Zillow Group, Inc. (ZG): 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 por meio de sua inovadora plataforma digital. Ao aproveitar a tecnologia de ponta, os algoritmos de dados proprietários e um ecossistema abrangente de serviços imobiliários, a Zillow transformou o mercado imobiliário tradicional em uma experiência perfeita e orientada a dados que conecta compradores de imóveis, vendedores, agentes e investidores sem precedentes e EASE e transparência. Essa exploração do modelo de negócios da Zillow Canvas revela o projeto estratégico por trás do notável sucesso da empresa em interromper o setor imobiliário por meio de inovação digital e soluções centradas no usuário.

Zillow Group, Inc. (ZG) - Modelo de negócios: Parcerias -chave

Agentes imobiliários e corretores

A partir de 2023, a Zillow faz parceria com aproximadamente 186.000 agentes imobiliários por meio de seu principal programa de agentes. A plataforma gerou US $ 1,3 bilhão em receita de agentes premier em 2022.

Tipo de parceria	Número de parceiros	Receita gerada
Premier Agent Program	186.000 agentes	US $ 1,3 bilhão (2022)

Vários Serviços de Listagem (MLS)

A Zillow mantém parcerias com mais de 900 serviços de listagem múltiplos nos Estados Unidos, permitindo uma abrangente coleta de dados imobiliários.

• Total de parcerias da MLS: 900+
• Cobertura: Mercados imobiliários em todo o país

Construtores e desenvolvedores de casas

A Zillow oferece uma parceria com vários construtores de casas antes de interromper a IBUYY em 2021. As parcerias atuais se concentram nas novas listagens de construção e no marketing.

Foco em parceria	Principais áreas de colaboração
Novas listagens de construção	Marketing e visibilidade para novos desenvolvimentos

Credores hipotecários e instituições financeiras

Os empréstimos à habitação da Zillow geraram US $ 106 milhões em receita em 2022, com parcerias, incluindo:

• Wells Fargo
• Perseguir
• Bank of America

Provedores de tecnologia e dados

Zillow investe significativamente em parcerias tecnológicas, com US $ 366 milhões gastos em tecnologia e desenvolvimento em 2022.

Áreas de parceria de tecnologia	Investimento
Análise de dados	US $ 366 milhões (2022)

Zillow Group, Inc. (ZG) - Modelo de negócios: Atividades -chave

Operações de mercado imobiliário online

A partir do quarto trimestre 2023, o Zillow Group opera um mercado imobiliário digital com as seguintes métricas importantes:

Métrica	Valor
Usuários ativos mensais	221 milhões
Visitas totais de site/aplicativo	2,8 bilhões anualmente
Listagens de propriedades	Mais de 3 milhões de listagens ativas

Avaliação de propriedades e tecnologia Zestimate

A tecnologia de avaliação proprietária de Zillow abrange:

• Taxa de precisão Zestimate de 82,1% dentro de 5% do preço de venda
• Algoritmos de aprendizado de máquina processando mais de 200 pontos de dados por propriedade
• Atualizações de avaliação em tempo real para 104 milhões de casas

Publicidade digital e geração de leads

Fluxo de receita	2023 desempenho
Premier Agent Advertising	US $ 1,24 bilhão
Receita total de marketing	US $ 1,67 bilhão
Custo médio por lead	$38.50

Desenvolvimento de software e manutenção de plataforma

Detalhes de investimento em tecnologia:

• Gastos anuais de P&D: US $ 428 milhões
• Tamanho da equipe de engenharia de software: 1.200 mais de profissionais
• Tempo de atividade da plataforma: 99,97%

Análise de dados e pesquisa de mercado

Capacidade de processamento de dados	Métricas
Pontos de dados diários analisados	3,4 milhões
Dados da propriedade histórica	Mais de 20 anos de registros
Relatórios de tendências de mercado	52 publicado anualmente

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

Dados imobiliários e algoritmos proprietários

Zillow mantém um banco de dados de mais de 110 milhões de residências nos EUA a partir do quarto trimestre de 2023. O Zillow Home Value Index cobre aproximadamente 97,5% dos mercados imobiliários dos EUA. Os algoritmos de aprendizado de máquina processam mais de 200 pontos de dados por propriedade para gerar avaliações de Zestimate.

