Zillow Explained

Zillow Group, Inc.
Type:Public
Hq Location:Russell Investments Center
Hq Location City:Seattle, Washington
Hq Location Country:U.S.
Key People:
  • Jeremy Wacksman (CEO)
  • Rich Barton (Co-executive chairman)
  • Lloyd Frink (Co-executive chairman)
  • Susan Daimler (President)
Num Employees:6,263 (2023)
Industry:Real estate
Footnotes:[1] [2] [3]
Module:
Child:yes

Zillow Group, Inc., or simply Zillow, is an American tech real-estate marketplace company that was founded in 2006[4] by co-executive chairmen Rich Barton[5] and Lloyd Frink, former Microsoft executives and founders of Microsoft spin-off Expedia; Spencer Rascoff, a co-founder of Hotwire.com; David Beitel, Zillow's current chief technology officer; and Kristin Acker, Zillow's current technology leadership advisor.[6]

History

Early history

Rich Barton got the inspiration for Zillow while at Microsoft, where he had founded Expedia.com from within the company.[7] [8] [9] Barton believed that a consumer-facing site could transform the real estate industry in the same way that Expedia had the travel industry.[8] [9] [10] Barton told the Seattle Post-Intelligencer, "the web [had] been around for now 9 years or 10 years, but still I couldn't get pictures of homes and complete listings and prices and addresses." "We were trying to answer a simple question. What is that house worth? What should we offer if we wanted to buy it?"[11]

In December 2004, Zillow was incorporated in Washington.[12] [13] Barton and co-founder Lloyd Frink, a former Expedia executive, self-funded the company, which operated out of a downtown Seattle office with 20 employees.[10]

Zillow's website was launched on February 8, 2006, and included a home-valuation tool that anyone could use.[14] [15] [16] Other features at the time included information about home sale history and charts and graphs comparing home value appreciation with other towns or states.[16] The site crashed on the morning it launched because its servers were unable to handle the volume of traffic.[15] [16]

In July 2006, Zillow announced a $25 million second-round investment.[17] By then the company had grown to 118 employees.[17] In December of that year, the Zillow website included features allowing users to put homes for sale online.[18]

Expansion and growth

In April 2008, Zillow launched a mortgage marketplace.[19] [20] Later that month, the Zillow iPhone app was released.[21] [22] Apps for Android and Windows Mobile soon followed.[23]

In 2010, Zillow became profitable for the first time.[23] In September of that same year, Spencer Rascoff was named CEO of the company.[23] [24] Rascoff was formerly Zillow's COO and VP of marketing, and before that had been at Expedia.[23] Rich Barton stayed as executive chairman.[23] [24]

Rascoff has previously expressed a desire for Zillow to go public.[25] On April 18, 2011, Zillow filed for a $5.1 million initial public offering.[26] [27] On July 20, the company began trading under the symbol “Z” on the Nasdaq stock market.[28] [29] [30]

Zillow made its first acquisition in 2011 by purchasing Postlets, a digital real estate listing and distribution platform.[31] [20] [32] Several more acquisitions of online real estate companies followed, with Zillow purchasing Rentjuice and Hotpads in 2012,[33] [34] StreetEasy in 2013,[35] and Trulia, a major competitor, in 2015 in a $2.5 billion deal.[36] [32]

2015 to present

Following the Trulia acquisition, Zillow began operating under the name Zillow Group, which comprised four real estate brands: Zillow, Trulia, StreetEasy, and HotPads.[36] [37]

In April 2018, Zillow announced it would begin buying and selling homes through a new business, Zillow Offers, in partnerships with local brokerages and agents.[38] In June of that same year, Zillow signed a partnership with Century 21 Canada to begin listing Canadian properties on the site, marking the first country outside the United States to be covered by the company.[39]

In February 2019, Rich Barton returned to the CEO role, replacing Rascoff.[40] [14] In May of that year, the company announced it would be expanding its home-buying business, Zillow Offers, to new markets.[41]

In February 2020, Zillow's stock was up 18% after hitting a four-year low.[42] In March of the same year, the company announced a cut in expenses by 25%, and paused hiring due to the COVID-19 pandemic.[42] In July 2020, Zillow became one of the first companies to let employees keep working from home indefinitely.[43] [44] In March 2021, Zillow stated it had hired about 1,500 employees over the past twelve months.[45] The company then announced plans to increase the workforce by 40% by hiring more than 2,000 employees nationwide by the end of the year.[45]

In November 2021, CEO Barton announced the company would shutter the home-buying part of the business, sell its existing inventory, and lay off 25% of its employees.[46] When Barton announced the company would cease purchasing homes, Zillow owned about 7,000 houses.[47] The division responsible for acquiring and selling homes, Zillow Offers, resulted in the company losing $420 million in the third quarter of 2021.[48]

Business model

Zillow Group Inc is a real estate marketplace company[49] [50] that provides information and services related to selling, buying, renting, and financing through its platform, which is accessible through a website and mobile application.[51] [52] [53] In 2022 the company announced a "housing super app" business strategy in which the Zillow platform would facilitate all components of the home buying, selling, and renting process, from initial property searches to closing to moving.[54] [55] [56] This new business model is structured around five pillars of growth: touring, financing, expanding seller solutions, enhancing partner network, and integrating services.[57] [54] [53] Zillow executives have stated that by focusing on these growth metrics, the company can increase both the total number of customer transactions and the revenue per customer transaction.[54] [53]

Before 2023, Zillow's business operations were organized into three segments: Internet, Media, and Technology (“IMT”), Mortgages, and Homes.[58] [59] [60]

Acquisitions

Zillow has pursued acquisitions of companies that serve to expand its user base, provide new assets and services, or generally accelerate growth.[61] [62] [63] The company made its first acquisition in 2011 when it purchased Postlets, a digital real estate listing and distribution platform.[61] [31] In 2015, Zillow purchased Trulia, a major competitor, in a $2.5 billion deal.[61] [36] At that time, Zillow and Trulia combined to account for 70 percent of online real estate searches.[61] [64]

