Zillow Group, Inc. (ZG): 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 via sa plate-forme numérique innovante. En tirant parti des technologies de pointe, des algorithmes de données propriétaires et un écosystème complet de services immobiliers, Zillow a transformé le marché immobilier traditionnel en une expérience sans faille et basée sur les données qui relie les acheteurs, les vendeurs, transparence. Cette exploration de la toile du modèle commercial de Zillow révèle le plan stratégique derrière le succès remarquable de l'entreprise dans la perturbation de l'industrie immobilière grâce à l'innovation numérique et aux solutions centrées sur l'utilisateur.

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

Agents immobiliers et courtiers

En 2023, Zillow s'associe à environ 186 000 agents immobiliers grâce à son programme d'agent Premier. La plate-forme a généré 1,3 milliard de dollars en revenus d'agent Premier en 2022.

Type de partenariat	Nombre de partenaires	Revenus générés
Programme d'agent Premier	186 000 agents	1,3 milliard de dollars (2022)

SERVICES INSTRUCTIONS MULTIPLES (MLS)

Zillow maintient des partenariats avec plus de 900 services d'inscription multiples à travers les États-Unis, permettant une collection complète de données immobilières.

• Total des partenariats MLS: 900+
• Couverture: marchés immobiliers à l'échelle nationale

Constructeurs et développeurs de maisons

Zillow propose un programme en partenariat avec de nombreux constructeurs de maisons avant d'arrêter iBuying en 2021. Les partenariats actuels se concentrent sur les nouvelles listes de construction et le marketing.

Focus de partenariat	Zones de collaboration clés
Nouvelles listes de construction	Marketing et visibilité pour les nouveaux développements

Prêteurs hypothécaires et institutions financières

Les prêts à domicile de Zillow ont généré 106 millions de dollars de revenus en 2022, avec des partenariats, notamment:

• Wells Fargo
• Chasse
• Banque d'Amérique

Technologie et fournisseurs de données

Zillow investit considérablement dans des partenariats technologiques, avec 366 millions de dollars dépensés pour la technologie et le développement en 2022.

Domaines de partenariat technologique	Investissement
Analyse des données	366 millions de dollars (2022)

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

Opérations de marché immobilier en ligne

Au quatrième trimestre 2023, Zillow Group exploite un marché immobilier numérique avec les mesures clés suivantes:

Métrique	Valeur
Utilisateurs actifs mensuels	221 millions
Visites totales de site Web / d'application	2,8 milliards par an
Listes de propriétés	Plus de 3 millions d'annonces actives

Évaluation des propriétés et technologie de zeste

Les couvertures de technologie d'évaluation propriétaire de Zillow:

• Taux de précision zeste de 82,1% dans le prix de la vente
• Algorithmes d'apprentissage automatique Traitement de 200+ points de données par propriété
• Mises à jour de l'évaluation en temps réel pour 104 millions de maisons

Publicité numérique et génération de leads

Flux de revenus	Performance de 2023
Publicité d'agent de premier plan	1,24 milliard de dollars
Revenus marketing total	1,67 milliard de dollars
Coût moyen par avance	$38.50

Développement de logiciels et maintenance de la plate-forme

Détails de l'investissement technologique:

• Dépenses annuelles de R&D: 428 millions de dollars
• Taille de l'équipe d'ingénierie logicielle: plus 1 200 professionnels
• Temps de disponibilité de la plate-forme: 99,97%

Analyse des données et études de marché

Capacité de traitement des données	Métrique
Points de données quotidiens analysés	3,4 millions
Données de propriété historiques	Plus de 20 ans de dossiers
Rapports de tendance du marché	52 Publié chaque année

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

Données et algorithmes immobiliers propriétaires

Zillow maintient une base de données de plus de 110 millions de maisons américaines au quatrième trimestre 2023. L'indice de valeur de la maison Zillow couvre environ 97,5% des marchés de logement américains. Les algorithmes d'apprentissage automatique traitent plus de 200 points de données par propriété pour générer des évaluations zestestes.

Ressource de données	Quantité	Couverture
Listes de maisons	1,3 million d'annonces actives	50 États
Dossiers de propriété	110 millions de maisons	97,5% des marchés américains

Plateforme numérique et infrastructure technologique

L'infrastructure technologique de Zillow supporte:

• 188 millions d'utilisateurs uniques mensuels moyens
• 2,8 milliards de visites mensuelles sur le site Web et les applications
• Infrastructure basée sur le cloud avec AWS

Reconnaissance de la marque et base d'utilisateurs

Position du marché: Market immobilier de premier plan avec:

• 3,1 milliards de dollars de revenus en 2022
• 45% de part de marché dans les plateformes immobilières en ligne
• Top site Web immobilier aux États-Unis

Partenariats stratégiques et réseau

Type de partenaire	Nombre de partenaires	Valeur
Agents immobiliers	130,000+	Revenus de services de partenaires de 1,2 milliard de dollars
Prêteurs hypothécaires	50+ prêteurs nationaux	Revenus de 450 millions de dollars de services hypothécaires

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

Zillow emploie environ 5 900 employés à temps plein en 2023, avec une concentration importante dans les rôles technologiques:

• 1 200+ ingénieurs logiciels
• 350+ scientifiques des données
• Compensation moyenne annuelle des travailleurs technologiques: 185 000 $

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

Plateforme de recherche et inscription de propriété gratuite

Au quatrième trimestre 2023, la plate-forme de Zillow a accueilli 2,4 millions de listes de maisons actives avec 211 millions d'utilisateurs uniques mensuels. La plate-forme offre des capacités de recherche de propriétés gratuites dans 50 États et plus de 20 000 villes.