Recurso de dados	Quantidade	Cobertura
Listagens domésticas	1,3 milhão de listagens ativas	50 estados
Registros de propriedades	110 milhões de casas	97,5% dos mercados dos EUA

Plataforma digital e infraestrutura de tecnologia

A infraestrutura tecnológica da Zillow suporta:

• 188 milhões de usuários únicos mensais médios
• 2,8 bilhões de visitas mensais ao site e aplicativos
• Infraestrutura baseada em nuvem com AWS

Reconhecimento da marca e base de usuários

Posição de mercado: Principal no mercado imobiliário com:

• Receita de US $ 3,1 bilhões em 2022
• 45% de participação de mercado em plataformas imobiliárias on -line
• Principal site imobiliário nos Estados Unidos

Parcerias estratégicas e rede

Tipo de parceiro	Número de parceiros	Valor
Agentes imobiliários	130,000+	Receita de serviços de parceiros de US $ 1,2 bilhão
Credores hipotecários	Mais de 50 credores nacionais	Receita de serviços de hipoteca de US $ 450 milhões

Tecnologia qualificada e força de trabalho da ciência de dados

A Zillow emprega aproximadamente 5.900 funcionários em período integral a partir de 2023, com concentração significativa nas funções de tecnologia:

• 1.200 mais de engenheiros de software
• 350 mais de cientistas de dados
• Remuneração anual de trabalhadores tecnológicos: US $ 185.000

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

Plataforma de pesquisa e listagem gratuitas de propriedades

A partir do quarto trimestre de 2023, a plataforma da Zillow sediou 2,4 milhões de listagens residenciais ativas com 211 milhões de usuários únicos mensais. A plataforma oferece recursos gratuitos de pesquisa de propriedades em 50 estados e mais de 20.000 cidades.

Métrica da plataforma	2023 dados
Usuários exclusivos mensais	211 milhões
Listagens residenciais ativas	2,4 milhões
Cobertura geográfica	50 estados, mais de 20.000 cidades

Estimativas precisas de valor residencial

O algoritmo Zestimate de Zillow cobre 104 milhões de residências com uma taxa de erro mediana de 2,4% para propriedades no mercado e 6,9% para propriedades fora do mercado.

• Precisão Zestimate para Casas no mercado: 2,4% de erro mediano
• Precisão Zestimate para Casas Offiadas: 6,9% de Erro Média
• Casas totais com Zestimate: 104 milhões

Insights abrangentes do mercado imobiliário

A Zillow Research fornece dados de mercado que abrangem 930 áreas estatísticas metropolitanas com preços semanais e informações de tendência de mercado.

Cobertura de pesquisa	Métrica
Áreas metropolitanas rastreadas	930
Atualizar frequência	Semanalmente

Processo simplificado de compra e venda de casas

A Zillow oferece o programa processou US $ 1,8 bilhão em transações domésticas durante 2023, com compras diretas de casa e recursos de oferta instantânea.

Serviços de hipoteca e residencial integrados

Os empréstimos à habitação da Zillow originaram US $ 4,2 bilhões em volume de hipotecas durante 2023, com serviços disponíveis em 47 estados.

Métrica do Serviço de Hipotecas	2023 dados
Volume total de hipotecas	US $ 4,2 bilhões
Estados servidos	47

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

Plataforma digital de autoatendimento

A plataforma digital da Zillow atende 213,4 milhões de usuários mensais exclusivos a partir do terceiro trimestre de 2023. A plataforma processa 2,8 bilhões de visualizações mensais de propriedade com 71% dos usuários acessando através de dispositivos móveis.

