritized.
• Adoption rates for this integrated experience are consistently in the mid-teens percentage across the most established Enhanced Markets.

You only get one shot to make a first impression in mortgage, so Zillow Group, Inc. is focusing resources here to capture the full transaction value.

Community-driven content and Q&A to build defintely trust

Trust is built through transparency and user contribution, which feeds the platform's data advantage. While specific Q&A growth metrics aren't recent, the underlying user-generated data is substantial. As of 2023 data, 43 million home records on Zillow had user-generated updates. Furthermore, the platform incentivizes partners to use rich media, which consumers value:

• Listings featuring 3D home tour videos see 37% more views.
• These same listings sell 14% faster.

This content loop-where user interaction drives better data, which in turn drives better agent performance and consumer trust-is key to maintaining the brand's top-of-funnel position.

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

You're looking at how Zillow Group, Inc. gets its services-from property browsing to financing-into the hands of consumers and professionals. It's a multi-pronged approach, heavily reliant on digital dominance and strategic integration.

Zillow Group's portfolio of mobile apps and websites (Zillow, Trulia, HotPads)

The sheer scale of Zillow Group's audience is the foundation of this channel. In the third quarter of 2025, Zillow's apps and sites reached 250 million average monthly unique users. That quarter alone saw 2.5 billion visits, marking a 4% year-over-year increase. To put that in perspective, Zillow captures over 50% of all real estate portal visits in the U.S. The mobile experience is key; by March 2025, the Zillow Real Estate & Rentals app had over 11M monthly active users, while Zillow.com peaked at approximately 32M unique visitors in March 2025. The subsidiary brands maintain significant reach as well; Trulia brought in 9.8 million average monthly visitors, and HotPads added 2.13 million unique monthly visitors. For the Rentals segment, Zillow Group reported 2.5 million average monthly active rental listings as of Q3 2025, which includes 69,000 multifamily properties, a 47% year-over-year increase.

Here's a quick look at the audience scale across the main platforms as of late 2025 data:

Platform/Metric	Value (Late 2025)
Average Monthly Unique Users (All Apps/Sites, Q3 2025)	250 million
Total Visits (Q3 2025)	2.5 billion
Trulia Average Monthly Visitors	9.8 million
HotPads Unique Monthly Visitors	2.13 million
Zillow Rentals Active Listings (Q3 2025)	2.5 million

Direct connections to Premier Agents in Enhanced Markets

Zillow Group is pushing its 'Enhanced Markets' strategy to deepen agent relationships and capture more transaction value. The goal is to have these markets drive a significant portion of connections. For Q3 2025, 34% of connections occurred through the enhanced market experience, progressing toward the year-end target of more than 35% of connections. This integrated approach shows a clear lift in conversion; buyers working with both Zillow Home Loans and a Premier Agent partner transact at an 80% higher rate than those working with just an agent partner. At the end of Q2 2025, 27% of prospective buyers were already engaging with these 'enhanced market partners.' The long-term ambition is to see 75% of all Zillow transactions flowing through these Enhanced Markets.

Zillow Home Loans loan officers and digital origination platform

The mortgage channel is a critical component of the integrated transaction strategy, showing strong growth in origination volume. In Q3 2025, Zillow Home Loans generated $53 million in mortgage revenue, a 36% year-over-year surge, driven by purchase loan origination volume hitting $1.3 billion, which was up 57% compared to the prior year. This follows a 125% year-over-year increase in purchase volume in Q2 2025, when total originations reached $759 million. Total mortgage loan volume for Q3 2025 reached $1.28 billion, up from $819 million in Q3 2024. Furthermore, 70% of movers using Zillow Home Loans in Q1 2025 were also working with a Premier Agent partner, an increase from 60% the prior year.

Direct integrations with MLS and property management software

The accuracy of Zillow's data, which underpins its entire platform and feeds its Zestimate, relies on these direct connections. The Zestimate median error for homes currently on the market stands at approximately 1.9%. This model uses public, MLS, and user-submitted data. Beyond consumer-facing data, Zillow Group offers professional tools like Bridge Interactive, which provides software and technology solutions for data management to agents and brokers.

The adoption of other software tools is also visible in the numbers; Showcase listing adoption reached 3.2% of all new listings in the U.S. in Q3 2025, more than double the rate from a year prior.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core groups Zillow Group, Inc. serves as of late 2025, based on the latest reported figures from the third quarter of 2025. These segments drive the company's diversified revenue streams.

High-intent Home Buyers and Sellers (the primary transaction focus)

This segment represents the core audience actively engaged in buying or selling a home, translating directly into the For Sale revenue stream. The performance here reflects the broader health of the transaction market, even when tempered by macro factors like interest rates.