YearNotable acquisitions
2020sShowingTime,[65] VRX Media,[66] Follow up boss[67]
2010sDotloop,[68] HotPads, Mortgage Lenders of America,[69] Naked Apartments,[70] RentJuice, StreetEasy, Trulia

Services

Zillow's web and mobile platform offers real estate-related services for buying, selling, renting, and financing.[71] Zillow notes that many customers utilize multiple services simultaneously, as home sellers are often buying at the same time and many renters are also investigating ownership options.[58]

Nearly all of Zillow's online services are structured around real estate listings, and the web and mobile platform's functionality reflects this.[72] As of 2023, Zillow had 160 million properties listed in its database.[73] Zillow receives property information from numerous sources, including multiple listing service feeds published by realtor associations,[74] county records, tax data, and mortgage information.[75]

Buyer services

Zillow allows home buyers to search for properties by location, total price, features, and other criteria.[76] Users may also view properties not currently on the market as part of the research process.[77] Zillow connects buyers with local real estate agents through their Zillow Premier Agent program.[78]

Seller services

Zillow provides sellers with an estimate of home value, referred to as a "Zestimate", based on a range of information available through public records, including sales of comparable houses in a neighborhood.[79] Users can compare their Zestimate to prices of actual home sales in their region or neighborhood.

Zillow also connects sellers with local real estate agents, who can perform additional market analysis, such as appraisals, to determine home value and consult on home improvements to maximize value.[80] Sellers and agents can both use Zillow's suite listings tools, which facilitate interactive and 3D floor plans enabled by AI features.[81] Agents also have access to professional photography and media services.[82]

Sellers can also use Zillow to request cash offers from Opendoor.[83] [84]

Renter services

Zillow allows renters to apply for apartments and pay rent through its platform.[85] Landlords can also use the platform to process applications, conduct background and credit checks, and accept payments.

Financing services

Zillow's affiliate lender, Zillow Home Loans, offers mortgage loans and refinance options.[86] and information about down payment assistance programs.[87]

Zestimate

Zillow determines an estimate, also known as a "Zestimate", for a home based on a range of publicly available information, including sales of comparable houses in a neighborhood. According to Zillow, the Zestimate is a starting point in determining a home's value.[88] [89] The accuracy of the Zestimate varies by location depending on how much information is publicly available, but Zillow allows users to check the accuracy of Zestimates in their region against actual sales.

In March 2011, Zillow released Rent Zestimates, which provides estimated rent prices for 90 million homes.[90]

On June 14, 2011, Zillow changed the algorithm used to calculate Zestimates. In addition to changing the current Zestimate for millions of homes throughout the country, Zillow changed historical Zestimate value information dating back to 2006.[91]

On June 15, 2021, Zillow reported that it updated how it calculates the Zestimate for off-market homes, to be more responsive to local trends and seasonality that may affect a home’s market value and includes even more historical data to improve accuracy.[92]

Accuracy

In 2007, The Wall Street Journal studied the accuracy of Zillow's estimates and found that they "often are very good, frequently within a few percentage points of the actual price paid. But when Zillow is bad, it can be terrible."[93]

In October 2006, the National Community Reinvestment Coalition filed a complaint with the Federal Trade Commission[94] stating that Zillow was "intentionally misleading consumers and real estate professionals to rely upon the accuracy of its valuation services despite the full knowledge of the company officials that their valuation Automated Valuation Model (AVM) mechanism is highly inaccurate and misleading." In a letter dated May 4, 2007, the FTC elected not to investigate this complaint,[95] which was later withdrawn by the NCRC.

Using data published on the Zillow website, the typical Zestimate error in the United States in July 2016 was $14,000.[96]

Controversy and lawsuits

While factors contributing to estimates are described elsewhere, Zillow seemingly overemphasizes home square footage as the major metric driving property valuation. This method may not be unique to Zillow, but unduly distorts value expectations.[97] Listings in areas where land is priced at high premiums often reflect an identical Zillow estimate to that of nearby homes with comparable interior square footage, but where the home might be decades older. Condition, age of home, special features, and proximity to nuisances are insufficiently factored into the estimate. Zillow has made some effort to add balance by including an option for owners to provide their own value estimate, but these figures can be similarly unreliable as being opinion instead of quantifiable.

In 2014, Zillow faced several lawsuits from former employees at the Zillow operation in Irvine, California, alleging violations of California Labor Code and California Business and Professions Code.[98] On February 26, 2016, the U.S. District Court for the Central District of California certified the class to include anyone who worked as an inside sales consultant at Zillow between November 2010 and January 2015.[99] Among the numerous allegations brought by high-profile attorneys Bobby Samini and Mark Geragos, Zillow is accused of failing to pay wages, failing to pay overtime pay, and failing to provide meal and rest breaks. Zillow responded: "the narrative being pushed by this law firm through their multiple lawsuits is completely inconsistent with those who know and work with Zillow...the behavior described does not accurately depict our culture or the 1,200 Zillow employees."[100]

In addition, Samini and Geragos represented a former Zillow employee in a sexual harassment action against the company, alleging "sexual torture"[101] and "the most heinous acts of sexual harassment imaginable".[102] According to the lawsuit, Zillow's Southern California office represents an "adult frat house where sexual harassment and misconduct are normalized, condoned, and promoted by male managers."[101] Based on the allegations against the company, Samini has called Zillow a "modern day Animal House."[103] On May 5, 2016, Zillow settled the action for an undisclosed amount, without admitting any wrongdoing.[104]

In 2017, Zillow sent a cease-and-desist letter to Kate Wagner, the author of McMansion Hell, a blog that lampooned the presentations of luxury homes found on the site.[105] [106] Wagner was represented by the Electronic Frontier Foundation. Zillow later released a statement saying it had "decided against moving forward with legal action" on the matter.[107]

External links

NASDAQ:

