Zillow Group, Inc. (Z): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da tecnologia imobiliária, o Zillow Group revolucionou como as pessoas descobrem, compram, vendem e alugam propriedades, criando um ecossistema digital abrangente que conecta consumidores, agentes e profissionais do setor. Ao aproveitar a análise de dados de ponta, plataformas de tecnologia inovadora e uma interface amigável, a Zillow transformou o cenário imobiliário tradicional em um mercado contínuo, transparente e acessível que capacita milhões de usuários com idéias e oportunidades sem precedentes.

Zillow Group, Inc. (Z) - Modelo de Negócios: Principais Parcerias

Agentes imobiliários e corretores em todo o país

A partir do quarto trimestre de 2023, a Zillow tem parcerias com aproximadamente 350.000 profissionais do setor imobiliário em todo o país. O principal programa de agentes da empresa gerou US $ 894,7 milhões em receita em 2023.

Tipo de parceria	Número de parceiros	Impacto anual da receita
Premier Agent Program	350.000 agentes	US $ 894,7 milhões

Vários Serviços de Listagem (MLS)

Zillow mantém parcerias com mais de 900 serviços de listagem múltiplos nos Estados Unidos. Essas parcerias fornecem dados abrangentes de listagem imobiliária, cobrindo aproximadamente 98% dos mercados imobiliários dos EUA.

Métricas de parceria da MLS	Quantidade
Total de parcerias da MLS	900+
Cobertura de mercado	98%

Parceiros de tecnologia

Zillow colabora com parceiros de tecnologia, incluindo:

• Amazon Web Services (AWS) para infraestrutura em nuvem
• Salesforce para gerenciamento de relacionamento com clientes
• Plataforma do Google Cloud para análise de dados

Credores hipotecários e provedores de serviços financeiros

A Zillow Mortgage possui parcerias com mais de 50 instituições de empréstimos. Em 2023, a divisão de empréstimos à habitação da Zillow processou aproximadamente 15.678 pedidos de hipoteca com um volume total de empréstimos de US $ 4,2 bilhões.

Métricas de parceria financeira	2023 dados
Número de parceiros de empréstimos	50+
Pedidos de hipoteca processados	15,678
Volume total de empréstimos	US $ 4,2 bilhões

Empresas de melhoria e renovação da casa

A Zillow Offers possui parcerias estratégicas com empreiteiros de reforma em casa em 25 principais mercados metropolitanos. Essas parcerias suportam os serviços de melhoria de Zillow e melhoramento da casa.

• Total Renovação Contratante Parcerias: 287
• Cobertura geográfica: 25 mercados metropolitanos
• Valor médio do projeto de renovação: US $ 42.500

Zillow Group, Inc. (Z) - Modelo de Negócios: Atividades -chave

Mercado imobiliário e desenvolvimento de plataformas de listagem

A partir do quarto trimestre 2023, a plataforma de Zillow hospeda 3,3 milhões de listagens residenciais ativas. A plataforma recebe aproximadamente 221 milhões de usuários mensais exclusivos em plataformas móveis e da Web.

Métrica da plataforma	2023 dados
Listagens ativas totais	3,3 milhões
Usuários exclusivos mensais	221 milhões
Visualizações da página da plataforma	2,8 bilhões

Avaliação de propriedades e manutenção do algoritmo Zestimate

O algoritmo Zestimate de Zillow cobre 104 milhões de casas nos Estados Unidos. A taxa de precisão para residências no mercado é de 96,4%.

• Cobertura de algoritmo: 104 milhões de casas
• Precisão de avaliação da casa no mercado: 96,4%
• Precisão de avaliação da casa fora do mercado: 87,2%

Publicidade digital e geração de leads

Em 2023, Zillow gerou US $ 3,1 bilhões em receita total, com US $ 1,2 bilhão especificamente de serviços de agentes premier e publicidade.

Métrica de geração de leads	2023 valor
Total de leads gerados	1,8 milhão
Premier Agent Receio	US $ 1,2 bilhão
Custo médio de chumbo	$287

Análise de dados e pesquisa de tendências de mercado

A Zillow processa mais de 500 terabytes de dados imobiliários anualmente, cobrindo tendências do mercado imobiliário em mais de 900 áreas metropolitanas.

Manutenção de aplicativos móveis e web

Os aplicativos móveis da Zillow foram baixados 65 milhões de vezes, com uma duração média da sessão do usuário de 7,3 minutos.

Métrica de desempenho do aplicativo	2023 dados
Downloads de aplicativos totais	65 milhões
Duração média da sessão	7,3 minutos
Porcentagem de tráfego móvel	62%

Zillow Group, Inc. (Z) - Modelo de negócios: Recursos -chave

Dados imobiliários proprietários e algoritmos de preços

A partir do quarto trimestre de 2023, o algoritmo Zestimate de Zillow cobre aproximadamente 104 milhões de casas nos Estados Unidos. O modelo de preços proprietários tem uma taxa média de erro de 4,9% para residências no mercado.

