Zillow Group, Inc. (Z): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la technologie immobilière, le groupe Zillow a révolutionné la façon dont les gens découvrent, achètent, vendent et louent des propriétés en créant un écosystème numérique complet qui relie les consommateurs, les agents et les professionnels de l'industrie. En tirant parti de l'analyse de données de pointe, des plateformes technologiques innovantes et d'une interface conviviale, Zillow a transformé le paysage immobilier traditionnel en un marché transparent, transparent et accessible qui renforce des millions d'utilisateurs avec des informations et des opportunités sans précédent.

Zillow Group, Inc. (Z) - Modèle commercial: partenariats clés

Agents immobiliers et courtiers à l'échelle nationale

Au quatrième trimestre 2023, Zillow a des partenariats avec environ 350 000 professionnels de l'immobilier à l'échelle nationale. Le programme d'agent Premier de l'entreprise a généré 894,7 millions de dollars de revenus en 2023.

Type de partenariat	Nombre de partenaires	Impact annuel sur les revenus
Programme d'agent Premier	350 000 agents	894,7 millions de dollars

SERVICES INSTRUCTIONS MULTIPLES (MLS)

Zillow maintient des partenariats avec plus de 900 services d'inscription multiples à travers les États-Unis. Ces partenariats fournissent des données répertoriant des biens immobiliers complets couvrant environ 98% des marchés du logement américain.

METriques de partenariat MLS	Quantité
Partenariats totaux MLS	900+
Couverture du marché	98%

Partenaires technologiques

Zillow collabore avec des partenaires technologiques, notamment:

• Amazon Web Services (AWS) pour l'infrastructure cloud
• Salesforce pour la gestion de la relation client
• Plateforme Google Cloud pour l'analyse des données

Prêteurs hypothécaires et fournisseurs de services financiers

Zillow Mortgage a des partenariats avec plus de 50 établissements de prêt. En 2023, la division des prêts à domicile Zillow a traité environ 15 678 demandes hypothécaires avec un volume de prêt total de 4,2 milliards de dollars.

Métriques de partenariat financier	2023 données
Nombre de partenaires de prêt	50+
Demandes hypothécaires traitées	15,678
Volume total des prêts	4,2 milliards de dollars

Sociétés de rénovation et de rénovation domiciliaire

Zillow propose des partenariats stratégiques avec des entrepreneurs de rénovation à domicile sur 25 principaux marchés métropolitains. Ces partenariats soutiennent les services d'iBuying et de rénovation de Zillow.

• Partenariats de l'entrepreneur en rénovation totale: 287
• Couverture géographique: 25 marchés métropolitains
• Valeur du projet de rénovation moyenne: 42 500 $

Zillow Group, Inc. (Z) - Modèle d'entreprise: activités clés

Marché immobilier et développement de la plateforme d'inscription

Dès le quatrième trimestre 2023, la plate-forme de Zillow accueille 3,3 millions de listes de maisons actives. La plate-forme reçoit environ 221 millions d'utilisateurs mensuels uniques sur les plates-formes mobiles et Web.

Métrique de la plate-forme	2023 données
Listes actifs totaux	3,3 millions
Utilisateurs uniques mensuels	221 millions
Plateforme Page Views	2,8 milliards

Évaluation des biens et entretien d'algorithmes zestes

L'algorithme zeste de Zillow couvre 104 millions de maisons aux États-Unis. Le taux de précision des maisons sur le marché est de 96,4%.

• Couverture d'algorithme: 104 millions de maisons
• Précision de l'évaluation des maisons sur le marché: 96,4%
• Précision d'évaluation des maisons hors marché: 87,2%

Publicité numérique et génération de leads

En 2023, Zillow a généré 3,1 milliards de dollars de revenus totaux, avec 1,2 milliard de dollars spécifiquement des services d'agent et de la publicité Premier Agent.

Métrique de génération de leads	Valeur 2023
Total des prospects générés	1,8 million
Revenus d'agent de premier plan	1,2 milliard de dollars
Coût moyen du plomb	$287

Analyse des données et recherche sur les tendances du marché

Zillow traite plus de 500 téraoctets de données immobilières par an, couvrant les tendances du marché du logement dans plus de 900 zones métropolitaines.

Maintenance des applications mobiles et Web

Les applications mobiles de Zillow ont été téléchargées 65 millions de fois, avec une durée moyenne de la session utilisateur de 7,3 minutes.

Métrique de performance de l'application	2023 données
Total des téléchargements d'applications	65 millions
Durée moyenne de la session	7,3 minutes
Pourcentage de trafic mobile	62%

Zillow Group, Inc. (Z) - Modèle d'entreprise: Ressources clés

Données immobilières propriétaires et algorithmes de tarification

Au quatrième trimestre 2023, l'algorithme zeste de Zillow couvre environ 104 millions de maisons aux États-Unis. Le modèle de tarification propriétaire a un taux d'erreur médian de 4,9% pour les maisons sur le marché.