Notes and References

  1. Web site: Zillow 2023 Form 10-K Annual Report . February 15, 2024 . February 15, 2024 . U.S. Securities and Exchange Commission.
  2. News: Groover . Heidi . August 7, 2024 . Seattle-based Zillow names new CEO . . https://web.archive.org/web/20240808042229/https://www.seattletimes.com/business/real-estate/zillow-names-new-ceo/ . August 8, 2024 . live.
  3. Web site: Solomont . E.B. . Zillow Names Susan Daimler As President . . April 26, 2023 . February 24, 2021 . April 26, 2023 . https://web.archive.org/web/20230426181353/https://therealdeal.com/national/2021/02/24/zillow-taps-susan-daimler-as-president/ . live .
  4. Web site: Experience . 3 March 2022 . Perkins Coie LLP . 3 March 2022 . https://web.archive.org/web/20220303233622/https://www.perkinscoie.com/en/experience/zillow-inc.html . live .
  5. News: Lerman, Rachel . Zillow CEO Spencer Rascoff gets book deal with major New York publisher . 10 December 2014 . . 12 December 2014 . 16 December 2014 . https://web.archive.org/web/20141216134724/http://www.bizjournals.com/seattle/blog/techflash/2014/12/zillow-ceo-spencer-rascoff-gets-book-deal-with.html . live .
  6. News: Sharf . Samantha . Extreme Makeover: Rich Barton Has a $700 Million Stake In Zillow and Plans to Turn It Into a Home-Flipping Machine . 3 July 2020 . Forbes . en . 7 May 2021 . https://web.archive.org/web/20210507152301/https://www.forbes.com/sites/samanthasharf/2019/07/01/rich-barton-zillow/#216c16a83d92 . live .
  7. Copeland . Michael V. . The Man Who Escaped Microsoft and Took a Whole Company With Him . June 10, 2013 . May 2, 2023 . WIRED . July 29, 2017 . https://web.archive.org/web/20170729050137/https://www.wired.com/2013/06/rich-barton-empowers-people-and-picks-fights-very-profitably . live .
  8. News: Stewart . Ashley . Expedia and Zillow founder Rich Barton explains his 'power to the people' business model . November 11, 2010 . May 2, 2023 . Puget Sound Business Journal . . December 5, 2022 . https://web.archive.org/web/20221205202324/https://www.bizjournals.com/seattle/news/2016/11/09/expedia-zillow-rich-barton-business-model.html . live .
  9. News: Raz . Guy . Expedia & Zillow: Rich Barton . June 14, 2021 . May 2, 2023 . NPR . February 2, 2023 . https://web.archive.org/web/20230202193119/https://www.npr.org/2021/06/11/1005526927/expedia-zillow-rich-barton/ . live .
  10. News: Cook . John . Expedia founder sold on real estate idea . April 12, 2005 . May 2, 2023 . Seattle Post-Intelligencer . Hearst Corporation . November 28, 2022 . https://web.archive.org/web/20221128123314/https://www.seattlepi.com/business/article/Expedia-founder-sold-on-real-estate-idea-1170762.php . live .
  11. News: Raz . Guy . Expedia & Zillow: Rich Barton . June 14, 2021 . May 2, 2023 . NPR . 'Like it's 2005. And the web has been around for now nine years or 10 years, but still I couldn't get pictures of homes and complete listings and prices and addresses even like, I couldn't get the address of a home I was shopping for online. It was just obvious to us. We were trying to answer a simple question. What is that house worth? What should we offer if we wanted to buy it?' . July 4, 2023 . https://web.archive.org/web/20230704075646/https://app.podscribe.ai/episode/71382750 . live .
  12. News: Pryne . Eric . Zillow reveals financial details as it files to go public . April 18, 2011 . May 2, 2023 . The Seattle Times.
  13. Web site: Securities Exchange Commission . Form S-1 . April 18, 2011 . May 2, 2023 . Zillow, Inc. was incorporated in Washington in December 2004. . March 28, 2023 . https://web.archive.org/web/20230328184239/https://www.sec.gov/Archives/edgar/data/1334814/000119312511100697/ds1.htm . live .
  14. Web site: Extreme Makeover: Rich Barton Has A $700 Million Stake In Zillow And Plans To Turn It Into A Home-Flipping Machine . Sharf . Samantha . Forbes . en . 2020-04-15 . 2021-05-07 . https://web.archive.org/web/20210507152301/https://www.forbes.com/sites/samanthasharf/2019/07/01/rich-barton-zillow/ . live .
  15. News: Cook . John . Zillow swamped, crashes . February 8, 2006 . May 2, 2023 . Seattle Post-Intelligencer . Hearst Corporation . August 8, 2020 . https://web.archive.org/web/20200808091910/https://www.seattlepi.com/business/article/Zillow-swamped-crashes-1195304.php . live .
  16. News: Saracevic . Alan T. . Zillow: Pornography for the real estate-obsessed . February 12, 2006 . May 2, 2023 . San Francisco Chronicle . Hearst Corporation . March 31, 2023 . https://web.archive.org/web/20230331120511/https://www.sfgate.com/business/article/Zillow-Pornography-for-the-real-estate-obsessed-2523114.php . live .
  17. News: Bruene . Jim . Zillow Opens "Financing" Area; Lands $25 Million in VC . July 26, 2006 . May 2, 2023 . Finovate . July 4, 2023 . https://web.archive.org/web/20230704075647/https://finovate.com/zillow-financing-vc/ . live .
  18. News: Christie . Les . Home challenge: Make me move! . December 7, 2006 . CNNMoney.com . Cable News Network . Nexis . The Web site Zillow.com, most known for its "Zestimate" price valuations for nearly 70 million homes, launched several new services for home sellers Thursday. Sellers can now post their homes for sale at Zillow - free of charge. Sellers can add details to a page that already includes basic details, such as square footage, number of beds and baths and sales history..
