Zillow Group, Inc. (ZG): 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 a través de su innovadora plataforma digital. Al aprovechar la tecnología de vanguardia, los algoritmos de datos patentados y un ecosistema integral de los servicios inmobiliarios, Zillow ha transformado el mercado inmobiliario tradicional en una experiencia perfecta y basada en datos que conecta a compradores de viviendas, vendedores, agentes e inversores con facilidad y facilidad sin precedentes y sin precedentes. transparencia. Esta exploración del lienzo de modelo de negocio de Zillow revela el plan estratégico detrás del notable éxito de la compañía en la interrupción de la industria de bienes raíces a través de la innovación digital y las soluciones centradas en el usuario.

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

Agentes y corredores inmobiliarios

A partir de 2023, Zillow se asocia con aproximadamente 186,000 agentes inmobiliarios a través de su programa de agentes principales. La plataforma generó $ 1.3 mil millones en ingresos de agentes principales en 2022.

Tipo de asociación	Número de socios	Ingresos generados
Programa de agentes principales	186,000 agentes	$ 1.3 mil millones (2022)

Servicios de listado múltiple (MLS)

Zillow mantiene asociaciones con más de 900 servicios de listado múltiple en los Estados Unidos, lo que permite una recopilación integral de datos inmobiliarios.

• Asociaciones totales de MLS: 900+
• Cobertura: mercados inmobiliarios a nivel nacional

Constructores de viviendas y desarrolladores

Zillow ofrece un programa asociado con numerosos constructores de viviendas antes de suspender el ibrugio en 2021. Las asociaciones actuales se centran en nuevos listados de construcción y marketing.

Enfoque de asociación	Áreas clave de colaboración
Nuevos listados de construcción	Marketing y visibilidad para nuevos desarrollos

Prestamistas hipotecarios e instituciones financieras

Los préstamos para el hogar de Zillow generaron $ 106 millones en ingresos en 2022, con asociaciones que incluyen:

• Wells Fargo
• Perseguir
• Banco de América

Proveedores de tecnología y datos

Zillow invierte significativamente en asociaciones tecnológicas, con $ 366 millones gastados en tecnología y desarrollo en 2022.

Áreas de asociación tecnológica	Inversión
Análisis de datos	$ 366 millones (2022)

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

Operaciones de mercado inmobiliario en línea

A partir del cuarto trimestre de 2023, Zillow Group opera un mercado inmobiliario digital con las siguientes métricas clave:

Métrico	Valor
Usuarios activos mensuales	221 millones
Visitas totales del sitio web/aplicación	2.8 mil millones anualmente
Listados de propiedades	Más de 3 millones de listados activos

Valoración de la propiedad y tecnología zestimate

La tecnología de valoración patentada de Zillow cubre:

• Tasa de precisión zestimada de 82.1% dentro del 5% del precio de venta
• Algoritmos de aprendizaje automático Procesamiento de 200+ puntos de datos por propiedad
• Actualizaciones de valoración en tiempo real para 104 millones de hogares

Publicidad digital y generación de leads

Flujo de ingresos	2023 rendimiento
Publicidad de agente principal	$ 1.24 mil millones
Ingresos totales de marketing	$ 1.67 mil millones
Costo promedio por plomo	$38.50

Desarrollo de software y mantenimiento de la plataforma

Detalles de la inversión tecnológica:

• Gasto anual de I + D: $ 428 millones
• Tamaño del equipo de ingeniería de software: más de 1,200 profesionales
• Tiempo de actividad de la plataforma: 99.97%

Análisis de datos e investigación de mercado

Capacidad de procesamiento de datos	Métrica
Puntos de datos diarios analizados	3.4 millones
Datos de propiedad histórica	Más de 20 años de registros
Informes de tendencia del mercado	52 publicado anualmente

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

Datos y algoritmos de bienes raíces propietarios

Zillow mantiene una base de datos de más de 110 millones de viviendas estadounidenses a partir del cuarto trimestre de 2023. El índice de valor de la vivienda de Zillow cubre aproximadamente el 97.5% de los mercados de viviendas de los EE. UU. Los algoritmos de aprendizaje automático procesan más de 200 puntos de datos por propiedad para generar valoraciones zestimadas.

