1.           Executive Summary

The primary purpose of these analyses is to assess the company’s financials, products and services, and customers in relation to competitors and the market, to make future financial projections and offer recommendations for Zillow Group, Inc..

The U.S. housing market is projected to remain strong. This comes despite low inventory and rising interest rates, and is being driven by high demand, particularly from millennials contending with severe housing shortages. Other characteristics include high rents and occupancy levels, and new construction affected by labor shortages, supply issues, rising inflation, and high materials costs, in addition to the industry not having fully recovered from the 2008 financial crisis. To account for this extreme level of uncertainty, as of February 2022, Zillow’s growth projections are conservative, accounting for only 3% annual industry appreciation, up to the year 2025,[1] rather than the historical 9%.[2]

The market analysis follows the company’s three-pronged business segmentation. The advertising/IMT (Internet, Media & Technology) segment is profitable, with a 57% revenue increase, and adjusted EBITDA increase from $240M to $853M (USD), from 2018 to 2021. This has allowed the company to invest in R&D at significantly higher rates than real estate competitors. Profits from the ad segment have gone into developing the now failed iBuying segment, which the company is actively winding down, accompanied by substantial write-down and restructuring costs. Further, because Zillow’s signature mortgage product: Zillow Home Loans (in the third business segment –launched in 2019) was primarily geared to support iBuying operations, it is also presently unprofitable, and faces economic risk.

The company’s market share and market projections by segment reflect that Zillow’s share in all markets it participates in is quite small; less than 5% in digital real estate advertising. Should company performance continue, we project increasing losses: decreasing operating profits and increasing net losses, to 2025. However, the company has a plan; with its “super app” ecosystem, Zillow seeks to double transactions from 3 to 6% and revenue-per-transaction from $4.1 thousand to $5.2 thousand by 2025.[3] Due to the company’s favorable cash position, and iBuying-related restructuring, and because customers aren’t just going to start flocking to the company’s websites at twice the rate, our recommendation is better utilization of R&D, including in products and services that may boost customer and partner engagement and enthusiasm.

Product and service, and competitive comparison sections of this analysis reflect Zillow as the U.S. leader in an increasingly digitized and integrated industry. Despite competition from big names like Facebook, the company’s focus on real estate and brands are advantages that drive 200M monthly unique “real estate” users to its sites and apps, and what supports core advertising revenues as Zillow partners with industry players. We conclude that Zillow’s new growth plan is more aligned to their strengths, but that doubling transactions and increasing revenue-per-transaction is an ambitious, but attainable goal that requires engaging with consumers, business model restructuring, R&D investment, and great execution.

     2.           Industry

Zillow Group, Inc. operates in the U.S. housing market of the real estate sector for advertising, buying, selling, renting, and financing residential properties. The company’s strategy has been to expand past an advertising focus to pursue transactions in related real estate services and to expand its market opportunity from the estimated $19B USD digital real estate advertising in 2019[4] to the $2.61T annual U.S. home transaction value in 2021.[5] [6] [7]

Existing-home data is a measure of the number of existing/occupied homes sold, along with their average value. Existing homes account for more than 90% of all home sales.[8] New-home data is a similar measure of the value of new/unoccupied home transactions. We describe determinants of homes-sold and determinants of value with examples in the table below.

The combined data in the graph above reflects an overall increase in U.S. home transaction value. Despite a decrease of 7.3% in the number of new homes sold in 2021 (from the prior year) –due in part to pandemic related impacts,[9] the total value of home transactions still rose, which is attributed to a sustained increase in the number of transactions and the average price of already-built homes.[10] The transaction value of existing homes has historically increased annually by 9% (average annual growth).[11]

Zillow engages with different areas of the residential market, including (1) advertising for agents, brokers, and lenders who sell homes or mortgages (2) purchasing homes directly from buyers and selling directly to sellers, and (3) providing Zillow’s own mortgage options.[12]

The company addresses respective markets in three primary business segments.[13] As such, this analysis includes an overview of three markets:

  1. Online real estate advertising through Premier Agent –and through related products and services, which is part of the company’s IMT (Internet, Media & Tech) segment
  1. iBuying –direct buying/selling homes through Zillow Offers (to-be discontinued), and
  1. Mortgages: Zillow Home Loans, and related products and services (iBuying oriented)

The progression above represents the share of revenues per business segment for the company over the previous four years, and signals a shift from primary advertising revenues to a higher share of revenues derived from iBuying of homes in the Homes segment. 2019 represented a pivotal year for the company in which 50% of revenues were derived from the newer iBuying operations.[14] But the wind-down of this iBuying segment commencing in Q3 2021,[15] and proceeding into the following quarters in 2022, will result in a regression that will show the core IMT (advertising) segment once again contributing the largest share of revenues to the company in the near future. Zillow Home Loans has been primarily oriented towards iBuying operations.[16]

                   2.1.           Markets

                                  2.1.1.           Advertising (Digital Real Estate)

Traditional advertising has been disrupted by online advertising; spending in online advertising in the U.S. real estate industry has nearly doubled in a decade, from a 34% share of digital spending (out of spending on all forms of real estate advertising), to a 65.4% share in 2019.[17] However, the share of online real estate advertising saw more growth between 2010 and 2014 (from 36 to 62%), a 26% increase, compared to only a 3 to 5% increase between 2014 and 2019, thus the rate of disruption appears to be settling.[18] The precise balance between the share of online spending versus spending on other forms of media for real estate advertising is yet to be determined, but Zillow should be conservative and not count on more than a 5% digital real estate market expansion in the coming years. This however should not be a major hindrance to Zillow; the company has shown an ability to increase Premier Agent revenues from $299M in Q3 2020 to $359M in Q3 2021.[19] This revenue growth is possible because Zillow has room to expand within the established size of the digital real estate market with effective strategies and proper execution.

Canada is among the top ten largest advertising markets in the world, and in 2020, digital advertising in Canada, with over $5.9B USD in digital spending, accounted for more than half of all ad revenues in the country.[20] The Canadian advertising market reached $11.8B USD in net ad spending in 2019, and as in the U.S., more ad spending is being directed towards digital mediums, while magazines and newspapers are projected to receive less spending.[21] Zillow is still developing its digital infrastructure and footprint in Canada, such as obtaining more direct MLS data[22] to grow its home-listing availability for website visitors, and does not conduct any Premier Agent business in Canada,[23] as the company instead focuses efforts on growing its U.S. advertising business. However, the company intends to use its successful U.S. advertising business model, including the Premier Agent product, in Canada in the future.[24]

A. “Zillow Premier Agent” Market Share. Zillow’s Premier Agent (advertising) revenues in 2019 were $923.876M[25] while the total online and offline U.S. real estate ad spending in the same year was $30.41B, according to Borrell Associates (in their 2019 Real Estate Advertising Outlook report),[26] signaling a Zillow Premier Agent share of the total digital advertising market of just 3.04%. The company’s total IMT segment revenues in 2019 includes revenues for the core Premier Agent products, as well as rentals and mortgage advertising, and in total, Zillow’s IMT segment revenues accounted for 4.20% of all real estate advertising purchases in the U.S.[27] This indicates that Zillow’s ad share is very small (between 3.04% to 4.20%), and that there is a large enough online real estate advertising market for Zillow to grow into, particularly in the categories of advertising for rentals/property managers, mortgage providers, and real estate developers.[28] The “Mortgage Providers” category spent the second largest amount on online real estate advertising after real estate agents and brokers,[29] representing a significant partnership opportunity for Zillow. Rising mortgage interest rates could increase competition amongst mortgage providers and have the effect of propelling more providers to advertise their services to reach more buyers, as interest rates gradually rise.

When assessing market share, it should also be useful for Zillow to review its share of online-only real estate ad spending, as opposed to including real estate spending of both online and offline media-types, such as newspaper, radio, and telemarketing. This should allow comparison with the shares of other real estate marketplaces who compete directly with Zillow in the digital space. This is relevant considering that spending in real estate online advertising accounts for two-thirds of all forms of real estate ad spending.[30] Zillow’s real estate ad share of the online market is approximately 4.64%,[31] (a 1.6% favorable variance from the online and offline calculated share). We determine that a challenge in comparing any digital ad market share is that the data of other advertising players, such as Facebook, may not readily reflect advertising for real estate as specifically as Zillow, a company focused solely on real estate.