  19. News: Mills . Elinor . Zillow launches 'Mortgage Marketplace' . April 2, 2011 . May 2, 2023 . CNET . July 4, 2023 . https://web.archive.org/web/20230704075648/https://www.cnet.com/culture/zillow-launches-mortgage-marketplace/ . live .
  20. News: Rao . Leena . Zillow Buys Real Estate Listings Creation And Distribution Tool Postlets . April 11, 2011 . May 2, 2023 . TechCrunch . February 5, 2023 . https://web.archive.org/web/20230205030539/http://techcrunch.com/2011/04/11/zillow-buys-real-estate-listings-creation-and-distribution-tool-postlets/#! . live .
  21. News: Ricketts . Camille . Zillow iPhone app tells you how much that house you just passed costs . April 29, 2009 . May 2, 2023 . New York Times . July 4, 2023 . https://web.archive.org/web/20230704075647/https://archive.nytimes.com/www.nytimes.com/external/venturebeat/2009/04/29/29venturebeat-zillow-iphone-app-tells-you-how-much-that-h-106783.html . live .
  22. News: O'Brien . Jeffrey . The wizards of apps . May 13, 2009 . May 2, 2023 . Fortune Magazine . CNN Money . January 26, 2021 . https://web.archive.org/web/20210126200041/https://money.cnn.com/2009/05/13/technology/obrien_apps.fortune/index.htm . live .
  23. News: Reisinger . Don . Zillow appoints new CEO, talks growth . September 14, 2010 . May 2, 2023 . CNET . April 10, 2021 . https://web.archive.org/web/20210410154805/https://www.cnet.com/home/smart-home/zillow-appoints-new-ceo-talks-growth/ . live .
  24. Web site: Zillow Founder Rich Barton Is a Billionaire One Year After Taking Back the Company . Sharf . Samantha . Forbes . en . 2020-04-15 . 2020-05-15 . https://web.archive.org/web/20200515055553/https://www.forbes.com/sites/samanthasharf/2020/02/20/zillow-founder-rich-barton-is-a-billionaire-one-year-after-taking-back-the-company/ . live .
  25. News: Mullaney . Tim . Zillow aims for IPO in 2011 . January 14, 2010 . May 2, 2023 . The Seattle Times.
  26. News: UPDATE 1-Zillow files for IPO of up to $51.8 million . April 18, 2011 . May 2, 2023 . Reuters . July 4, 2023 . https://web.archive.org/web/20230704080152/https://www.reuters.com/article/zillow-ipo/update-1-zillow-files-for-ipo-of-up-to-51-8-million-idUSN1826766820110418 . live .
  27. News: Zillow files for $52 million IPO . April 18, 2011 . May 2, 2023 . CNN Money . March 23, 2023 . https://web.archive.org/web/20230323110918/https://money.cnn.com/2011/04/18/news/companies/zillow_IPO/index.htm . live .
  28. News: Rao . Leena . Zillow Prices IPO At $20 Per Share, Now Valued At Nearly $540 Million . July 19, 2011 . May 2, 2023 . TechCrunch . February 3, 2023 . https://web.archive.org/web/20230203042127/http://techcrunch.com/2011/07/19/zillow-prices-ipo-at-20-per-share-now-valued-at-nearly-540-million/ . live .
  29. News: Owles . Eric . Roose . Kevin . Zillow Soars 79% in Its Debut on Nasdaq . July 20, 2011 . May 2, 2023 . The New York Times . July 4, 2023 . https://web.archive.org/web/20230704080149/https://archive.nytimes.com/dealbook.nytimes.com/2011/07/20/shares-of-zillow-soar-90/ . live .
  30. News: Ortutay . Barbara . Zillow real estate site reaps big rewards with IPO . July 21, 2011 . May 2, 2023 . Associated Press . December 24, 2012 . https://web.archive.org/web/20121224134707/http://www.csmonitor.com/Business/Latest-News-Wires/2011/0721/Zillow-real-estate-site-reaps-big-rewards-with-IPO . live .
  31. News: Cook . John . Zillow.com makes its first buy: Online listing service Postlets . April 11, 2011 . May 2, 2023 . GeekWire . April 19, 2013 . https://web.archive.org/web/20130419061432/http://www.geekwire.com/2011/zillowcoms-acquisition-postlets/ . live .
  32. Book: Shusong Ba . Xianling Yang . "Internet Plus" Pathways to the Transformation of China's Property Sector . 2016 . May 2, 2023 . Springer Nature Singapore . 9789811016998 . July 4, 2023 . https://web.archive.org/web/20230704080202/https://www.google.com/books/edition/Internet_Plus_Pathways_to_the_Transforma/yCbkDAAAQBAJ?hl=en&gbpv=1&dq=Zillow+Postlets+first+major+acquisition&pg=PA78&printsec=frontcover . live .
  33. News: Cook . John . Zillow to buy RentJuice for $40M in cash, posts record revenue and profits . May 2, 2012 . May 2, 2023 . GeekWire . December 5, 2022 . https://web.archive.org/web/20221205224234/https://www.geekwire.com/2012/zillow-buy-rentjuice-40m-cash-posts-record-revenue-profits/ . live .
  34. News: Grant . Rebecca . Pass Go and collect $16M: Zillow acquires real estate marketplace HotPads . November 26, 2012 . May 2, 2023 . VentureBeat . July 4, 2023 . https://web.archive.org/web/20230704080211/https://venturebeat.com/entrepreneur/pass-go-and-collect-16m-zillow-acquires-real-estate-hotpads/ . live .
  35. News: Frier . Sarah . Levy . Ari . Zillow Buys Real-Estate Site StreetEasy for $50 Million . August 19, 2013 . May 2, 2023 . Bloomberg . October 5, 2022 . https://web.archive.org/web/20221005023736/https://www.bloomberg.com/news/articles/2013-08-19/zillow-paying-50-million-for-real-estate-website-streeteasy#xj4y7vzkg . live .
  36. News: Cook . John . Zillow closes $2.5 billion acquisition of Trulia, plans to cut 350 staffers . February 17, 2015 . May 2, 2023 . GeekWire . December 6, 2022 . https://web.archive.org/web/20221206102931/https://www.geekwire.com/2015/zillow-closes-2-5-billion-acquisition-of-trulia-plans-to-cut-350-staffers/ . live .
