Here are 1-3 brief analogies for Zillow:

• Expedia for real estate: It's an online marketplace and information hub where you can search for properties, compare listings, and connect with real estate professionals, much like Expedia does for travel.

• The Google of real estate: It's often the first place people go to search for homes, get property information (like Zestimates), and research neighborhoods, serving as a primary online entry point for all things real estate.

• Match.com for home buyers, sellers, and agents: Zillow connects people looking to buy or sell homes with real estate agents and related services, essentially matching parties together for real estate transactions.

Zillow (ZG) offers several major products and services focused on the real estate market:

• Premier Agent: An advertising and lead generation service for real estate agents to market themselves and receive direct buyer and seller leads.
• Zillow Rentals: A comprehensive platform where landlords can list properties and renters can search, apply, and manage rental inquiries for homes and apartments.
• Zillow Home Loans: A mortgage origination service that also connects homebuyers with various lenders to secure financing for their home purchases.
• Showingtime: A leading software platform providing scheduling and showing management tools for real estate agents and brokers.
• Dotloop: A digital transaction management platform that enables real estate professionals to manage documents, e-signatures, and workflows for real estate deals.
• Zestimate: Zillow's proprietary algorithm providing estimated market values for homes, serving as a widely referenced data and information service for consumers.

Zillow (symbol: ZG) primarily sells its services to **other companies and real estate professionals** (B2B).

Zillow's business model relies on a highly fragmented customer base rather than a few large, publicly traded corporate entities. Its revenue is generated from hundreds of thousands of individual real estate agents, brokers, landlords, property managers, mortgage lenders, and home builders, who are typically small to medium-sized businesses or sole proprietors. Therefore, it is not possible to list specific major public companies as direct customers that represent a significant portion of Zillow's revenue in the traditional sense of a major B2B client.

However, Zillow serves the following major categories of business customers:

1. Real Estate Agents and Brokers: These professionals constitute Zillow's largest customer segment (primarily through the "Premier Agent" program). They pay Zillow for advertising, lead generation, and enhanced visibility on Zillow's platforms (Zillow, Trulia, HotPads, StreetEasy).
2. Landlords and Property Managers: These customers pay Zillow to list their rental properties across Zillow's network to attract prospective tenants.
3. Mortgage Lenders: Various banks and independent mortgage companies advertise their lending services on Zillow's platforms to connect with potential home buyers and refinancers. Zillow also operates its own mortgage origination business (Zillow Home Loans), but external lenders are still customers for advertising.
4. Home Builders: Companies involved in new construction utilize Zillow's platforms to advertise their new homes and developments to a broad audience of potential buyers.

• Amazon.com, Inc. (AMZN)

Jeremy Wacksman Chief Executive Officer

Jeremy Wacksman became Zillow Group's Chief Executive Officer in August 2024. He joined Zillow in 2009 and has held various senior leadership roles, including Chief Operating Officer, President of Zillow, and Chief Marketing Officer. Wacksman was instrumental in pioneering mobile real estate shopping as an early product leader and as CMO, he guided the consumer marketing strategy that helped Zillow become a recognized brand. As COO, he operationalized Zillow's housing super app strategy and oversaw the growth and diversification of the Rentals and Home Loans businesses. He also championed strategic acquisitions such as ShowingTime and Follow Up Boss. Before joining Zillow, Wacksman held marketing and product management positions at Microsoft (Xbox and mobile) and Trilogy Software. He has also advised startup and growth companies, serving as a board director for Rover.com and Room77, and an advisor for companies including Dollar Shave Club and GoFundMe. Wacksman earned a Bachelor of Science in Computer Engineering from Purdue University and an MBA from the Kellogg Graduate School of Management at Northwestern University.

Jeremy Hofmann Chief Financial Officer

Jeremy Hofmann was promoted to Chief Financial Officer of Zillow Group in May 2023. He joined Zillow in 2017 and previously served as Senior Vice President of Corporate Development and Strategy. Prior to Zillow, Hofmann spent nearly a decade in financial services, primarily at Goldman Sachs, where he was a Vice President in investment banking and closed over $40 billion in transactions. He also held leadership roles at Credit Suisse. At Zillow, Hofmann has led crucial initiatives including the launch and execution of the company's Housing Super App strategy. He has been responsible for capital management programs, raising over $2.5 billion in equity capital and initiating a $1.8 billion share repurchase program. Hofmann also led several acquisitions, including ShowingTime in 2021, and has overseen investor relations since 2020. He holds a Bachelor of Business Administration in Finance from Georgetown University.

Rich Barton Co-Founder & Co-Executive Chairman

Rich Barton is the Co-Founder of Zillow, which he launched in 2005/2006 with Lloyd Frink. He served as CEO from the company's inception until 2010 and again from 2019 until August 2024, when he transitioned to Co-Executive Chairman. Barton is a serial entrepreneur, having founded Expedia within Microsoft in 1994, which he later led after it spun out. He also co-founded Glassdoor in 2007, a company review website that was sold for over $1 billion in 2018. Barton was a venture partner at Silicon Valley venture capital firm Benchmark from 2005 to 2018. He currently serves on the boards of Netflix and Qurate Retail Group. He earned a Bachelor of Science degree in General Engineering: Industrial Economics from Stanford University.

Jun Choo Chief Operating Officer

Jun Choo was promoted to Chief Operating Officer of Zillow Group in November 2024, succeeding Jeremy Wacksman upon his appointment as CEO. He joined Zillow nine years ago (as of November 2024) following the company's acquisition of Trulia, where he was previously Senior Vice President of Real Estate Software. Choo has been a key leader in developing Zillow's offerings, including creating the Connections platform, inventing Premier Agent market-based pricing, and spearheading the Zillow Showcase product. In his role as COO, he oversees Zillow's for-sale business strategy and operations, including Enhanced Markets and Mortgages, as well as the company's real estate industry product lines, sales, and operations.