B. Growth. Upon the discontinuation of iBuying, the greatest driver of growth for the company going forward is business revenue derived from Premier Agent (advertising), which the company plans to double by 2025.[32] This growth analysis follows the company’s example of excluding iBuying Zillow Offers (and related) FY 2021 revenues from growth plans,[33] because although iBuying operations accounted for a significant share of total revenues, such revenue is not relevant to the company’s future model. In 2021 Premier Agent revenues amounted to $1.4B,[34] and doubling these should provide the company an additional $1.5B (approximate) in revenues by 2025 –to be paid to the company by real estate agents.[35] [36] If Borrell (2019) anticipates real estate (online and offline) advertising to be a $41.4B market by 2024, then Zillow’s doubling of Premier Agent revenues (providing approx. $3B in revenues), should offer the company a total real estate advertising market share of 7.25% by 2025, which more than doubles their present 3.04% share. Accounting for the favorable variance determined above, Zillow’s online-only real estate ad share of the market might be approximately 8.85% by 2025, all of which is contingent on the company delivering on their double-down growth plan. Additional growth is also expected of other IMT and adjacent services, such as mortgages and closing services, which the company also plans to nearly double (in revenues) in the same period.[37]

Determining whether such growth is possible requires a review of IMT segment performance. Earnings in this segment, which includes Premier Agent, has more than tripled over the past three years –growing in adjusted EBITDA by 255%, from $240M in 2018 to $853M in 2021.[38] [39] Additionally, there was an acceleration in Premier Agent revenue growth in 2020 and 2021;[40] when real estate offices were closed due to the pandemic, agents pursued non-traditional lead-generating methods; and also, relocating home-buyers turned to online sources to source non-local agents.[41] Finally, the IMT segment is the most profitable segment for the company, after a –$650M adjusted EBITDA loss in the Homes segment in 2021.[42]

All of this indicates a possibility of Zillow growing its IMT segment revenues with Premier Agent. However, a concern with additional Premier Agent revenue growth is that annual growth appears to be stabilizing after the pandemic-driven boost; with a decrease in revenues in Q4 2021,[43] therefore the company’s growth plan might be on the optimistic side. Zillow must consider all factors which could affect its ability for additional ad revenue growth, including competitive forces. Agents can reach potential buyers with minimal or no costs through listings on their own websites or through their social media pages such as Facebook and LinkedIn.[44] Despite this, Zillow benefits from a broad audience (with over 220M average unique users), recognizable brands (including the Zestimate),[45] and a dedicated real estate marketplace, and strong partnerships, all of which offer the potential for advertising-segment growth.

C. Strategies. To attain the planned level of growth, the company wants to position itself in the center and integrate services through a “Housing Super App” to satisfy the needs of high-intent customers, so that they choose to transact with the company and the company’s partners, which in turn drives commission revenue for Zillow, per customer transaction.[46] We believe that the most vital component of this strategy is Zillow’s ability to turn a greater percentage of website visitors into people who actually choose to transact. The company can do this with: (1) marketing, to make the public aware of all products available, and (2) irresistible tools that are easy to use and offer a benefit, such as a fast and hassle-free financing pre-approval. We believe that the second most vital component of this strategy is Zillow’s ability to appeal to Business-to-Business Premier Agents such as realtors, loan officers, landlord/property managers, etc. The company can appeal to them with useful customer leads that generate greater commissions to partners, such as good-credit-score customers who are ready to finance.