  37. News: Zillow closes Trulia acquisition . February 17, 2015 . May 2, 2023 . Inman . April 1, 2023 . https://web.archive.org/web/20230401070428/http://www.inman.com/2015/02/17/zillow-trulia-merger-closes/ . live .
  38. News: Soper . Taylor . Zillow Group will start buying and selling homes, taking on Opendoor and expanding real estate footprint . April 12, 2018 . May 2, 2023 . Geek Wire . November 10, 2021 . https://web.archive.org/web/20211110005505/https://www.geekwire.com/2018/zillow-group-will-start-buying-selling-homes-taking-open-door-expanding-real-estate-footprint/ . live .
  39. News: Zillow to list Canadian real estate in partnership with Century 21. 6 June 2018. Financial Post. 22 June 2018. 23 June 2018. https://web.archive.org/web/20180623042953/http://business.financialpost.com/pmn/business-pmn/zillow-to-list-canadian-real-estate-in-partnership-with-century-21. live.
  40. News: Salinas . Sara . Zillow CEO Spencer Rascoff is out — co-founder Rich Barton is taking over . February 21, 2019 . May 2, 2023 . CNBC . December 2, 2022 . https://web.archive.org/web/20221202173353/https://www.cnbc.com/2019/02/21/zillow-says-co-founder-rich-barton-will-return-as-ceo-replacing-spencer-rascoff.html . live .
  41. News: Sharf . Samantha . Zillow To Expand Controversial Home-Buying Business To 20 Markets Including Los Angeles, Austin And Miami . May 9, 2019 . May 2, 2023 . Forbes . July 4, 2023 . https://web.archive.org/web/20230704080200/https://gum.criteo.com/syncframe?origin=publishertag&topUrl=www.forbes.com . live .
  42. Web site: Rich Barton lays out Zillow's coronavirus playbook: Freeze hiring; cut expenses; pause home-buying . 2020-03-25 . GeekWire . en-US . 2020-04-15 . 2020-04-04 . https://web.archive.org/web/20200404011547/https://www.geekwire.com/2020/rich-barton-lays-zillows-coronavirus-playbook-freeze-hiring-cut-expenses-pause-home-buying/ . live .
  43. News: Solomont . E.B. . Zillow to grow workforce by 40% in 2021 . March 11, 2021 . May 2, 2023 . The Real Deal . In July, it became one of the first companies to allow most of its employees to keep working from home indefinitely. . April 2, 2023 . https://web.archive.org/web/20230402121302/https://therealdeal.com/national/2021/03/11/zillow-to-grow-workforce-by-40-in-2021/ . live .
  44. News: Schlosser . Kurt . Zillow to allow 90% of employees to work from home indefinitely as pandemic 'debunks' old ways . July 29, 2020 . May 2, 2023 . GeekWire . Zillow Group introduced a new policy on Wednesday allowing about 90% of its employees the option of working from home, at least some of the time, indefinitely. . February 16, 2023 . https://web.archive.org/web/20230216224025/https://www.geekwire.com/2020/zillow-allow-90-employees-work-home-indefinitely-pandemic-debunks-old-ways/ . live .
  45. News: Solomont . E.B. . Zillow to grow workforce by 40% in 2021 . March 11, 2019 . May 2, 2023 . . April 2, 2023 . https://web.archive.org/web/20230402121302/https://therealdeal.com/national/2021/03/11/zillow-to-grow-workforce-by-40-in-2021/ . live .
  46. News: Rodriguez . James . Zillow just stopped flipping homes after scooping up thousands of properties over 3 years. Here's what happened. . 3 November 2021 . Business Insider . 2 November 2021 . 2 November 2021 . https://web.archive.org/web/20211102215247/https://www.businessinsider.com/ibuyer-defunct-why-did-zillow-stop-buying-houses-2021-11 . live .
  47. News: Clark . Patrick . Zillow's Flipping Halt Marks Major Collapse in Housing Push . 3 November 2021 . Bloomberg.com . 3 November 2021 . en . 4 November 2021 . https://web.archive.org/web/20211104210726/https://www.bloomberg.com/news/articles/2021-11-03/zillow-s-flipping-halt-marks-stunning-collapse-in-housing-push . live .
  48. News: Gandel . Stephen . Zillow, facing big losses, quits flipping houses and will lay off a quarter of its staff. . 3 November 2021 . The New York Times . 2 November 2021 . 2 November 2021 . https://web.archive.org/web/20211102234516/https://www.nytimes.com/2021/11/02/business/zillow-q3-earnings-home-flipping-ibuying.html . live .
  49. Web site: Zillow Group Inc . . 2023 . June 5, 2023 . April 27, 2022 . https://web.archive.org/web/20220427175249/https://www.bloomberg.com/profile/company/ZG:US#xj4y7vzkg . live .
  50. Web site: Zillow Group Overview . . 2023 . June 5, 2023 . June 26, 2023 . https://web.archive.org/web/20230626233105/https://pitchbook.com/profiles/company/43096-69#overview . live .
  51. Crittenden . Andrew B. . Crittenden . Victoria L. . Crittenden . William F. . 2017 . Industry Transformation via Channel Disruption . Journal of Marketing Channels . 24 . 1–2 . 13–26 . 10.1080/1046669X.2017.1346974 . 158799125 . June 5, 2023 . Zillow is a residential listing company that exists primarily online through a webpage and mobile application. Concerning the disruption of the traditional real estate business model, Zillow was not designed to remove the personal connection between the consumer and a real estate agent. Instead, Zillow puts important property information in the hands of the buyer, educating the buyer to streamline the buying experience. . June 26, 2023 . https://web.archive.org/web/20230626233108/http://dsef.org/wp-content/uploads/2018/01/Crittenden-Industry-Transformation-via-Channel-Disruption.pdf . live .