Recurso de datos	Cantidad	Cobertura
Listados de inicio	1.3 millones de listados activos	50 estados
Registros de propiedades	110 millones de hogares	97.5% de los mercados estadounidenses

Plataforma digital e infraestructura de tecnología

La infraestructura tecnológica de Zillow es compatible con:

• 188 millones de usuarios únicos mensuales promedio
• 2,8 mil millones de visitas al sitio web y aplicaciones mensuales
• Infraestructura basada en la nube con AWS

Reconocimiento de marca y base de usuarios

Posición del mercado: Mercado inmobiliario líder con:

• $ 3.1 mil millones de ingresos en 2022
• Cuota de mercado del 45% en plataformas inmobiliarias en línea
• El sitio web de los principales bienes raíces en los Estados Unidos

Asociaciones estratégicas y redes

Tipo de socio	Número de socios	Valor
Agentes inmobiliarios	130,000+	Ingresos por servicios de socios de $ 1.2 mil millones
Prestamistas hipotecarios	Más de 50 prestamistas nacionales	Ingresos por servicios hipotecarios de $ 450 millones

Fuerza laboral de tecnología calificada y ciencia de datos

Zillow emplea a aproximadamente 5,900 empleados a tiempo completo a partir de 2023, con una concentración significativa en roles tecnológicos:

• 1,200+ ingenieros de software
• 350+ científicos de datos
• Compensación promedio de trabajadores tecnológicos anuales: $ 185,000

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

Plataforma de búsqueda y listado de propiedades gratuitas

A partir del cuarto trimestre de 2023, la plataforma de Zillow alojó 2,4 millones de listados de viviendas activas con 211 millones de usuarios únicos mensuales. La plataforma ofrece capacidades de búsqueda de propiedades gratuitas en 50 estados y más de 20,000 ciudades.

Métrica de plataforma	2023 datos
Usuarios únicos mensuales	211 millones
Listados de inicio activos	2.4 millones
Cobertura geográfica	50 estados, más de 20,000 ciudades

Estimaciones precisas del valor del hogar

El algoritmo Zestimate de Zillow cubre 104 millones de hogares con una tasa de error media de 2.4% para propiedades en el mercado y 6.9% para propiedades fuera del mercado.

• Precisión zestimada para casas en el mercado: 2.4% de error mediano
• Precisión zestimada para casas fuera del mercado: 6.9% de error medio
• Total de casas con zestimate: 104 millones

Informes integrales del mercado inmobiliario

Zillow Research proporciona datos de mercado que cubren 930 áreas estadísticas metropolitanas con precios semanales actualizados y información de tendencias de mercado.

Cobertura de investigación	Métrico
Áreas metropolitanas rastreadas	930
Actualización de frecuencia	Semanalmente

Proceso de compra y venta de viviendas simplificadas

Zillow ofrece un programa procesado de $ 1.8 mil millones en transacciones en el hogar durante 2023, con compras directas de viviendas y capacidades de oferta instantánea.

Servicios integrados de hipotecas y hogares

Los préstamos para el hogar de Zillow se originaron en $ 4.2 mil millones en volumen hipotecario durante 2023, con servicios disponibles en 47 estados.

Métrico de servicio hipotecario	2023 datos
Volumen de hipoteca total	$ 4.2 mil millones
Estados atendidos	47

Zillow Group, Inc. (ZG) - Modelo de negocios: relaciones con los clientes

Plataforma digital de autoservicio

La plataforma digital de Zillow atiende a 213.4 millones de usuarios mensuales únicos a partir del tercer trimestre de 2023. La plataforma procesa 2.8 mil millones de vistas de la página de propiedades mensuales con el 71% de los usuarios que acceden a través de dispositivos móviles.