Point de données	Métrique
Total des maisons couvertes	104 millions
Taux d'erreur médian zeste	4.9%

Infrastructure et plateformes logicielles de technologie avancée

La pile technologique de Zillow comprend:

• Infrastructure cloud alimentée par Amazon Web Services (AWS)
• Les algorithmes d'apprentissage automatique traitent plus de 200 points de données par propriété
• Systèmes d'évaluation de la propriété en temps réel

Grande base de données des utilisateurs et réseau de professionnels de l'immobilier

En 2023, le groupe Zillow rapporte:

Métrique utilisateur	Nombre
Utilisateurs actifs mensuels	197 millions
Réseau d'agent de premier ordre	42 000 agents actifs

Solide reconnaissance de la marque

Métriques de la marque de Zillow en 2023:

• Sensibilisation de la marque: 84% parmi les acheteurs et vendeurs de maisons
• Leadership du marché dans les plateformes immobilières en ligne
• Trafficage du site Web: 2,4 milliards de visites annuelles

Technologie qualifiée et main-d'œuvre en science des données

Composition de la main-d'œuvre en 2023:

Catégorie des employés	Nombre
Total des employés	5,400
Professionnels de la technologie	2,100
Data scientifiques	450

Zillow Group, Inc. (Z) - Modèle d'entreprise: propositions de valeur

Évaluation des propriétés gratuites et informations sur le marché pour les consommateurs

Les estimations de la valeur de la maison Zillow Zestimate couvrent 104 millions de maisons au quatrième trimestre 2023. Précision d'estimation de la valeur de la maison moyenne à 3% du prix de vente réel pour les propriétés sur le marché. 48,1 millions d'utilisateurs actifs mensuels accédant aux outils d'évaluation de la propriété gratuits en 2023.

Métrique	2023 données
Total des maisons estimées	104 millions
Utilisateurs actifs mensuels	48,1 millions
Précision zeste	À moins de 3% pour les propriétés sur le marché

Plateforme complète de recherche et de découverte immobilière

La plate-forme comprend 135 millions d'annonces de propriétés en décembre 2023. 2,1 milliards de pages de propriétés totales en 2023. Les capacités de recherche incluent:

• Informations sur la propriété détaillée
• Images de propriété haute résolution
• Idées du quartier
• Notes de district scolaire
• Suivi de l'historique des prix

Connexion directe entre les acheteurs / vendeurs de maisons et les agents

Le programme Zillow Premier Agent relie 194 000 professionnels de l'immobilier à des clients potentiels. 5,6 millions de connexions clients générées pour les agents en 2023. dépenses moyennes de 8 500 $ par an sur les services de marketing Zillow.

Métrique de connexion d'agent	2023 données
Total des professionnels de l'immobilier	194,000
Connexions des clients	5,6 millions
Dépenses de marketing d'agent moyen	$8,500

Prix ​​transparents et informations sur les tendances du marché

Rapports du marché générés pour plus de 900 zones métropolitaines. Les données de prix en temps réel sont mises à jour toutes les 15 minutes. Précision médiane de la valeur de la maison dans les 4,3% à l'échelle nationale.

Processus d'achat / vente de maison simplifié via des outils numériques

Zillow propose une plate-forme de vente à domicile numérique traitée 1,2 milliard de dollars de transactions à domicile en 2023. Outils de clôture numériques utilisés dans 37% des transactions. Les téléchargements d'applications mobiles ont atteint 12,4 millions en 2023.

Métrique de transaction numérique	2023 données
Valeur de transaction à domicile	1,2 milliard de dollars
Transactions de clôture numérique	37%
Téléchargements d'applications mobiles	12,4 millions

Zillow Group, Inc. (Z) - Modèle d'entreprise: relations avec les clients

Plateforme en ligne en libre-service

La plate-forme en ligne de Zillow dessert 206,4 millions d'utilisateurs mensuels uniques au troisième trimestre 2023. La plate-forme traite 2,4 milliards de sessions utilisateur mensuelles avec une durée de visite moyenne de 4,2 minutes. Les utilisateurs peuvent accéder à 135 millions de listes de maisons et aux détails de la propriété sans interaction directe d'agent.

Métrique de la plate-forme	Données quantitatives
Utilisateurs uniques mensuels	206,4 millions
Sessions utilisateur mensuelles	2,4 milliards
Durée moyenne de la session	4,2 minutes
Listes de maisons totales	135 millions

Recommandations de propriétés personnalisées

L'algorithme de recommandation de Zillow traite 87,3 millions de suggestions de propriétés personnalisées mensuellement. Les modèles d'apprentissage automatique analysent 214 points de données utilisateur individuels pour générer des recommandations ciblées.