Métrique de la plate-forme	2023 données
Utilisateurs uniques mensuels	211 millions
Listes de maisons actives	2,4 millions
Couverture géographique	50 États, plus de 20 000 villes

Estimations précises de la valeur de la maison

L'algorithme zeste de Zillow couvre 104 millions de maisons avec un taux d'erreur médian de 2,4% pour les propriétés sur le marché et 6,9% pour les propriétés hors marché.

• Précision zestimaire pour les maisons sur le marché: erreur médiane de 2,4%
• Précision zeste pour les maisons hors marché: 6,9% d'erreur médiane
• Total des maisons avec zesteme: 104 millions

Informations complètes sur le marché immobilier

Zillow Research fournit des données de marché couvrant 930 zones statistiques métropolitaines avec des prix hebdomadaires et des informations sur les tendances du marché.

Couverture de recherche	Métrique
Zones métropolitaines suivies	930
Mettre à jour la fréquence	Hebdomadaire

Processus d'achat et de vente simplifié des maisons

Zillow propose un programme traité 1,8 milliard de dollars de transactions domestiques en 2023, avec des achats à domicile directs et des capacités d'offre instantanée.

Services hypothécaires et à domicile intégrés

Les prêts à domicile de Zillow ont créé 4,2 milliards de dollars de volume hypothécaire en 2023, avec des services disponibles dans 47 États.

Métrique du service hypothécaire	2023 données
Volume total de l'hypothèque	4,2 milliards de dollars
États servis	47

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

Plate-forme numérique en libre-service

La plate-forme numérique de Zillow dessert 213,4 millions d'utilisateurs mensuels uniques au troisième trimestre 2023. La plate-forme traite 2,8 milliards de pages de page mensuelles avec 71% des utilisateurs accédant via des appareils mobiles.

Métrique de la plate-forme	Valeur
Utilisateurs uniques mensuels	213,4 millions
View de pages immobilières mensuelles	2,8 milliards
Pourcentage d'utilisateur mobile	71%

Recommandations de propriétés personnalisées

Le moteur de recommandation de Zillow axé sur l'IA traite plus de 500 millions de préférences utilisateur et les points de données de la propriété mensuellement pour générer des suggestions personnalisées.

Support client via plusieurs canaux

• Prise en charge du téléphone: Disponibilité 24/7
• Assistance par e-mail: temps de réponse moyen 12 heures
• Chat en direct: Disponible pendant les heures d'ouverture
• Channeaux de soutien aux médias sociaux: Twitter, Facebook

Engagement communautaire et avis des utilisateurs

Zillow accueille 35 millions de revues et de notes de propriété générées par les utilisateurs, avec une moyenne de 2,3 millions de nouvelles avis ajoutés trimestriels.

Métrique de l'engagement communautaire	Valeur
Total des avis des utilisateurs	35 millions
De nouvelles avis trimestriels	2,3 millions

Mises à jour régulières de la plate-forme et améliorations

Zillow investit 324 millions de dollars par an dans la technologie et le développement de produits, avec des mises à jour trimestrielles de plate-forme et des améliorations de fonctionnalités.

• Investissement technologique annuel: 324 millions de dollars
• Mises à jour de la plate-forme trimestrielle: 4-6 versions majeures
• Améliorations d'algorithmes d'apprentissage automatique: continu

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

Site Web (zillow.com)

Visiteurs uniques mensuels à Zillow.com: 206 millions (Q4 2023)

Métrique du canal	Valeur
Trafic total du site Web	2,47 milliards de pages vues annuelles
Temps moyen sur place	8,3 minutes par session

Applications mobiles

Total des téléchargements d'applications mobiles sur toutes les plateformes: 75 millions (à partir de 2023)

Plate-forme	Télécharger des statistiques
IOS App Store	38,5 millions de téléchargements
Google Play Store	36,5 millions de téléchargements

Plateformes de médias sociaux

Reach du canal de médias sociaux:

• Fonds Facebook: 1,2 million
• Followers Instagram: 650 000
• Twitter Followers: 450 000
• LinkedIn adepte: 280 000

E-mail marketing

Email Marketing Metric	Valeur
Abonnés par e-mail totaux	18,5 millions
Taux d'ouverture du courrier électronique moyen	22.3%
Taux de clics	3.7%

Réseaux et partenariats de référence

Composition du réseau partenaire:

• Agents immobiliers: 290 000
• Prêteurs hypothécaires: 1 200
• Professionnels de la rénovation domiciliaire: 75 000

Type de partenariat	Contribution annuelle des revenus
Publicité d'agent	897 millions de dollars
Marché hypothécaire	214 millions de dollars
Marché des services à domicile	163 millions de dollars

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

Acheteurs de maisons

Au quatrième trimestre 2023, Zillow a rapporté 206,4 millions d'utilisateurs uniques mensuels à la recherche d'informations d'achat de maisons. La plate-forme dessert environ 63% des acheteurs de maisons pour la première fois aux États-Unis.