D. Target. Premier Agent business success depends on Zillow’s ability to attract and retain business-to-business industry partners (primarily real estate agents and brokers) and to provide business-to-business-to-consumer services, such as transactional advertising to the customer base, as well as delivering partners with quality leads.[47] After searching for a home on Zillow’s mobile applications or websites, ready customers are typically connected with Premier Agent partners. The primary target market for Zillow’s Premier Agent products and services are agents and brokers.[48] Other target markets for the Premier Agent model include high performing mortgage professionals, property managers, landlords, home builders and regional Multiple Listing Services (MLSs).[49]

As of 2020 there were over 106,000 real estate brokerages in the U.S.[50] Zillow competes for such partners based on the following factors:[51]

  1. perceived transaction readiness of customers (high-intent sellers/buyers)
  2. return on investment (commission revenues to agents from Zillow ad expenses)
  3. price and product offerings (compared to competing products)
  4. effectiveness and relevance of Zillow’s products and services (i.e. mobile ads)

E. Competitors. Competition for the ad business of mortgage providers, rental managers, and developers is largely dependent on the same factors mentioned above.[52] Zillow’s Premier Agent industry partners, such as real estate agents and brokers, may choose to select other companies that provide needed real estate products and services, such as the following:

  1. local brokerage sites (such as London Properties in central California, U.S.)[53]
  2. major internet portals (such as Realtor.com, owned by a subsidiary of News Corp)
  3. general search engines (such as Google.com)
  4. e-commerce sites (such as HubSpot.com, a CRM provider for marketing/sales)[54]
  5. social media sites (such as Facebook.com)
  6. traditional media: newspapers/circulars, word-of-mouth referrals, and yard-sign leads

Zillow competes for customers with companies that provide technology, products, and services for real estate oriented customers.[55] Customer decision criteria that influence their selection include quality of experience, value and utility of services, breadth, depth, and accuracy of information, and brand awareness/reputation.[56] With the strength of their real estate marketplace, the company wants to support growth with higher conversion (of shoppers, visitors/dreamers, renters, buyers, movers, potential mortgagors, etc.), by increasing the number, depth, and integration of services.[57] Compared to its closest real estate marketplace competitor (Realtor.com), Zillow enjoys three-times more daily active app users.[58] The company also reports that of the estimated 6.1M annual home buyers in 2021, approximately 4.1M used Zillow to browse,[59] indicating significantly more brand and website appeal than other real estate marketplaces. Visits to Zillow increased by 6% in 2021, and the company reports an increase in the number of events they were able to monetize based on increased visits,[60] a trend that the company will need to continue to grow customer transactions and revenue-per-transaction.[61] Below we compare Zillow against (1) HubSpot, Inc., a provider of cloud-based marketing, sales, and customer service software platform, and (2) Meta Platforms, Inc., provider of the world’s largest online social network (Facebook). Despite competition, including from social media sites, the company enjoys a high level of traffic and brand awareness, specific to real estate. The company reports that “Zillow” is searched more on Google than the term “real estate.”[62]

                                  2.1.2.           iBuying

iBuying is a relatively small market, with only .5% of sellers selling their home to an iBuyer in 2021, while the other 99.5% sold traditionally.[63] In addition to being a nascent market, in our previous Organizational Analysis we attributed Zillow’s iBuying failure to the below factors:[64]

  1. inexperience in buying, selling, and renovating physical real estate
  2. over-reliance on machine computations/not being able to read the market
  3. market volatility due to external dynamics (including pandemic related effects)
  4. poor customer buy-in of Zillow Offers, only 10% high-intent customer buy-in
  5. the company’s internal risk-taking culture and prospector-type strategies

A. “Zillow Offers” Market Share. As of 2020, Zillow Offers was available in 25 locations and generated $1.7B in revenues, including the purchase of 4,162 homes, which reflects less than a 0.1% share of the estimated total annual U.S. real estate transaction value.[65]

B. Growth. Within the company’s Homes segment, Zillow Offers was a service for the purchase and resale of homes. The company plans to report Zillow Offers as a discontinued operation upon full completion of disposition; with complete disposition expected in the second half of 2022.[66] The company expects Zillow Offers revenue to decrease in the first quarter of 2022, and to continue to decrease in subsequent quarters due to the wind down.[67]