Métrica de plataforma	Valor
Usuarios únicos mensuales	213.4 millones
Vistas de la página de propiedades mensuales	2.800 millones
Porcentaje de usuario móvil	71%

Recomendaciones de propiedad personalizadas

El motor de recomendación de AI de Zillow procesa más de 500 millones de preferencias de usuario y puntos de datos de propiedades mensualmente para generar sugerencias personalizadas.

Atención al cliente a través de múltiples canales

• Soporte telefónico: disponibilidad 24/7
• Soporte por correo electrónico: Tiempo de respuesta promedio 12 horas
• Chat en vivo: disponible durante el horario comercial
• Canales de soporte de redes sociales: Twitter, Facebook

Compromiso de la comunidad y revisiones de usuarios

Zillow aloja 35 millones de revisiones y calificaciones de propiedades generadas por el usuario, con un promedio de 2.3 millones de nuevas revisiones agregadas trimestralmente.

Métrica de compromiso de la comunidad	Valor
Revisiones totales de los usuarios	35 millones
Nuevas revisiones trimestrales	2.3 millones

Actualizaciones y mejoras de plataforma regulares

Zillow invierte $ 324 millones anuales en tecnología y desarrollo de productos, con actualizaciones trimestrales de plataformas y mejoras de características.

• Inversión tecnológica anual: $ 324 millones
• Actualizaciones de plataforma trimestrales: 4-6 lanzamientos principales
• Mejoras del algoritmo de aprendizaje automático: continuo

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

Sitio web (zillow.com)

Visitantes únicos mensuales a zillow.com: 206 millones (cuarto trimestre 2023)

Métrico de canal	Valor
Tráfico total del sitio web	2.47 mil millones de visitas a la página anual
Tiempo promedio en el sitio	8.3 minutos por sesión

Aplicaciones móviles

Descargas totales de aplicaciones móviles en todas las plataformas: 75 millones (a partir de 2023)

Plataforma	Descargar estadísticas
Tienda de aplicaciones de iOS	38.5 millones de descargas
Google Play Store	36.5 millones de descargas

Plataformas de redes sociales

Alcance del canal de redes sociales:

• Seguidores de Facebook: 1.2 millones
• Seguidores de Instagram: 650,000
• Seguidores de Twitter: 450,000
• Seguidores de LinkedIn: 280,000

Marketing por correo electrónico

Métrica de marketing por correo electrónico	Valor
Suscriptores totales de correo electrónico	18.5 millones
Tasa de apertura de correo electrónico promedio	22.3%
Tasa de clics	3.7%

Redes de referencia y asociaciones

Composición de red de socios:

• Agentes inmobiliarios: 290,000
• Prestamistas hipotecarios: 1.200
• Profesionales de mejoras para el hogar: 75,000

Tipo de asociación	Contribución anual de ingresos
Publicidad de agentes	$ 897 millones
Mercado hipotecario	$ 214 millones
Mercado de servicios para el hogar	$ 163 millones

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

Compradores de viviendas

A partir del cuarto trimestre de 2023, Zillow reportó 206.4 millones de usuarios únicos mensuales que buscaban información de compra de viviendas. La plataforma atiende a aproximadamente el 63% de los compradores de viviendas por primera vez en los Estados Unidos.

Característica de segmento	Datos estadísticos
Edad promedio del comprador de la vivienda	33-44 años
Media duración de la búsqueda del hogar	3-4 meses
Vistas de propiedad en línea	47 vistas por comprador potencial

Vendedores de casas

Zillow ofrece 10,281 compras de viviendas procesadas en 2022, lo que representa un segmento significativo de vendedores de viviendas que utilizan la plataforma.

• Valor promedio de la casa enumerada: $ 428,700
• Demografía del vendedor: 55% entre las edades de 35-54
• Ubicación típica del vendedor: áreas metropolitanas suburbanas

Profesionales de bienes raíces

El programa de agentes de Zillow Premier incluye 186,000 profesionales de bienes raíces activos a partir de 2023.