  52. Book: Analytics, Innovation, and Excellence-Driven Enterprise Sustainability . Carayannis . Elias G. . Sindakis . Stavros . . April 19, 2017 . 151 . 978-1-137-37879-8 . Zillow's business model is straightforward: They connect people looking to buy houses with the real estate agents, mortgage lenders, and advertisers who want to reach them. . June 5, 2023 . July 4, 2023 . https://web.archive.org/web/20230704080205/https://www.google.com/books/edition/Analytics_Innovation_and_Excellence_Driv/mAu1DgAAQBAJ?hl=en&gbpv=1&dq=zillow+business+model&pg=PA151&printsec=frontcover . live .
  53. Web site: Form 10‑K . . February 15, 2023 . June 5, 2023 . June 26, 2023 . https://web.archive.org/web/20230626233106/https://d18rn0p25nwr6d.cloudfront.net/CIK-0001617640/39bcce0f-e35e-409f-aeb6-45b0276d253a.pdf . live .
  54. News: Han . Brooklee . February 15, 2023 . Zillow's 'housing super app' vision takes shape . Real Trends . HW Media, LLC . March 27, 2023 . March 8, 2023 . https://web.archive.org/web/20230308070718/https://www.realtrends.com/articles/zillows-housing-super-app-vision-takes-shape/ . live .
  55. Web site: Soper. Taylor. Zillow shares up 16% as real estate giant reveals 'housing super app' strategy amid iBuying closure. GeekWire. 2023-06-12. 2022-02-10. 2023-06-12. https://web.archive.org/web/20230612210618/https://www.geekwire.com/2022/zillow-2-0-reimagined-real-estate-giant-reveals-housing-super-app-strategy-amid-ibuying-closure/. live.
  56. Web site: Manfredi. Lucas. Zillow betting big on 'housing super app'. FOXBusiness. 2023-06-12. 2022-02-11. 2023-05-31. https://web.archive.org/web/20230531113846/https://www.foxbusiness.com/real-estate/zillow-housing-super-app-mortgage-rates. live.
  57. News: Han . Brooklee . August 4, 2022 . Zillow pegs "Five Pillars" as key to future growth . Real Trends . HW Media, LLC . June 5, 2023 . June 26, 2023 . https://web.archive.org/web/20230626233108/https://www.realtrends.com/articles/zillow-pegs-five-pillars-as-key-to-future-growth/ . live .
  58. Web site: Form 10‑K . . February 15, 2023 . June 5, 2023 . Prior to January 1, 2023, our business was organized into three segments, the Internet, Media & Technology (“IMT”) segment, the Mortgages segment and the Homes segment. . June 26, 2023 . https://web.archive.org/web/20230626233106/https://d18rn0p25nwr6d.cloudfront.net/CIK-0001617640/39bcce0f-e35e-409f-aeb6-45b0276d253a.pdf . live .
  59. Web site: Zillow Group Overview . . 2023 . June 5, 2023 . It operates through the following segments: Internet, Media and Technology (IMT), Mortgages, and Homes. . June 26, 2023 . https://web.archive.org/web/20230626233105/https://money.cnn.com/quote/profile/profile.html?symb=Z . live .
  60. Web site: Hendelmann . Viktor . The Zillow Business Model – How Does Zillow Make Money? . 29 December 2022 . Productmint . June 5, 2023 . June 26, 2023 . https://web.archive.org/web/20230626233108/https://productmint.com/zillow-business-model-how-does-zillow-make-money/ . live .
  61. Book: Shusong Ba . Xianling Yang . "Internet Plus" Pathways to the Transformation of China's Property Sector . . August 22, 2016 . 78 . 978-981-10-1699-8 . June 5, 2023 . July 4, 2023 . https://web.archive.org/web/20230704080658/https://www.google.com/books/edition/Internet_Plus_Pathways_to_the_Transforma/yCbkDAAAQBAJ?hl=en&gbpv=1&dq=More+control+over+the+business+cycle+through+acquisitions+Zillow%27s+strategy+has+always+been+building+user+base&pg=PA78&printsec=frontcover . live .
  62. News: Lawson . Sarah . Zillow's Recipe For Scaling A Business The Smart Way . Fast Company . October 20, 2015 . June 5, 2023 . June 26, 2023 . https://web.archive.org/web/20230626234608/https://www.fastcompany.com/3052054/zillows-recipe-for-scaling-a-business-the-smart-way . live .
  63. News: Nielsen . Rachel . Zillow bought 10 companies in the past 5 years – now they're 'starting to sprout' . July 28, 2015 . June 5, 2023 . Puget Sound Business Journal . . April 16, 2021 . https://web.archive.org/web/20210416201105/https://www.bizjournals.com/seattle/blog/techflash/2016/02/zillow-bought-10-companies-in-the-past-5-years-now.html . live .
  64. News: Logan . Tim . Zillow deal to buy Trulia creates real estate digital ad juggernaut . July 28, 2015 . June 5, 2023 . GeekWire . May 29, 2023 . https://web.archive.org/web/20230529040516/https://www.latimes.com/business/la-fi-zillow-trulia-20140729-story.html . live .
  65. News: Blake . Matthew . Zillow's purchase of ShowingTime closes . October 1, 2021 . June 5, 2023 . HousingWire . May 26, 2023 . https://web.archive.org/web/20230526161325/https://www.housingwire.com/articles/zillows-purchase-of-showingtime-closes/ . live .
  66. News: Bek . Nate . Zillow acquires real estate marketing company VRX Media to boost listing services . December 8, 2022 . June 5, 2023 . GeekWire . June 26, 2023 . https://web.archive.org/web/20230626233107/https://www.geekwire.com/2022/zillow-acquires-real-estate-marketing-company-vrx-media-to-boost-listing-services/ . live .
  67. Web site: Zillow acquires popular CRM Follow Up Boss . 2024-02-15 . Inman . en-US.
  68. News: Lardinois . Frederic . Zillow Acquires DotLoop, An E-Signing Service For Real Estate Agents . July 22, 2015 . June 5, 2023 . TechCrunch . June 26, 2023 . https://web.archive.org/web/20230626233105/https://techcrunch.com/2015/07/22/zillow-acquires-dotloop-an-e-signing-service-for-real-estate-agents/ . live .