C. Strategies. The iBuying suspension and wind down process is summarized as follows:[68]

  1. press release announcing discontinuation of iBuying on October 18, 2021
  2. pause of new contracts and focus on purchasing homes with already-signed contracts
  3. selling homes (at a loss) and reducing the renovation of homes in inventory
  4. resulting 25% reduction of Zillow Group workforce
  5. write-down to inventory totaling $407.9M in 2021, with increases to cost of revenue
  6. as of February, 2022, the company has sold 85% of the wind down home inventory

Acquisition opportunities for acquiring an iBuying company, such as Opendoor, are available to Zillow.[69] We believe the company should learn from mistakes by fully assessing the cause of the Zillow Offers failure and should conduct market research to (1) clarify the full potential of the iBuying market and (2) assess its risks, such as implications of potentially declining home price appreciation. This will allow Zillow to identify future opportunities that align to its capabilities and strengths.

D. Target. For targeted high-intent sellers, the company delivered them a cash offer to purchase their home, offering control, convenience, and a quicker transaction.[70] For home buyers, the company offered listings for sale through Zillow Offers.[71]

E. Competitors. Zillow competes for business using Zillow Offers with companies and individuals who provide a primary service of buying and selling homes –based on attributes such as convenience, price, and level of service.[72]

                                  2.1.3.           Mortgages

In 2020, 64% of home-buyers obtained a mortgage at an average of $208,185 USD per loan, increasing by 13.47% (from an average of $183,469 in 2007), and as of January, 2021 American households owned an all-time high of $10.4T in mortgage debt.[73] This indicates that more people need to borrow to purchase a home, as opposed to being able to pay in cash, and that there is a higher level of debt per household than ever before, which is consistent with increasing home prices and recent level of borrowing and re-financing activity.[74]

After record-low mortgage rates in 2020, interest rates have risen and are now at pre-pandemic levels; Freddie Mac, a government-sponsored entity that guarantees and purchases loans in the secondary market, reports more than a full percent increase in mortgage rates over the past six months.[75] Despite strong economic growth, rising inflation and rising mortgage rates may exert influence on consumer sentiment, but low inventory and other factors are projected to contribute to sustained home price growth over the next few quarters of 2022.[76]

Despite mortgage interest rates, other factors can contribute to the number of homes sold (and consequently the need for mortgages), therefore, although rising rates typically have an inverse impact on home purchases, the financial crisis –for example, caused a sharp decrease in home purchases despite declining rates.[77] Similarly, we agree that negative effects from near-term rate increases may be subdued by other factors, such as the severe home inventory shortage,[78] and the desire to refinance[79] –so as to not cause steep declines in home purchases and mortgage originations near-term. However, we believe that interest rate hikes have the potential to impact the company in the long-term should rates continue rising, particularly if Zillow is dependent on a large volume of refinancing loans; when rates remain elevated, refinancing activity and the associated revenues to the company decline.[80] History indicates that climbing interest rates in 2013 and 2016 reduced affordability of purchase and refinancing loans, and that the decline in refinancing activity during those times affected the refinancing-focused business models of some lenders.[81] Because of this, and because the Zillow’s mortgage segment is already operating at a net-loss,[82] we believe that the firm must fully assess long-term risk and long-term mortgage segment profitability. In addition to hedging to reduce interest rate risk,[83] another solution is to spread out risk by appealing to customers desiring cash-out refinancing because of projected sustained growth in home prices and housing equity, instead of focusing on pure rate-term refinancing, which becomes less attractive to consumers as interest rates rise.[84]

Additionally, as the nonbank structure is vulnerable to liquidity and funding risks (due to the need to draw a line of credit to fund mortgages),[85] central to the company’s assessment should be gauging the full risk of credit dependency (by means of short-term credit provided to Zillow by banks). The Federal Deposit Insurance Corporation (FDIC) explains this cycle as follows:[86]

To understand external risk to nonbank mortgage lenders such as Zillow, it’s also important to consider the history and trends of nonbank lenders in the residential market. The financial crisis (which began around 2007) was brought about by the following:[87]

  1. high investor demand (for mortgages) and originations sold into private securitization
  2. less stringent lending/underwriting practices to fuel aggressive lender growth:
    1. offering loans with limited or no vetting/documentation
    2. offering neg. amortizing loans, interest-only loans, and adjustable rate loans
    3. a resulting rapid rise in risk