In the third quarter of 2025, Zillow Group, Inc.'s For Sale revenue reached $488 million, marking a 10% year-over-year increase. The Residential revenue, which encompasses agent and software offerings, was $435 million for the same period. Zillow estimated that the residential real estate industry's total transaction value growth year-over-year was only approximately 5% in Q3 2025, suggesting Zillow Group, Inc. is outperforming the general market pace. On a trailing 12-month basis ending Q3 2025, the For Sale revenue per Total Transaction Value stood at 10.1 basis points, up from 9.8 basis points at the end of Q3 2024.

The profile of these buyers and sellers is detailed:

• The median age of U.S. buyers was reported as 42 in the 2025 Consumer Housing Trends Report.
• 67% of successful buyers identified as White or Caucasian.
• 47% of buyers who worked with an agent hired the first one they contacted.
• The median age of U.S. sellers was 47.
• 59% of sellers hired the first agent they contacted.

Real Estate Agents and Brokerages (Premier Agent customers)

These are the paying partners who rely on Zillow Group, Inc. for lead generation and software tools. The success of this segment is critical, as it forms the largest part of the overall revenue base, even as the company pushes toward integrated transactions.

The Residential revenue, which benefits from agent and software offerings, was $435 million in Q3 2025. The company continues to evolve its agent relationship model, with Enhanced Markets utilizing the Flex program, where selected agents pay a success fee, typically 35% of commission, upon a transaction closing, contrasting with the standard Premier Agent model charging upfront for leads.

Here is a comparison of agent-related revenue:

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

Data suggests agents using Zillow Premier Agent close 60% more transactions on average than those who don't.

Renters and Multifamily Property Managers (high-growth segment)

This segment has shown the most explosive growth, becoming a major revenue driver. Renters use the platform to find homes, while property managers use it for listings and tenant services.

The Rentals segment revenue in Q3 2025 hit $174 million, a staggering 41% year-over-year increase. The Multifamily portion within this segment saw revenue surge by 62% year-over-year in Q3 2025. At the end of Q2 2025, Zillow Group, Inc. reported 2.4 million active rental listings. The total addressable market is large, with an estimated 46 million renter households using Zillow to find homes as of Q1 2025.

Key renter statistics from the 2025 Consumer Housing Trends Report include:

• The median age of U.S. renters was 42.
• About one-third of renter households have children under 18.
• 5% of recent renters were looking for 0 bedrooms.
• 44% of recent renters were looking for 2 bedrooms.

Mortgage Lenders and Financial Advertisers

This segment connects consumers looking to finance a home purchase with Zillow Home Loans and other financial partners. The revenue growth here is directly tied to purchase activity.

Mortgages revenue for Zillow Group, Inc. surged by 36% year-over-year to reach $53 million in Q3 2025. This was supported by a 57% increase in purchase loan origination volume, which totaled $1.3 billion in the quarter. To put industry context on this, Zillow estimated the industry's purchase mortgage origination volume was nearly flat year-over-year in Q3 2025.

New Construction Builders and Developers

Builders and developers are served through the Residential segment, specifically within the New Construction marketplace. This group benefits from the same agent and software offerings that drive Residential revenue.

The Residential revenue, which includes activity from New Construction, grew by 7% year-over-year to $435 million in Q3 2025. Software offerings like Follow Up Boss and dotloop are key resources used to serve this segment and the agents working with them.

Overall company performance in Q3 2025 provides the financial backdrop for all segments:

• Total Revenue: $676 million (up 16% year-over-year).
• Adjusted EBITDA: $165 million (24% margin).
• Cash and investments on hand: $1.4 billion.

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

You're looking at the engine room of Zillow Group, Inc., where the dollars actually go to build and run that massive digital marketplace. Honestly, understanding the cost structure is key to seeing how they plan to turn that huge audience into sustainable profit, especially with the super app strategy in full swing.

Significant technology and development expenses for the super app

The investment in the 'housing super app' is a major, non-negotiable cost. For the twelve months ending September 30, 2025, Zillow Group's Technology and Development expenses hit $602.00 million. This is a consistent, high-level spend, reflecting the ongoing need to build, test, and maintain the complex software underpinning the entire platform, from listing aggregation to Zillow Home Loans integration. To give you a sense of the recent pace, for the three months ended March 31, 2025, this category saw an increase of $2 million, or 1%, compared to the same period last year, showing a slight moderation in the growth rate of this specific cost component year-over-year.

Variable marketing and advertising costs to drive traffic and leads

Marketing is definitely a variable lever they pull based on opportunity, especially for the Rentals marketplace. For the first six months of 2025, the company specifically noted an increase of $6 million in marketing and advertising costs to fuel growth in that segment. This spend is directly tied to driving traffic-which was 250 million average monthly unique users in Q3 2025-and converting that traffic into revenue-generating leads for agents and rental partners. The company has stated it will continue to adjust this spend opportunistically.