Data Point	Métrica
Casas totais cobertas	104 milhões
Taxa de erro mediana Zestimate	4.9%

Infraestrutura de tecnologia avançada e plataformas de software

A pilha de tecnologia de Zillow inclui:

• Infraestrutura em nuvem alimentada pela Amazon Web Services (AWS)
• Algoritmos de aprendizado de máquina processando mais de 200 pontos de dados por propriedade
• Sistemas de avaliação de propriedades em tempo real

Banco de dados de usuários grandes e rede de profissionais imobiliários

A partir de 2023, o Zillow Group relata:

Métrica do usuário	Número
Usuários ativos mensais	197 milhões
Premier Agent Network	42.000 agentes ativos

Forte reconhecimento de marca

Métricas de marca de Zillow em 2023:

• Reconhecimento da marca: 84% entre compradores e vendedores de casas
• Liderança de mercado em plataformas imobiliárias on -line
• Tráfego do site: 2,4 bilhões de visitas anuais

Tecnologia qualificada e força de trabalho da ciência de dados

Composição da força de trabalho a partir de 2023:

Categoria de funcionários	Número
Total de funcionários	5,400
Profissionais de tecnologia	2,100
Cientistas de dados	450

Zillow Group, Inc. (Z) - Modelo de Negócios: Proposições de Valor

Avaliação de propriedade gratuita e insights de mercado para consumidores

As estimativas de valor da casa do Zillow Zestimate cobrem 104 milhões de residências a partir do quarto trimestre 2023. Precisão média da estimativa do valor da casa dentro de 3% do preço de venda real para propriedades no mercado. 48,1 milhões de usuários ativos mensais acessando ferramentas gratuitas de avaliação de propriedades em 2023.

Métrica	2023 dados
Casas totais estimadas	104 milhões
Usuários ativos mensais	48,1 milhões
Precisão Zestimate	Dentro de 3% para propriedades no mercado

Plataforma abrangente de busca e descoberta de imóveis

A plataforma apresenta 135 milhões de listagens de propriedades em dezembro de 2023. 2,1 bilhões de visualizações de página de propriedade total em 2023. Os recursos de pesquisa incluem:

• Informações detalhadas da propriedade
• Imagens de propriedade de alta resolução
• Insights do bairro
• Classificações do distrito escolar
• Rastreamento de histórico de preços

Conexão direta entre compradores/vendedores de casas e agentes

O Programa do Zillow Premier Agent conecta 194.000 profissionais imobiliários a clientes em potencial. 5,6 milhões de conexões de clientes geradas para agentes em 2023. Gastes médios de agente de US $ 8.500 anualmente nos serviços de marketing da Zillow.

Métrica de conexão do agente	2023 dados
Total de profissionais imobiliários	194,000
Conexões de clientes	5,6 milhões
Gastos médios de marketing de agentes	$8,500

Preços transparentes e informações de tendência de mercado

Relatórios de mercado gerados para mais de 900 áreas metropolitanas. Dados de preços em tempo real atualizados a cada 15 minutos. Precisão mediana do valor da casa dentro de 4,3% nacionalmente.

Processo simplificado de compra/venda de casas através de ferramentas digitais

A Zillow oferece plataforma de venda de residências digitais processou US $ 1,2 bilhão em transações domésticas em 2023. Ferramentas de fechamento digital usadas em 37% das transações. Os downloads de aplicativos móveis atingiram 12,4 milhões em 2023.

Métrica de transação digital	2023 dados
Valor da transação residencial	US $ 1,2 bilhão
Transações de fechamento digital	37%
Downloads de aplicativos móveis	12,4 milhões

Zillow Group, Inc. (Z) - Modelo de Negócios: Relacionamentos do Cliente

Plataforma online de autoatendimento

A plataforma on -line da Zillow atende 206,4 milhões de usuários mensais únicos a partir do terceiro trimestre de 2023. A plataforma processa 2,4 bilhões de sessões mensais de usuário com uma duração média da visita de 4,2 minutos. Os usuários podem acessar 135 milhões de listagens domésticas e detalhes da propriedade sem interação do agente direto.

Métrica da plataforma	Dados quantitativos
Usuários exclusivos mensais	206,4 milhões
Sessões mensais de usuário	2,4 bilhões
Duração média da sessão	4,2 minutos
Listagens domésticas totais	135 milhões

Recomendações de propriedade personalizadas

O algoritmo de recomendação de Zillow processa 87,3 milhões de sugestões de propriedades personalizadas mensalmente. Modelos de aprendizado de máquina Analisam 214 pontos de dados individuais para gerar recomendações direcionadas.