This eventually led to a sudden and sharp contraction in originations, leaving lenders with inferior mortgage loans on their books.[88] In the ensuing crisis, nonbanks faced funding strains due to the dependence on credit to finance originations, as well as strains due to the cost of mortgages in default, making them vulnerable as banks tightened their credit lending practices.[89] Post-crisis, nonbank originators have re-gained market share (after losing 12.4% share to banks between 2006 and 2007).[90] Zillow was not active in the mortgage market at that time, reducing its exposure to the financial crisis. However, the company presently faces significant competition from other nonbank mortgage originators, which are numerous, due in part to: (1) aggressive expansion efforts by nonbanks, (2) their mortgage-focused and technologically innovative models, and (3) crisis-era effects and other challenges applicable to large banks.[91] Given the changing economic climate, potential for risk, historical lessons, and stiff competition, Zillow has their work cut out for them in the mortgage segment, but may plan accordingly.

The Mortgage Bankers Association reports that more customers are using web and mobile apps to communicate during their loan process: an average of 18.9 inquiries per loan in 2020 from an average of 5 inquiries per loan in 2008.[92] As a digital marketplace, Zillow is positioned to use its technological prowess to take advantage of mortgage inquiries increasingly moving to digital formats, including mobile apps. The method and communication shifts are opportunities for Zillow to build customer relationships, boost customer retention, improve efficiency in the loan process, and reduce costs.[93] Zillow’s mortgage products can also be categorized as Financial Technology (FinTech). In addition to convenience, another benefit to consumers is speed; FinTech lenders are often able to process mortgage applications faster (an average of 10 days).[94]

Other relevant trends of the mortgage industry are as follows:[95]

  1. household equity at historic high: favorable for cash-out refinance
  2. delinquency rates continue to decline after highs during the financial crisis
  3. rise of financial tech (FinTech) lenders: 100%-online mortgage application/process
  4. rise in homeownership due to low rates and remote-work-enabled move/purchases
  5. millennials are growing as a percentage of home borrowers (53% in October, 2020)

A. “Zillow Home Loans” Market Share. In the Mortgages segment Zillow primarily generates revenue through both mortgage origination (fees) and the resale of mortgages in secondary mortgage markets.[96] Zillow Home Loans is a directly-owned mortgage transaction service available to consumers in 46 states, whereby the company originates loans and then sells the loans on the secondary market.[97] Revenue from U.S. mortgage originations is a $155B USD market opportunity,[98] and we calculate that Zillow holds less than a 0.16% share. The firm also reports that Zillow Home Loans makes up less than 0.1% of all mortgages originated in the U.S.,[99] indicating significant opportunity for growth.

B. Growth. In 2021 Zillow generated approximately $9,000 USD per loan-originated through Zillow Home Loans.[100] Similar to how advertising revenues surged due to pandemic-related impacts (before decreasing in Q4 2021),[101] the company’s mortgage segment also experienced increased revenues, due to low interest rates and conditions favorable to refinancing. However, mortgage segment revenues dropped in Q4 2021 –to the lowest point in 18 months,[102] due in part to a slight increase in mortgage interest rates.[103]

In 2021, 74% of the company’s mortgage origination volume was from refinance loans, compared to 69% in 2020.[104] Overall, mortgage segment revenue increased by $71.6M in 2021, driven in part by a 113% increase in loan origination volume, with the majority of the increase due to higher refinancing volume.[105]

Some of the overarching factors that may limit growth are as follows:[106]

  1. high level of competition from new and existing players
  2. slow growth in new home purchases
  3. reductions in refinancing activity

But the most pressing concern is the existing unprofitability of the company’s mortgage business, with a $52M net-loss in 2021, a $35M net-loss in 2019, and only a 4.5M net-gain in 2020.[107] Zillow Home Loans impact the company’s liquidity and capital resources due to being a cash intensive business that funds mortgages for resale in the secondary market.[108] Therefore, other than the iBuying Homes segment, which the company is discontinuing, the mortgage segment is primed to be the most unprofitable segment for the company.[109] Zillow can turn the level of unprofitability around with effective strategies to both make the public and potential customers aware of attractive mortgage solutions, and by delivering better-than-competitor mortgage benefits to borrow-ready customers.