• 87,3 millions de recommandations personnalisées par mois
• 214 points de données utilisateur individuels analysés
• 98,6%

Support client via les canaux numériques

Zillow fournit une prise en charge numérique via plusieurs canaux, avec 3,7 millions d'interactions de service à la clientèle mensuellement. Le temps de réponse de la support numérique est en moyenne de 22,4 minutes entre les plateformes de messagerie électronique, de chat et de médias sociaux.

Canal de support	Interactions mensuelles	Temps de réponse moyen
Assistance par e-mail	1,4 million	24 minutes
Chat en direct	1,2 million	18 minutes
Réseaux sociaux	1,1 million	26 minutes

Forums communautaires et contenu généré par les utilisateurs

Les plateformes communautaires de Zillow accueillent 742 000 discussions utilisateur actives mensuellement. Le contenu généré par les utilisateurs comprend 3,6 millions de revues de propriétés et 1,9 million d'informations sur le quartier.

• 742 000 discussions mensuelles du forum actif
• 3,6 millions d'examens de propriétés
• 1,9 million d'informations sur le quartier

Systèmes de courriels et de notification automatisés

Le système de communication automatisé de Zillow envoie 94,6 millions de notifications personnalisées mensuellement. Les taux d'ouverture des e-mails atteignent 32,7%, avec un taux d'engagement des utilisateurs de 14,3% par le biais de notifications automatisées.

Métrique de notification	Volume mensuel	Taux d'engagement
Notifications totales	94,6 millions	14.3%
Taux d'ouverture par e-mail	N / A	32.7%

Zillow Group, Inc. (Z) - Modèle d'entreprise: canaux

Applications mobiles (iOS et Android)

Les applications mobiles de Zillow ont 47,2 millions de téléchargements d'applications mobiles au quatrième trimestre 2023. Les applications iOS et Android génèrent 63% du trafic total de Zillow.com.

Plate-forme	Utilisateurs actifs mensuels	Note de l'App Store
Application iOS	22,6 millions	4.7/5
Application Android	24,6 millions	4.5/5

Plateforme Web (Zillow.com)

Zillow.com reçoit 188 millions de visiteurs mensuels uniques en janvier 2024. Le site Web traite plus de 2,3 milliards de recherches mensuelles.

• Durée moyenne de la visite du site: 7,2 minutes
• Pages par session: 4.6
• Taux de rebond: 42,3%

Réseaux de publicité numérique

Zillow exploite les réseaux publicitaires numériques générant 1,2 milliard de dollars de revenus publicitaires en 2023.

Réseau publicitaire	Contribution annuelle des revenus
Google Display Network	480 millions de dollars
Réseau d'audience Facebook	340 millions de dollars
Autres réseaux	380 millions de dollars

Plateformes de médias sociaux

Zillow maintient une présence active sur les réseaux sociaux sur plusieurs plateformes.

Plate-forme	Abonnés	Taux d'engagement
Instagram	1,2 million	3.7%
Facebook	2,4 millions	2.9%
Gazouillement	670,000	1.8%

Sites Web immobiliers partenaires et portails

Zillow collabore avec plus de 300 sites Web partenaires, générant 340 millions de dollars de revenus de partenariat en 2023.

• Realtor.com Revenus de partenariat: 120 millions de dollars
• RedFin Partnership Revenue: 95 millions de dollars
• Autres portails partenaires: 125 millions de dollars

Zillow Group, Inc. (Z) - Modèle d'entreprise: segments de clientèle

Acheteurs de maisons

Au quatrième trimestre 2023, Zillow dessert environ 206 millions d'utilisateurs uniques mensuels à la recherche d'informations d'achat à domicile. La plate-forme traite plus de 2,2 milliards de recherches liées à la maison chaque année.

Caractéristique du segment	Données statistiques
Âge de l'acheteur moyen	32-42 ans
Durée médiane de recherche de maison	3-4 mois
Préférence de recherche à domicile en ligne	78% préfèrent les plateformes numériques

Vendeurs de maisons

Zillow propose un programme traité 10 281 achats de maisons en 2022, ce qui représente 2,3 milliards de dollars en volume de transactions.

• Âge moyen du vendeur à domicile: 45 à 55 ans
• Prix ​​de vente à domicile médiane par Zillow: 387 000 $
• Préférence de la liste numérique: 92% Utiliser des plateformes en ligne

Agents immobiliers et courtiers

Le programme Zillow Premier Agent soutient 130 000 professionnels de l'immobilier actifs à partir de 2023.

Métriques d'engagement des agents	Nombres
Agents enregistrés totaux	345,000
Les chefs d'agent mensuel moyen	2 750 par agent
Revenus publicitaires annuels d'agent	660 millions de dollars

Locataires à la recherche de logements

La plate-forme de location Zillow dessert 45 millions d'utilisateurs uniques mensuels à la recherche de propriétés locatives.