  69. News: Lardinois . Frederic . Zillow gets into the mortgage business, acquires Mortgage Lenders of America . August 6, 2018 . June 5, 2023 . GeekWire . June 26, 2023 . https://web.archive.org/web/20230626233106/https://techcrunch.com/2018/08/06/zillow-gets-into-the-mortgage-business-acquires-mortgage-lenders-of-america/ . live .
  70. News: Lardinois . Frederic . Zillow Gets Naked . February 3, 2016 . June 5, 2023 . TechCrunch . June 26, 2023 . https://web.archive.org/web/20230626233106/https://techcrunch.com/2016/02/03/nyc-rental-platform-naked-apartments-acquired-by-zillow/ . live .
  71. Book: Carayannis . Elias G. . Analytics, Innovation, and Excellence-Driven Enterprise Sustainability . Sindakis . Stavros . April 19, 2017 . . 151 . 978-1-137-37879-8 . Zillow's business model is straightforward: They connect people looking to buy houses with the real estate agents, mortgage lenders, and advertisers who want to reach them. . June 5, 2023.
  72. Manko . Barbara A. . 2022 . Teaching user-friendly web design: A case study on Zillow.com in the real estate industry . Journal of Information Technology . 12 . 1 . 38 . 10.1177/20438869211002201 . June 5, 2023 . For an organization’s redesign to impact its users positively, the designer and others responsible for creating its online presence must consider both the content, especially including the functionality of search tools in the case of real estate, and the visual elements of their website’s navigation.
  73. Web site: February 15, 2024 . Form 10‑K . March 1, 2024 . . 3 . At the core of Zillow is our living database of approximately 160 million U.S. homes.
  74. News: Blake . Matthew . June 10, 2021 . Judge rules for Zillow in REX antitrust lawsuit . June 5, 2023 . HousingWire . The case stems from Zillow changing how it collects the home listings information it publicly displays. The company moved late last year from syndication agreements with various parties to getting Internet data display, or IDX, feeds from Multiple Listings Services that are operated by the NAR..
  75. News: March 16, 2022 . ZILLOW MARKET DATA: HOW INVESTORS CAN USE IT FOR THEIR MARKET RESEARCH . October 6, 2023 . Mashvisor.
  76. Book: Alexander Loukissas . Yanni . All Data Are Local: Thinking Critically in a Data-Driven Society . April 5, 2019 . MIT Press . 132 . 978-0-262-35222-2 . Above the map is a search bar with filters for listing type, price, number of beds, and more that can be applied to further narrow the number of listings displayed . June 5, 2023.
  77. Web site: Jean Fasolo . Pamela . May 2016 . Using Crowd Sourcing to Change the Real Estate Landscape . June 5, 2023 . University of Baltimore . 8 . Zillow is unique because rather than using a database of only properties for sale or rent in the MLS system for browsing and viewing purposes, there is a more robust databases of all properties, including those not currently on the market.
  78. News: Bottorff . Cassie . May 5, 2023 . What Is Zillow Premier Agent & How Does It Work? . October 6, 2023 . Forbes Advisor.
  79. News: Howell . David . How accurate is Zillow's Zestimate? Not very, says one Washington-area agent. . live . https://web.archive.org/web/20200423202718/https://www.washingtonpost.com/news/where-we-live/wp/2014/06/10/how-accurate-is-zillows-zestimate-not-very-says-one-washington-area-agent/ . 2020-04-23 . 2020-03-13 . Washington Post . en. Some of that information can come from sites like Zillow that offer what’s called an “automated valuation model” — AVM for short — that purportedly present a great estimate of the current market value of millions of homes. It’s cool technology, amassing an enormous amount of information from publicly available sources in one place that is then scrubbed through very sophisticated algorithms to predict value..
  80. Web site: Joanna Green . Russell Walker . 2017 . Neighborhood Watch: The Rise of Zillow . June 5, 2023 . Kellogg School of Management.
  81. News: Cooper . Gael . June 30, 2023 . Zillow Launches AI-Powered Virtual Home Tours . October 6, 2023 . CNET . Real estate company Zillow is using artificial intelligence to create a new, immersive listing format on its website..
  82. News: Han . Brooklee . January 18, 2023 . OZillow Group's ShowingTime+ plans to up agents' marketing game . June 5, 2023 . Real Trends.
  83. News: Han . Brooklee . March 17, 2023 . Opendoor and Zillow expand their partnership . June 5, 2023 . Real Trends.
  84. News: Sopher . Brooklee . August 4, 2022 . After ditching home-buying business, Zillow Group partners with rival Opendoor . June 5, 2023 . Geek Wire.
  85. News: Hinchliffe . Emma . July 31, 2018 . Zillow now lets you apply for apartments, pay rent online . October 6, 2023 . Inman . The listing giant has unveiled a new set of tools letting prospective renters apply to multiple apartments with one form and pay rent directly from the website.
  86. News: Jackson . Jhoni . July 31, 2018 . Zillow Review: Mortgage Refinance . October 12, 2022 . Money . Money Group, LLC.
  87. News: Lerner . Michele . December 21, 2021 . Zillow partners with housing group to make down payment assistance programs more accessible . June 20, 2023 . Washington Post.