Categoría profesional	Número de participantes
Agentes inmobiliarios	142,000
Corredores	29,000
Administradores de propiedades	15,000

Inquilino

El mercado de alquiler de Zillow atiende a 44.1 millones de hogares de alquiler en los Estados Unidos.

• Media búsqueda de alquiler mensual: $ 1,827
• Grupo de edad de inquilino primario: 25-34 años
• Listados de alquiler urbano: 68% del inventario total

Inversores inmobiliarios

El programa Zillow Flex admite aproximadamente 22,000 profesionales de inversión inmobiliaria.

Categoría de inversión	Participación en el mercado
Inversores unifamiliares	14,500 profesionales
Inversores multifamiliares	4.800 profesionales
Inversores comerciales	2.700 profesionales

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

Mantenimiento de la infraestructura tecnológica

En 2023, Zillow Group reportó tecnología y gastos de desarrollo de $ 517.4 millones. La infraestructura en la nube y los costos de mantenimiento del servidor representaron una parte significativa de este gasto.

Categoría de costos	Gasto anual ($ M)
Infraestructura en la nube	186.5
Licencia de software	92.3
Mantenimiento de hardware	64.7

Marketing y adquisición de clientes

Zillow Group gastó $ 662.1 millones en gastos de marketing en 2023, centrándose en la publicidad digital y las estrategias de participación del cliente.

• Publicidad digital: $ 378.9 millones
• Marketing de contenido: $ 112.5 millones
• Marketing de rendimiento: $ 170.7 millones

Investigación y desarrollo

Las inversiones de I + D totalizaron $ 517.4 millones en 2023, con un enfoque en la IA y las tecnologías de aprendizaje automático.

Área de enfoque de I + D	Asignación ($ m)
AI y aprendizaje automático	276.4
Innovación de productos	158.3
Ciencia de datos	82.7

Salarios y beneficios de los empleados

Los gastos totales de personal para Zillow Group en 2023 fueron de $ 1.2 mil millones, que cubren los salarios, la compensación basada en acciones y los beneficios.

• Salarios base: $ 752.6 millones
• Compensación basada en acciones: $ 287.4 millones
• Beneficios e impuestos sobre la nómina: $ 160.0 millones

Adquisición de datos y licencias

Zillow Group invirtió $ 214.6 millones en adquisición de datos y licencias en 2023.

Fuente de datos	Costo de licencia ($ M)
Bases de datos inmobiliarias	98.3
Datos de investigación de mercado	62.7
Proveedores de datos de terceros	53.6

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

Publicidad digital

Zillow Group generó $ 1.08 mil millones en ingresos por publicidad en 2022. La publicidad digital representaba aproximadamente el 46% de las fuentes de ingresos totales de la compañía.

Categoría publicitaria	Ingresos (2022)
Mostrar publicidad	$ 492 millones
Listados patrocinados	$ 588 millones

Tarifas de suscripción al agente principal

Las tarifas de suscripción del agente principal generaron $ 660 millones en ingresos para Zillow Group en 2022.

• Tarifa de suscripción mensual promedio por agente: $ 350
• Número total de agentes de primer ministro activo: 22,000

Referencias de servicios hipotecarios y de viviendas

Zillow Group ganó $ 253 millones de las referencias de Servicios de Hipoteca y Home en 2022.

Servicio de referencia	Contribución de ingresos
Referencias hipotecarias	$ 156 millones
Referencias de servicios para el hogar	$ 97 millones

Zillow ofrece (ibuye)

Las ofertas de Zillow generaron $ 2.1 mil millones en ingresos en 2021 antes de que el programa fuera descontinuado en noviembre de 2021.

Licencias de datos y servicios profesionales

La licencia de datos y los servicios profesionales contribuyeron con $ 87 millones a los ingresos de Zillow Group en 2022.

Servicio profesional	Ganancia
Licencias de datos empresariales	$ 62 millones
Acceso profesional de API	$ 25 millones

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.