• Durée de recherche médiane de location: 2-3 mois
• Vues de liste de location moyenne par utilisateur: 47
• Couverture du marché de la location: 175 zones métropolitaines

Investisseurs immobiliers

Zillow fournit des données d'investissement pour 82 millions de propriétés résidentielles à l'échelle nationale.

Métriques du segment d'investissement	Points de données
Base de données d'évaluation totale de la propriété	48,3 billions de dollars
Listing de propriété d'investissement moyen	$425,000
Recherches annuelles de propriétés d'investissement	12,6 millions

Les propriétaires intéressés par l'évaluation des biens

Zillow Zestimate offre une évaluation de 104 millions de maisons aux États-Unis.

• Vues zestimatives mensuelles: 89 millions
• Valeur moyenne à domicile suivi: 375 000 $
• Précision d'évaluation dans les 3%: 82% des listes

Zillow Group, Inc. (Z) - Modèle d'entreprise: Structure des coûts

Infrastructure et développement technologiques

Les coûts d'infrastructure technologique du groupe Zillow pour 2023 étaient d'environ 329,4 millions de dollars. Les dépenses de cloud computing et d'hébergement représentaient 87,6 millions de dollars. Les coûts de maintenance des licences de logiciels et de la plateforme technologique ont totalisé 62,5 millions de dollars.

Catégorie de coûts technologiques	Dépenses annuelles ($ m)
Infrastructure cloud	87.6
Licence de logiciel	62.5
Maintenance de la plate-forme technologique	179.3

Acquisition et maintenance de données

Les coûts d'acquisition de données pour 2023 étaient de 94,2 millions de dollars. Les frais d'approvisionnement des données sur l'inscription immobilière ont atteint 41,7 millions de dollars. Les abonnements à la source de données externes ont totalisé 22,5 millions de dollars.

• Données immobilières Data Procurement: 41,7 millions de dollars
• Abonnements à la source de données tiers: 22,5 millions de dollars
• Nettoyage et validation des données: 30 millions de dollars

Marketing et acquisition de clients

Les dépenses de marketing totales pour 2023 étaient de 456,7 millions de dollars. Les coûts de publicité numérique étaient de 276,4 millions de dollars. Les frais d'acquisition des clients ont totalisé 180,3 millions de dollars.

Catégorie de dépenses de marketing	Dépenses annuelles ($ m)
Publicité numérique	276.4
Acquisition de clients	180.3

Compensation de la paie et des employés

La rémunération totale des employés pour 2023 était de 612,8 millions de dollars. Les salaires de base représentaient 392,6 millions de dollars. La rémunération en actions était de 134,2 millions de dollars. Les prestations et autres rémunérations ont totalisé 86 millions de dollars.

• Salaires de base: 392,6 millions de dollars
• Compensation à base d'actions: 134,2 millions de dollars
• Avantages et autres rémunérations: 86 millions de dollars

Frais de recherche et de développement

Les dépenses de R&D pour 2023 étaient de 287,5 millions de dollars. Les coûts de développement logiciel étaient de 203,4 millions de dollars. Les dépenses d'innovation et de développement de produits ont totalisé 84,1 millions de dollars.

Catégorie de dépenses de R&D	Dépenses annuelles ($ m)
Développement de logiciels	203.4
Innovation de produit	84.1

Zillow Group, Inc. (Z) - Modèle d'entreprise: Strots de revenus

Frais de publicité immobilière

En 2023, Zillow Group a déclaré des revenus publicitaires de 1,03 milliard de dollars.

Source de revenus	Montant (2023)
Afficher la publicité	642 millions de dollars
Listes parrainées	388 millions de dollars

Abonnements d'agent de premier plan

Le programme d'agent Premier de Zillow a généré 988,7 millions de dollars de revenus pour 2023.

• Les niveaux d'abonnement varient de 200 $ à 1 500 $ par mois
• Environ 22 000 abonnés d'agent de premier plan actif

Frais de référence aux prêts hypothécaires

Les revenus liés aux hypothèques ont totalisé 273,6 millions de dollars en 2023.

Catégorie de frais de référence	Revenu
Références sur le marché hypothécaire	196,4 millions de dollars
Frais de prêt direct	77,2 millions de dollars

Zillow Offres (service Ibuying)

Zillow a interrompu son programme iBuying en 2021, mais les données historiques montrent des revenus antérieurs de 1,4 milliard de dollars en 2020.

Génération de leads pour les professionnels de l'immobilier

Les services de génération de leads ont généré 456,2 millions de dollars de revenus pour 2023.

• Prix ​​de plomb moyen: 20 $ à 50 $ par avance qualifiée
• Environ 9,3 millions de pistes générées chaque année

Total des sources de revenus pour Zillow Group en 2023: 2,75 milliards de dollars

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.