C. Strategies. The company’s strategy is to use its large customer audience and recognizable brands to grow customer transactions and revenue-per-transaction, which, for this segment, is defined as Zillow Home Loans revenue divided by the number of customer transactions during a given period.[110]

In 2018 Zillow acquired Mortgage Lenders of America[111] The company intends to prepare customers for transactions early in their home-buying journey with tools such as pre-qualifications and pre-approvals,[112] and products and services to make transactions faster and easier.[113]

D. Target. Loan operations consist of (1) providing purchase money loans as well as (2) refinancing existing loans directly to consumers through Zillow Home Loans.[114] Origination of purchase money mortgage loans is influenced by home-buyers who also use other Zillow products and services, including the now discontinued Zillow Offers, and who elect to finance through Zillow Home Loans.[115] Apart from direct mortgage consumers, Zillow also wants to appeal to its business partners, such as agents and brokers, in order to support growth.[116] For example, a Premier Agent partner could recommend Zillow Home Loans to their client.

As of 2021, approximately 87% of homes were financed with mortgage debt,[117] and there were over 57,000 mortgage lenders in the U.S.[118] Zillow Home Loans is available in 46 states and the company competes for mortgage customers based on the following factors:[119]

  1. interest rates
  2. origination fees
  3. product selection
  4. level of service provided

E. Competitors. Zillow Home Loans competes with other mortgage originators based on interest rates, origination fees, product selection, and level of service.[120] Borrowers may compare offers from multiple lenders and save money due to the differing range in interest rates which may vary from lender to lender, and can have long-term financial consequences over the life of the loan.[121] In 2008, for example, monthly mortgage payments for a 30-year, $300K-loan could vary by $300.00 USD depending on whether the rate was on the high or low end of the spectrum.[122] Despite this, data by the Consumer Financial Protection Bureau finds that only about half of borrowers seriously considered more than one lender before applying, and that 77% stopped shopping with other lenders once they did apply.[123] However, we believe this presents an opportunity for Zillow to price its loans strategically and use its marketplace to communicate benefits to consumers, including facilitating comparisons for shoppers. Zillow facilitates home price comparisons with its Zestimate, so facilitating borrowing cost and transaction cost comparison for consumers is right up their alley.

While mortgage lending has traditionally been dominated by large banks, nonbank lenders, those that finance through means other than deposits, have shaken up the industry; as of 2016 the number of mortgages (1-4 family) originated by nonbanks surpassed those originated by banks.[124] Banks and nonbanks alike originate mortgages and either (1) hold the loans on their balance sheets (until maturity) or (2) securitize and sell the loans in the secondary market in an originate-to-distribute model, which is the prevalent form of financing among nonbank mortgage lenders[125] such as Zillow.[126] Thus, although Zillow originates a loan, servicing activity throughout the life of the loan is permanently passed on to other institutions.

According to data collected under the Home Mortgage Disclosure Act, Quicken Loans (an independent nonbank mortgage company –that is now named Rocket Mortgage) was the largest originator of mortgages in 2019 and 2020, with an estimated 2020 market share of 8.4%.[127] [128] This data, which is compiled by the Consumer Financial Protection Bureau, also indicates that seven of the top ten mortgage originators consisted of independent mortgage companies, with Wells Fargo Bank as the top ‘large bank’ producer, holding a market share of just 2.2%.[129] Although precise market share varies due to incomplete reporting, it’s clear that nonbank lenders are gaining in origination volume,[130] but Zillow however, with an estimated market share of less than 0.1%[131] does not make the list of top mortgage originators in the US. However, the rise of non-traditional lenders along with an increasing demand for mortgages, such as in the “refinance boom” (an observed trend since Q2 2019),[132] all present an opportunity for Zillow to steal market share from competitors and to turn Zillow Home Loans into a profitable segment.