Personnel costs, especially for engineering and Zillow Home Loans staff

Headcount is the largest single driver within most operating expense categories. For the twelve months ending September 30, 2025, the combined Sales and Marketing, Technology and Development, and General and Administrative expenses totaled $1,949.00 million (or $840.00M + $602.00M + $507.00M). This massive pool includes the highly-paid engineering talent required for the super app and the specialized staff needed to scale Zillow Home Loans. To illustrate the personnel inflation, for the six months ended June 30, 2025, Sales and Marketing expenses included an increase of $12 million attributed to headcount-related expenses, including share-based compensation, as they invested in human capital. It's definitely a cost that grows with strategic hiring.

Fixed cost investments growing modestly with inflation

Zillow Group has a stated goal to manage its fixed cost base carefully. As of late 2024, the company reiterated that its annual fixed cost run rate was approximately $1 billion. This is the baseline overhead they must cover regardless of transaction volume. For Q2 2025, total operating expenses and cost of revenue grew 9% year-over-year, but fixed costs specifically grew only 3% year-over-year, which suggests they are successfully keeping that core base cost growth near or below inflation. That leverage is what drives margin expansion when revenue grows faster.

Data acquisition and licensing fees

While direct internal data acquisition fees aren't broken out separately in the top-line reports, the cost of data is baked into Technology and Development and is a key input for the Zestimate and market analysis tools. For external partners, the cost structure for accessing Zillow's data via API starts around $500/month for a Basic Paid Plan, with Premium plans ranging from $2,000 to $5,000/month, indicating the high value and processing cost associated with that proprietary data. Analysts in 2025 predicted potential price increases for API services ranging from 5-15%, driven by rising data collection and processing costs.

Here's a snapshot of the major operating expense components based on the Trailing Twelve Months (TTM) ending September 30, 2025 (amounts in millions USD):

Cost Category	TTM Expense (USD Millions)	Year-over-Year Change (vs TTM Sep 30, 2024)
Sales and Marketing	$840.00M	Increase (Implied from $753.00M in TTM Sep 30, 2024)
Technology and Development	$602.00M	4.33% Increase
General and Administrative	$507.00M	Change not explicitly stated
Integrations	$651.00M	Change not explicitly stated
Total Operating Expenses	$2,575.00M	7.79% Increase

The company is clearly prioritizing investment in the platform, but the focus on keeping the fixed cost base growth low-around 3% for Q2 2025-shows a commitment to operational leverage. You can see that the variable spend, like Sales and Marketing at $840.00 million TTM, is the largest single bucket.

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

You're looking at the core of how Zillow Group, Inc. converts its massive audience into dollars, and in late 2025, the integrated transaction strategy is clearly paying off across the board. The Premier Agent revenue stream, which comes from fees for buyer/seller connections and agent software, remains the largest component. Residential revenue, the closest public proxy for this segment, hit $435 million in the third quarter of 2025, marking a 7% year-over-year increase. This segment is directly tied to the company's brand strength, with an estimated 80% of U.S. residential real estate transactions involving agents who use at least one Zillow product.

The Rentals revenue stream is showing impressive acceleration, driven by both single-family and multifamily listings. For the third quarter of 2025, Rentals revenue reached $174 million, a 41% jump from the prior year. The multifamily portion of this was particularly strong, growing 62% year-over-year in Q3. Looking ahead for the full year 2025, Zillow Group, Inc. continues to expect Rentals revenue to grow approximately 40% year-over-year.

Here's a look at the key revenue components based on the third quarter 2025 results:

Revenue Stream Component	Q3 2025 Revenue (Millions USD)	Year-over-Year Growth (Q3 2025)
Total Revenue	$676 million	16%
For Sale Revenue (Includes Residential/Premier Agent)	$488 million	10%
Residential Revenue (Agent/Software)	$435 million	7%
Rentals Revenue	$174 million	41%
Mortgages Revenue	$53 million	36%

The Mortgages revenue stream is scaling up nicely, fueled by the integrated strategy. In Q3 2025, this segment brought in $53 million, a 36% increase compared to the third quarter of 2024. The main driver here is the purchase loan origination volume, which grew 57% year-over-year to $1.3 billion in Q3. For the second half of 2025, the company projects mortgages revenue growth of roughly 30%, with Q4 growth expected to be approximately 20%.

Display advertising and other media revenue is derived from the remaining portion of the total revenue after accounting for the primary segments. Total Q3 2025 revenue was $676 million. If we look at the estimated 2025 revenue breakdown where Premier Agent is projected at ~70% and Rentals at ~18-20%, and Mortgage/Leads at ~5-7%, the other media revenue makes up the small remainder of the total.

Crucially, Zillow Group, Inc. is on track to achieve profitability goals for the year. For the full year 2025, the company continues to expect positive GAAP net income. This follows recent quarterly profitability, with Q3 2025 reporting a GAAP net income of $10 million.