David Beitel Chief Technology Officer

David Beitel is the Chief Technology Officer at Zillow, a role he has held since joining the company in 2005. He is responsible for overseeing Zillow's technology strategy, including internal and external technical engineering, product development, and technology operations teams. Beitel has led numerous initiatives that have significantly enhanced Zillow's technological infrastructure and driven innovation. He has a strong background in computer science from Cornell University and prior experience at Expedia and Microsoft. Additionally, he has served on the Defense Business Board for the United States Department of Defense.

The most significant clear emerging threat to Zillow is the outcome and widespread impact of the real estate commission lawsuits and the National Association of Realtors (NAR) settlement. This includes changes to buyer agent compensation rules, such as the elimination of the mandatory offer of compensation on the Multiple Listing Service (MLS) for buyer brokers. This development poses a direct threat to Zillow's core Premier Agent revenue model, which relies on real estate agents paying for leads. If the number of agents decreases, their income declines, or their business models shift away from traditional lead generation due to changes in how buyer agents are compensated, it could significantly reduce agent spending on Zillow's advertising services. This systemic shift in the real estate transaction ecosystem could fundamentally alter the economics for Zillow's primary customers and, by extension, Zillow's profitability and market position.

Zillow (symbol: ZG) operates in several large addressable markets within the U.S. real estate sector:

• Residential Real Estate Transactions (Brokerage/Agent Services): The addressable market for residential real estate agent commissions in the United States is approximately $70 billion annually. This figure represents the gross commissions paid to residential agents each year. The total value of residential real estate sold in the U.S. each year is around $1.65 trillion.
• Mortgage Origination: The total mortgage origination volume in the United States is expected to reach $2.3 trillion in 2025.
• Rentals: The market size for apartment rentals in the United States is projected to be $295.3 billion in 2025.

Over the next 2-3 years, Zillow (ZG) is expected to drive future revenue growth through several key initiatives and expanding segments:

1. Growth in Rentals Segment, particularly Multifamily Properties: Zillow has consistently highlighted robust growth in its Rentals division, with significant year-over-year increases in revenue and multifamily property listings. For instance, Q3 2025 saw Rentals revenue increase by 41% year-over-year, driven largely by a 62% growth in multifamily revenue. The company anticipates continued strong growth, forecasting Rentals to grow by more than 45% year-over-year in Q4 2025, primarily through multifamily engagement. Strategic expansion, including partnerships like the one with Redfin for multifamily listings, is broadening Zillow's reach and aiming for significant growth in this segment.
2. Expansion and Integration of Zillow Home Loans (Mortgages): The mortgage segment is a significant growth driver, with substantial year-over-year revenue increases. Zillow Home Loans (ZHL) saw a 36% year-over-year increase in mortgage revenue in Q3 2025 and an 86% growth in Q4 2024. The company is focused on enhancing the integration of Premier Agent with Zillow Home Loans, observing increased adoption rates in enhanced markets and driving strong purchase loan origination volume growth. This integration is a key part of capturing more revenue from buyers and sellers engaging with its platform.
3. Enhanced Markets Strategy and Premier Agent Adoption: Zillow is focused on deepening its presence in "Enhanced Markets" to capture a larger share of transaction value. This involves improving the integration of services like Premier Agent with Zillow Home Loans and other offerings to provide a more seamless experience for buyers and sellers. The company aims to increase revenue per transaction by driving more Zillow transactions through this enhanced experience. Continued execution in Enhanced Markets and broader adoption of tools like Follow Up Boss are expected to contribute to For Sale revenue outperformance.
4. Launch and Growth of New Products/Services and AI-Powered Tools: Zillow is strategically investing in product innovation, particularly with AI-driven features. Recently launched initiatives include AI-powered virtual staging in Zillow Showcase, an integration with ChatGPT to enhance property searches, and the introduction of Zillow Pro, a new membership service for real estate agents. Zillow Showcase, which improves the buyer's interactive viewing experience, has shown significant consumer value. These technological enhancements are expected to drive user growth, deeper engagement, and new revenue streams by improving conversion rates and monetizable transactions.

Share Repurchases

• Zillow has repurchased approximately $2.4 billion of stock as of Q3 2025 at a weighted average price of $48.
• In May 2025, Zillow's Board of Directors authorized an additional $1 billion for stock repurchases.
• As of the end of Q2 2025, $981 million remained under the share repurchase authorization.

Share Issuance

• In May 2020, Zillow priced public offerings of approximately $384 million in Class C Capital Stock.
• The net proceeds from this offering were intended, in part, to repurchase a portion of its outstanding 2.00% convertible senior notes due 2021.
• Shares outstanding for Q3 2025 were 0.256 billion, representing a 10.2% increase year-over-year.

Outbound Investments

• In February 2025, Zillow paid Redfin $100 million to become the exclusive provider of multifamily rental listings on Redfin's sites, leading Redfin to exit the multifamily rental advertising business.
• Zillow's acquisitions in the 2020s have included ShowingTime, VRX Media, and Follow Up Boss.

Capital Expenditures

• Zillow's capital expenditures from fiscal years ending December 2020 to 2024 averaged $110.4 million, with a peak of $143 million in 2024.
• Expected capital expenditures for 2025 involve maintaining fixed investment levels while investing in variable costs to drive growth in its Rentals and Zillow Home Loans segments.
• The company reduced office-related costs, with rent expense decreasing by $31 million in 2024 due to changes in office space use, reflecting a shift to a remote work model.