Métrica da plataforma	Valor
Usuários exclusivos mensais	213,4 milhões
Visualizações mensais da página da propriedade	2,8 bilhões
Porcentagem de usuário móvel	71%

Recomendações de propriedade personalizadas

O mecanismo de recomendação orientado a AI da Zillow processa mais de 500 milhões de preferências de usuários e pontos de dados de propriedade mensalmente para gerar sugestões personalizadas.

Suporte ao cliente através de vários canais

• Suporte telefônico: disponibilidade 24/7
• Suporte por e -mail: Tempo médio de resposta 12 horas
• Chat ao vivo: disponível durante o horário comercial
• Canais de suporte de mídia social: Twitter, Facebook

Engajamento da comunidade e análises de usuários

A Zillow hospeda 35 milhões de análises e classificações de propriedades geradas pelo usuário, com uma média de 2,3 milhões de novas críticas adicionadas trimestralmente.

Métrica de engajamento da comunidade	Valor
Total de comentários de usuários	35 milhões
Novas resenhas trimestrais	2,3 milhões

Atualizações e melhorias regulares de plataforma

A Zillow investe US $ 324 milhões anualmente em tecnologia e desenvolvimento de produtos, com atualizações trimestrais de plataformas e aprimoramentos de recursos.

• Investimento de tecnologia anual: US $ 324 milhões
• Atualizações trimestrais da plataforma: 4-6 grandes lançamentos
• Melhorias do algoritmo de aprendizado de máquina: contínuo

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

Site (Zillow.com)

Visitantes exclusivos mensais para Zillow.com: 206 milhões (quarto trimestre 2023)

Métrica de canal	Valor
Tráfego total do site	2,47 bilhões de visualizações de página anual
Tempo médio no local	8,3 minutos por sessão

Aplicativos móveis

Downloads de aplicativos móveis totais entre plataformas: 75 milhões (a partir de 2023)

Plataforma	Baixar estatísticas
IOS App Store	38,5 milhões de downloads
Google Play Store	36,5 milhões de downloads

Plataformas de mídia social

Alcance do canal de mídia social:

• Seguidores do Facebook: 1,2 milhão
• Seguidores do Instagram: 650.000
• Seguidores do Twitter: 450.000
• Seguidores do LinkedIn: 280.000

Marketing por e -mail

Métrica de marketing por e -mail	Valor
Total de assinantes de email	18,5 milhões
Taxa de abertura média por e -mail	22.3%
Taxa de cliques	3.7%

Redes de referência e parcerias

Composição de rede de parceiros:

• Agentes imobiliários: 290.000
• Credores hipotecários: 1.200
• Profissionais de melhoria da casa: 75.000

Tipo de parceria	Contribuição anual da receita
Publicidade do agente	US $ 897 milhões
Mercado de hipotecas	US $ 214 milhões
Mercado de serviços domésticos	US $ 163 milhões

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

Compradores de imóveis

A partir do quarto trimestre de 2023, Zillow registrou 206,4 milhões de usuários únicos mensais que buscam informações de compra de casa. A plataforma atende a aproximadamente 63% dos compradores iniciantes nos Estados Unidos.

Característica do segmento	Dados estatísticos
Age média do comprador em casa	33-44 anos
Duração mediana de pesquisa em casa	3-4 meses
Visualizações de propriedades online	47 visualizações por comprador em potencial

Vendedores domésticos

A Zillow oferece 10.281 compras processadas em 2022, representando um segmento significativo de vendedores de imóveis que utilizam a plataforma.

• Valor da casa média listada: US $ 428.700
• Demografia do vendedor: 55% entre as idades de 35 a 54
• Localização típica do vendedor: áreas metropolitanas suburbanas

Profissionais imobiliários

O Programa de Agente Premier de Zillow inclui 186.000 profissionais imobiliários ativos a partir de 2023.