• 87,3 milhões de recomendações personalizadas por mês
• 214 pontos de dados do usuário individuais analisados
• 98,6% de recomendação de precisão de relevância

Suporte ao cliente através de canais digitais

A Zillow fornece suporte digital por meio de vários canais, lidando com 3,7 milhões de interações de atendimento ao cliente mensalmente. O tempo de resposta de suporte digital é de 22,4 minutos de e -mail, bate -papo e plataformas de mídia social.

Canal de suporte	Interações mensais	Tempo médio de resposta
Suporte por e -mail	1,4 milhão	24 minutos
Bate -papo ao vivo	1,2 milhão	18 minutos
Mídia social	1,1 milhão	26 minutos

Fóruns da comunidade e conteúdo gerado pelo usuário

As plataformas comunitárias de Zillow hospedam 742.000 discussões ativas do usuário mensalmente. O conteúdo gerado pelo usuário inclui 3,6 milhões de análises de propriedades e 1,9 milhão de informações de bairro.

• 742.000 discussões mensais do fórum ativo
• 3,6 milhões de análises de propriedades
• 1,9 milhão de informações de bairro

Sistemas de email e notificação automatizados

O sistema de comunicação automatizado da Zillow envia 94,6 milhões de notificações personalizadas mensalmente. As taxas de abertura por email atingem 32,7%, com uma taxa de envolvimento do usuário de 14,3% por meio de notificações automatizadas.

Métrica de notificação	Volume mensal	Taxa de engajamento
Notificações totais	94,6 milhões	14.3%
Taxa de abertura por e -mail	N / D	32.7%

Zillow Group, Inc. (Z) - Modelo de Negócios: Canais

Aplicativos móveis (iOS e Android)

Os aplicativos móveis da Zillow têm 47,2 milhões de downloads de aplicativos móveis a partir do quarto trimestre 2023. Os aplicativos iOS e Android geram 63% do tráfego total do Zillow.com.

Plataforma	Usuários ativos mensais	App Store Classificação
aplicativo iOS	22,6 milhões	4.7/5
App Android	24,6 milhões	4.5/5

Plataforma baseada na Web (Zillow.com)

Zillow.com recebe 188 milhões de visitantes mensais únicos em janeiro de 2024. O site processa mais de 2,3 bilhões de pesquisas mensais de propriedades.

• Duração média do local da visita: 7,2 minutos
• Páginas por sessão: 4.6
• Taxa de rejeição: 42,3%

Redes de publicidade digital

A Zillow aproveita as redes de publicidade digital, gerando US $ 1,2 bilhão em receita de publicidade em 2023.

Rede de publicidade	Contribuição anual da receita
Rede de exibição do Google	US $ 480 milhões
Rede de público do Facebook	US $ 340 milhões
Outras redes	US $ 380 milhões

Plataformas de mídia social

Zillow mantém a presença ativa das mídias sociais em várias plataformas.

Plataforma	Seguidores	Taxa de engajamento
Instagram	1,2 milhão	3.7%
Facebook	2,4 milhões	2.9%
Twitter	670,000	1.8%

Sites e portais imobiliários parceiros

Zillow colabora com mais de 300 sites parceiros, gerando US $ 340 milhões em receita de parceria em 2023.

• Realtor.com Receita de parceria: US $ 120 milhões
• Receita de parceria Redfin: US $ 95 milhões
• Outros portais de parceiros: US $ 125 milhões

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

Compradores de imóveis

A partir do quarto trimestre 2023, a Zillow atende a aproximadamente 206 milhões de usuários únicos mensais que buscam informações de compra da casa. A plataforma processa mais de 2,2 bilhões de pesquisas relacionadas à casa anualmente.

Característica do segmento	Dados estatísticos
Age média do comprador em casa	32-42 anos
Duração mediana de pesquisa em casa	3-4 meses
Preferência de pesquisa em casa online	78% preferem plataformas digitais

Vendedores domésticos

A Zillow oferece 10.281 compras de casa processadas em 2022, representando US $ 2,3 bilhões em volume de transações.

• Idade média do vendedor em casa: 45-55 anos
• Preço médio de venda em casa através de Zillow: $ 387.000
• Preferência de listagem digital: 92% Use plataformas online

Agentes imobiliários e corretores

O Programa de Agente Premier da Zillow suporta 130.000 profissionais imobiliários ativos a partir de 2023.

Métricas de engajamento do agente	Números
Agentes totais registrados	345,000
Leads médios de agente mensal	2.750 por agente
Receita anual de publicidade de agentes	US $ 660 milhões

Locatários que procuram moradia

A plataforma Zillow Rentals atende 45 milhões de usuários exclusivos mensais que procuram propriedades de aluguel.