Caractéristique du segment	Données statistiques
Âge de l'acheteur moyen	33-44 ans
Durée médiane de recherche de maison	3-4 mois
Vues de propriétés en ligne	47 vues par acheteur potentiel

Vendeurs de maisons

Zillow propose 10 281 achats de maisons transformés en 2022, représentant un segment important de vendeurs de maisons à l'aide de la plate-forme.

• Valeur moyenne répertoriée: 428 700 $
• Demographie du vendeur: 55% entre 35 et 54 ans
• Emplacement du vendeur typique: zones métropolitaines de banlieue

Professionnels de l'immobilier

Le programme Zillow Premier Agent comprend 186 000 professionnels de l'immobilier actifs à partir de 2023.

Catégorie professionnelle	Nombre de participants
Agents immobiliers	142,000
Courtiers	29,000
Gestionnaires immobiliers	15,000

Locataires

Le marché locatif de Zillow dessert 44,1 millions de ménages de location aux États-Unis.

• Recherche de location mensuelle médiane: 1 827 $
• Groupe d'âge du locataire principal: 25 à 34 ans
• Listes de location urbaine: 68% des stocks totaux

Investisseurs immobiliers

Le programme Zillow Flex soutient environ 22 000 professionnels de l'investissement immobilier.

Catégorie d'investissement	Participation au marché
Investisseurs unifamiliaux	14 500 professionnels
Investisseurs multifamiliaux	4 800 professionnels
Investisseurs commerciaux	2 700 professionnels

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

Maintenance des infrastructures technologiques

En 2023, Zillow Group a déclaré des frais de technologie et de développement de 517,4 millions de dollars. Les coûts d'infrastructure cloud et de maintenance du serveur représentaient une partie importante de ces dépenses.

Catégorie de coûts	Dépenses annuelles ($ m)
Infrastructure cloud	186.5
Licence de logiciel	92.3
Maintenance matérielle	64.7

Marketing et acquisition de clients

Zillow Group a dépensé 662,1 millions de dollars en dépenses de marketing en 2023, en se concentrant sur la publicité numérique et les stratégies d'engagement client.

• Publicité numérique: 378,9 millions de dollars
• Marketing de contenu: 112,5 millions de dollars
• Marketing de performance: 170,7 millions de dollars

Recherche et développement

Les investissements en R&D ont totalisé 517,4 millions de dollars en 2023, en mettant l'accent sur les technologies de l'IA et de l'apprentissage automatique.

Zone de focus R&D	Allocation ($ m)
IA et apprentissage automatique	276.4
Innovation de produit	158.3
Science des données	82.7

Salaires et avantages sociaux des employés

Les dépenses totales du personnel du groupe Zillow en 2023 étaient de 1,2 milliard de dollars, couvrant les salaires, la rémunération en actions et les avantages sociaux.

• Salaires de base: 752,6 millions de dollars
• Compensation à base d'actions: 287,4 millions de dollars
• Avantages et taxes sur la paie: 160,0 millions de dollars

Acquisition et licence de données

Zillow Group a investi 214,6 millions de dollars dans l'acquisition et les licences de données en 2023.

Source de données	Coût de licence ($ m)
Bases de données immobilières	98.3
Données d'études de marché	62.7
Fournisseurs de données tiers	53.6

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

Publicité numérique

Zillow Group a généré 1,08 milliard de dollars de revenus publicitaires en 2022. La publicité numérique représentait environ 46% du total des sources de revenus de la société.

Catégorie publicitaire	Revenus (2022)
Afficher la publicité	492 millions de dollars
Listes parrainées	588 millions de dollars

Frais d'abonnement d'agent de premier plan

Les frais d'abonnement d'agent de premier ordre ont généré 660 millions de dollars de revenus pour Zillow Group en 2022.

• Frais d'abonnement mensuels moyens par agent: 350 $
• Nombre total d'agents de Premier actifs: 22 000

Références hypothécaires et services à domicile

Zillow Group a gagné 253 millions de dollars de références hypothécaires et des services à domicile en 2022.

Service de référence	Contribution des revenus
Références hypothécaires	156 millions de dollars
Références des services à domicile	97 millions de dollars

Zillow propose (iBuying)

Zillow offre généré 2,1 milliards de dollars de revenus en 2021 avant que le programme ne soit interrompu en novembre 2021.

Licence de données et services professionnels

Les licences de données et les services professionnels ont contribué 87 millions de dollars aux revenus du groupe Zillow en 2022.

Service professionnel	Revenu
Licence de données d'entreprise	62 millions de dollars
Accès à l'API professionnel	25 millions de dollars

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.