  88. News: Harney . Kenneth R. . Which is more accurate: Zillow's Zestimate or Redfin's Estimate? . live . https://web.archive.org/web/20200418002133/https://www.washingtonpost.com/realestate/which-firm-has-more-accurate-online-estimates-for-homes-zillow-or-redfin/2019/02/19/7a1f6436-346b-11e9-a400-e481bf264fdc_story.html . 2020-04-18 . 2020-03-12 . Washington Post . en.
  89. News: How accurate is Zillow's Zestimate? Not very, says one Washington-area agent.. Howell. David. Washington Post. en. 2020-03-13. 2020-04-23. https://web.archive.org/web/20200423202718/https://www.washingtonpost.com/news/where-we-live/wp/2014/06/10/how-accurate-is-zillows-zestimate-not-very-says-one-washington-area-agent/. live.
  90. Web site: Zillow's Rent Zestimates to provide rent prices for 90 million homes . VentureBeat . 2011-03-10 . 2013-09-29 . 2013-10-03 . https://web.archive.org/web/20131003090813/http://venturebeat.com/2011/03/09/zillow-debuts-rent-zestimates/ . live .
  91. Web site: Zillow 'Zestimate' Shifts, Prompting Howls. Whelan. Robbie. 2011-07-06. WSJ. en-US. 2020-03-13. 2016-08-21. https://web.archive.org/web/20160821002513/http://blogs.wsj.com/developments/2011/07/06/zillow-zestimate-shifts-prompting-howls/. live.
  92. Web site: Twitter Post . Zillow . Twitter . 2021-07-20 . 2021-07-20 . https://web.archive.org/web/20210720041313/https://twitter.com/zillow/status/1404862055761559561 . live .
  93. Hagerty, James R. "How Good Are Zillow's Estimates?", The Wall Street Journal, 2007-02-14. Retrieved on 2009-02-25.
  94. Web site: Federal Trade Commission Complaint. https://web.archive.org/web/20070701070236/http://www.ncrc.org/bestpractices/NCRC_Zillow_Complaint1026.pdf. dead. July 1, 2007.
  95. Web site: FTC_NCRC_Zillow.pdf. 2010-08-13. 2011-07-27. https://web.archive.org/web/20110727182357/http://www.bloodhoundrealty.com/BloodhoundBlog/FTC_NCRC_Zillow.pdf. live.
  96. Web site: Zillow Zestimate Accuracy Chart. Real Estate Decoded. 21 July 2016. 2016-07-08. 2016-07-24. https://web.archive.org/web/20160724141020/http://www.realestatedecoded.com/zillow-zestimate-accuracy-chart/. live.
  97. Web site: Inaccurate Zillow 'Zestimates' a source of conflict over home prices . Kenneth R. . Harney . Los Angeles Times . February 8, 2015 . February 27, 2018 . February 28, 2018 . https://web.archive.org/web/20180228041402/http://www.latimes.com/business/realestate/la-fi-harney-20150208-story.html . live .
  98. Web site: Zillow Escapes Worker's $5M OT Class Action Under Landers – Law360. www.law360.com. 2016-07-09. 2016-06-24. https://web.archive.org/web/20160624180430/http://www.law360.com/articles/633646/zillow-escapes-worker-s-5m-ot-class-action-under-landers. live.
  99. Web site: Class Action Certified As to Zillow Consultants for Unpaid Overtime – Chicago Business Litigation Lawyer Blog. 2016-03-28. 2016-07-09. 2016-10-11. https://web.archive.org/web/20161011200611/http://www.chicagobusinesslitigationlawyerblog.com/2016/03/3544.html. live.
  100. Web site: Zillow's alleged "frat house" culture leads to new lawsuit. Fortune. 5 December 2014. 6 December 2014. https://web.archive.org/web/20141206001717/http://fortune.com/2014/12/05/zillow-discrimination-lawsuit/. live.
  101. Web site: Mark Geragos: More Zillow employees victims of sexual harassment. www.housingwire.com. 2016-07-09. 2014-12-03. 2016-08-15. https://web.archive.org/web/20160815093923/http://www.housingwire.com/articles/32237-mark-geragos-more-zillow-employees-victims-of-sexual-harassment. live.
  102. Web site: Zillow settles sexual harassment lawsuit. www.housingwire.com. 2016-07-09. 2016-06-04. 2016-07-12. https://web.archive.org/web/20160712050845/http://www.housingwire.com/articles/37194-zillow-settles-sexual-harassment-lawsuit. live.
  103. Web site: Zillow Is a 'Modern Day Animal House': Attorney Samini. Bloomberg.com. 4 December 2014 . 2016-07-09. 2016-05-07. https://web.archive.org/web/20160507044715/http://www.bloomberg.com/news/videos/2014-12-04/zillow-is-a-modern-day-animal-house-samini. live.
  104. Web site: Zillow settles lawsuits regarding employees at Irvine sales office – L.A. Biz. 2016-07-09. 2016-06-24. https://web.archive.org/web/20160624121344/http://www.bizjournals.com/losangeles/news/2016/06/03/zillow-settles-lawsuits-regarding-employees-at.html. live.
  105. News: Dalrymple II . Jim . June 26, 2017 . A 23-Year-Old Woman Shut Down Her Real Estate Blog After Zillow Threatened Her . Buzzfeed . June 28, 2017 . June 28, 2017 . https://web.archive.org/web/20170628053745/https://www.buzzfeed.com/jimdalrympleii/zillow-went-after-this-23-year-olds-popular-real-estate . live .
  106. News: Brown . Jennings . June 28, 2017 . Zillow Sends Cease and Desist Letter to McMansion Hell, the Architectural Criticism Blog We Need Right Now [Updated] ]. Gizmodo . June 28, 2017 . June 27, 2017 . https://web.archive.org/web/20170627191808/http://gizmodo.com/zillow-sends-cease-and-desist-letter-to-mcmansion-hell-1796435051 . live .
  107. News: Nazer . Daniel . June 29, 2017 . McMansion Hell Responds to Zillow's Unfounded Legal Claims . Electronic Frontier Foundation . March 9, 2018 . March 5, 2018 . https://web.archive.org/web/20180305123340/https://www.eff.org/deeplinks/2017/06/mcmansion-hell-responds-zillows-unfounded-legal-claims . live .

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