• Duração da pesquisa mediana de aluguel: 2-3 meses
• Visualizações médias de listagem de aluguel por usuário: 47
• Cobertura do mercado de aluguel: 175 áreas metropolitanas

Investidores imobiliários

A Zillow fornece dados de investimento para 82 milhões de propriedades residenciais em todo o país.

Métricas do segmento de investimento	Pontos de dados
Banco de dados total de avaliação de propriedades	US $ 48,3 trilhões
Lista média de propriedades de investimento	$425,000
Pesquisas anuais de propriedades de investimento	12,6 milhões

Proprietários de imóveis interessados ​​em avaliação de propriedades

Zillow Zestimate fornece avaliação para 104 milhões de casas nos Estados Unidos.

• Visões mensais de Zestimate: 89 milhões
• Valor da casa média rastreada: $ 375.000
• Precisão da avaliação dentro de 3%: 82% das listagens

Zillow Group, Inc. (Z) - Modelo de negócios: estrutura de custos

Infraestrutura e desenvolvimento de tecnologia

Os custos de infraestrutura tecnológica do Zillow Group para 2023 foram de aproximadamente US $ 329,4 milhões. As despesas com computação em nuvem e hospedagem representaram US $ 87,6 milhões. Os custos de manutenção da plataforma de licenciamento e tecnologia de software totalizaram US $ 62,5 milhões.

Categoria de custo de tecnologia	Despesa anual ($ m)
Infraestrutura em nuvem	87.6
Licenciamento de software	62.5
Manutenção da plataforma de tecnologia	179.3

Aquisição e manutenção de dados

Os custos de aquisição de dados para 2023 foram de US $ 94,2 milhões. As despesas de compra de dados de listagem de imóveis atingiram US $ 41,7 milhões. As assinaturas de fonte de dados externas totalizaram US $ 22,5 milhões.

• Aquisição de dados de listagem imobiliária: US $ 41,7 milhões
• Assinaturas de origem de dados de terceiros: US $ 22,5 milhões
• Limpeza e validação de dados: US $ 30 milhões

Marketing e aquisição de clientes

As despesas totais de marketing em 2023 foram de US $ 456,7 milhões. Os custos de publicidade digital foram de US $ 276,4 milhões. As despesas de aquisição de clientes totalizaram US $ 180,3 milhões.

Categoria de despesa de marketing	Despesa anual ($ m)
Publicidade digital	276.4
Aquisição de clientes	180.3

Folha de pagamento e compensação de funcionários

A compensação total dos funcionários para 2023 foi de US $ 612,8 milhões. Os salários da base foram responsáveis ​​por US $ 392,6 milhões. A compensação baseada em ações foi de US $ 134,2 milhões. Os benefícios e outras compensações totalizaram US $ 86 milhões.

• Salários base: US $ 392,6 milhões
• Compensação baseada em ações: US $ 134,2 milhões
• Benefícios e outras compensações: US $ 86 milhões

Despesas de pesquisa e desenvolvimento

As despesas de P&D para 2023 foram de US $ 287,5 milhões. Os custos de desenvolvimento de software foram de US $ 203,4 milhões. As despesas de inovação e desenvolvimento de produtos totalizaram US $ 84,1 milhões.

Categoria de despesa de P&D	Despesa anual ($ m)
Desenvolvimento de software	203.4
Inovação de produtos	84.1

Zillow Group, Inc. (Z) - Modelo de negócios: fluxos de receita

Taxas de publicidade imobiliária

Em 2023, o Zillow Group reportou receita de publicidade de US $ 1,03 bilhão.

Fonte de receita	Valor (2023)
Exibir publicidade	US $ 642 milhões
Listagens patrocinadas	US $ 388 milhões

Premier Agent Assinations

O Programa de Agentes Premier da Zillow gerou US $ 988,7 milhões em receita para 2023.

• As camadas de assinatura variam de US $ 200 a US $ 1.500 por mês
• Aproximadamente 22.000 assinantes de agente de premier ativos

Taxas de referência de empréstimos hipotecários

A receita relacionada à hipoteca totalizou US $ 273,6 milhões em 2023.

Categoria de taxa de referência	Receita
Referências do mercado de hipotecas	US $ 196,4 milhões
Taxas de empréstimo direto	US $ 77,2 milhões

Ofertas de Zillow (serviço de ibuying)

A Zillow interrompeu seu programa de ibuying em 2021, mas dados históricos mostram receita anterior de US $ 1,4 bilhão em 2020.

Geração de leads para profissionais imobiliários

Os serviços de geração de leads geraram US $ 456,2 milhões em receita para 2023.

• Preço médio de chumbo: US $ 20 a US $ 50 por lead qualificado
• Aproximadamente 9,3 milhões de leads gerados anualmente

Fluxos de receita total para o Zillow Group em 2023: US $ 2,75 bilhões

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.