Categoria profissional	Número de participantes
Agentes imobiliários	142,000
Corretores	29,000
Gerentes de propriedade	15,000

Locatários

O mercado de aluguel de Zillow atende 44,1 milhões de famílias de aluguel nos Estados Unidos.

• Pesquisa mediana de aluguel mensal: US $ 1.827
• Faixa etária do locatário: 25-34 anos
• Listagens de aluguel urbano: 68% do inventário total

Investidores imobiliários

O Zillow Flex Program suporta aproximadamente 22.000 profissionais de investimento imobiliário.

Categoria de investimento	Participação no mercado
Investidores unifamiliares	14.500 profissionais
Investidores multifamiliares	4.800 profissionais
Investidores comerciais	2.700 profissionais

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

Manutenção de infraestrutura de tecnologia

Em 2023, o Zillow Group relatou despesas de tecnologia e desenvolvimento de US $ 517,4 milhões. Os custos de infraestrutura de nuvem e manutenção do servidor representaram uma parcela significativa dessa despesa.

Categoria de custo	Despesa anual ($ m)
Infraestrutura em nuvem	186.5
Licenciamento de software	92.3
Manutenção de hardware	64.7

Marketing e aquisição de clientes

O Zillow Group gastou US $ 662,1 milhões em despesas de marketing em 2023, com foco em publicidade digital e estratégias de envolvimento do cliente.

• Publicidade digital: US $ 378,9 milhões
• Marketing de conteúdo: US $ 112,5 milhões
• Marketing de desempenho: US $ 170,7 milhões

Pesquisa e desenvolvimento

Os investimentos em P&D totalizaram US $ 517,4 milhões em 2023, com foco nas tecnologias de IA e aprendizado de máquina.

Área de foco em P&D	Alocação ($ m)
AI e aprendizado de máquina	276.4
Inovação de produtos	158.3
Ciência dos dados	82.7

Salários e benefícios dos funcionários

As despesas totais de pessoal do Zillow Group em 2023 foram de US $ 1,2 bilhão, cobrindo salários, remuneração baseada em ações e benefícios.

• Salários base: US $ 752,6 milhões
• Compensação baseada em ações: US $ 287,4 milhões
• Benefícios e impostos sobre a folha de pagamento: US $ 160,0 milhões

Aquisição e licenciamento de dados

O Zillow Group investiu US $ 214,6 milhões em aquisição e licenciamento de dados em 2023.

Fonte de dados	Custo de licenciamento ($ m)
Bancos de dados imobiliários	98.3
Dados de pesquisa de mercado	62.7
Provedores de dados de terceiros	53.6

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

Publicidade digital

O Zillow Group gerou US $ 1,08 bilhão em receita de publicidade em 2022. A publicidade digital representou aproximadamente 46% dos fluxos totais de receita da empresa.

Categoria de publicidade	Receita (2022)
Exibir publicidade	US $ 492 milhões
Listagens patrocinadas	US $ 588 milhões

Taxas de assinatura do agente principal

As taxas de assinatura do Premier Agent geraram US $ 660 milhões em receita para o Zillow Group em 2022.

• Taxa média mensal de assinatura por agente: $ 350
• Número total de agentes de primeira linha ativa: 22.000

Referências de serviços hipotecários e domésticos

O Zillow Group ganhou US $ 253 milhões em referências de hipotecas e serviços domésticos em 2022.

Serviço de referência	Contribuição da receita
Referências hipotecárias	US $ 156 milhões
Referências de serviços domésticos	US $ 97 milhões

Zillow oferece (ibuyying)

A Zillow oferece receita de US $ 2,1 bilhões em 2021 antes do programa ser descontinuado em novembro de 2021.

Licenciamento de dados e serviços profissionais

O licenciamento de dados e os serviços profissionais contribuíram com US $ 87 milhões para a receita do Zillow Group em 2022.

Serviço profissional	Receita
Licenciamento de dados corporativos	US $ 62 milhões
Acesso profissional da API	US $ 25 milhões

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.