Key Partners
- Agent partners — Zillow Preferred and Premier Agent customers (FACT).
- Listing sources — brokerages and MLSs, plus Redfin and Realtor.com rental syndication (FACT).
- Rentals tech partners — AppFolio, Esusu and Elise AI (FACT).
- Lenders — warehouse credit lines from banks fund Zillow Home Loans originations before sale (FACT).
- Home builders — New Construction advertising partners (FACT).
Key Activities
- Operate Zillow, Trulia, StreetEasy and HotPads apps and sites (FACT).
- Deliver validated connections (leads) to agent partners (FACT).
- Sell rental advertising, applications and leasing tools to property managers (FACT).
- Originate and sell mortgages — $4.8B of loan origination volume in 2025, +52% (FACT).
- Expand the integrated ‘Enhanced Markets’ experience, over 40% of connections at end of 2025 (FACT).
Key Resources
- The Zillow Group portfolio had a monthly high of 259 million unique users in July 2025 and about 9.6 billion visits in 2025 (FACT).
- Average monthly unique users were 239 million in Q2 2026, down 2% from 243 million a year earlier (FACT).
- 7,068 employees at Dec 31, 2025 (FACT).
- Zillow estimates 80% of U.S. residential transactions involve agents using at least one Zillow product (FACT, company estimate).
- Cash and cash equivalents were $572M at Jun 30, 2026 (FACT).
Value Propositions
- Consumers — listings, tools, tours and a streamlined path from touring to closing (FACT).
- Agents — leads, Follow Up Boss CRM, ShowingTime, Zillow Pro and Showcase (FACT).
- Zillow Preferred — invite-only, pay-when-you-close program for top agent teams (FACT).
- Property managers — reach renters across Zillow and StreetEasy, 72,000 multifamily properties listed (FACT).
- Lenders and builders — high-intent leads and community advertising (FACT).
Customer Relationships
- Zillow Preferred agents must meet performance standards tied to customer experience (FACT).
- Most agent partners do not have long-term contracts and can change spending with little notice (FACT, risk factor).
- Follow Up Boss is a SaaS CRM that keeps agents inside the Zillow ecosystem (FACT).
- Renters can shop, tour, apply, sign a lease and pay rent on participating listings (FACT).
Channels
- Apps and sites — Zillow, Trulia, StreetEasy, HotPads (FACT).
- Rentals traffic — about 33 million average monthly unique visitors in 2025 (FACT).
- Listing syndication — Realtor.com and Redfin (FACT).
- Sales teams — for agents, builders, property managers and lenders (FACT).
Customer Segments
- Buyers, sellers and renters — free users (FACT).
- Real estate agents, teams and brokerages (FACT).
- Multifamily property managers and small landlords (FACT).
- Mortgage borrowers and lenders (FACT).
- Home builders and brand advertisers (FACT).
Cost Structure
- Cost of revenue $668M in 2025 (25.9% of revenue, INFERENCE) vs $527M (FACT).
- Sales and marketing $843M in 2025 (32.6% of revenue, INFERENCE) (FACT).
- Technology and development $607M and G&A $497M in 2025 (FACT).
- H1 2026 restructuring costs of $36M, primarily employee termination costs (FACT).
Revenue Streams
- FY2025 revenue was $2,583M, +16% (FACT).
- Residential $1,704M (+7%), Rentals $630M (+39%), Mortgages $199M (+37%), Other $50M (+14%) (FACT).
- H1 2026 revenue was $1,480M, +18% (FACT, unaudited).
- H1 2026 Mortgages revenue $148M (+66%) and Rentals $392M (+36%) (FACT).