     3.           Market Segmentation

The total addressable market for the company consists of 12.2M customer transactions, which represent the 6.1M existing homes that were exchanged in 2021, signaling 6.1M sellers, and 6.1M buyers, thus segmenting the market into the buy-side and sell-side of the transaction.[133]

The company has traditionally focused more on buy-side transactions, because it represents the top engagement opportunity with customers who seek out the company’s marketplace and products. The company estimates that two-thirds of the 6.1M total U.S. home-buyers visited Zillow Group’s sites and apps in 2021. Most importantly, about one-fourth of all U.S. home-buyers asked to connect with a Zillow Premier Agent in 2021. Finally, the company estimates their buy-side market share at 5%, and overall (buy and sell-side) customer transaction share at 3%.[134] The company also seeks to further engagement on the sell-side with integrated product offerings, as leaders recognize that at least half of customers who engage with the company’s partners are also seeking to sell an old home before purchasing a new one.[135]

The company’s strategy is to double its share of customer transactions to 6% by 2025. Company leaders believe that enabling touring of homes with the company’s ShowingTime brand, the industry’s leading home touring reservation system, is an essential component of engagement.[136] Because of the fragmentation of the market and the company’s business segment, we also offer the following highlights. Refer to Appendix A for customer analysis within the projection.

1. Real Estate Agents and Brokers[137]             3. Rental Property Managers and Related[138]

–help people buy and sell homes                     –includes execs, planners, and maint. crews

–approximately 2.4M employed in U.S.               –social used more than newspapers/d. mail

–majority use MLS to advertise                             –1.8 million U.S. workers in this category

–spent approx. $11.6B on ads in 2019                   –demand for rentals is high, rents are also high

– ~88.8% of 2019 ad spend was online              –vacancy rates are low, waiting lists are long

–increasing spending on targeted ads                        –due to market conditions, need for ads is low

– ~95% of ad budget to online by 2024                  –spent approximately $2.7B on ads in 2019

2. Mortgage Providers[139]                                     4. Home Buyers[140]

–rising rates may impact re-fi businesses              –singles comprise ~1/4 of home-buyers

– ~1.1M people work for  mortg. providers                –rising rents fuel homeownership demand

–spent approximately $15.1B on ads in 2019        –average household income $79,990 USD

–2019 shift from TV to favor online ads               –average household size: 3.4, avg. age: 39.7

–12.6% increase in online ads (2017 to 2019)      –average value of owned home $321,830

–shift to online ads to appeal to millennials          –average years in current home 6.6

–millennials watch less traditional TV        –hours/wk spent on social media: 13.6

Source: National Association of Realtors, 2021
Highlights From the Profile of Home Buyers/Sellers
Home Buyer – CharacteristicsSellers and Real Estate Professionals – Trends
first-time buyers made up 34 % of all home buyers82% of sellers contacted only one agent before selling
typical first-time buyer was 33 years of age89% of sellers listed their homes using MLS, the top source
average repeat home-buyer was 56 years of age76% reported to have provided the agent’s compensation
Homes Purchased – CharacteristicsBuyers and Real Estate Professionals – Trends
buyers want to avoid plumbing or electrical problems87% of buyers purchased through an agent or broker
buyers mostly bought homes for the full asking price7% purchased directly from a builder or builder’s agent
avg. home bought was 1,900 sq.ft., 3/bed, 2/ba, built in ‘93Agent choice was influenced by finding the right home
location choice influenced by family and friends73% of buyers interviewed only one agent
top purchase priority was quality of neighborhood90% of buyers would reuse/recommend their agent
Home Search Process – TrendsFinancing – Trends
95% of buyers used online tools in the search process87% of buyers financed their home purchase
online listing search was the 1st step of 41% of buyers1st-time buyers financed 93% of their homes
buyers searched for an average of 8 weeksdown payment came from savings for 61% of buyers
buyers looked at a median of 8 homesdown payment came from sale of old home for 56%
buyers viewed 3 of the 8 previewed homes only onlinedown payment was from fam/friend gift/loan for 28%
Home Sellers – Selling Experience 
being closer to friends/fam was most common sell reason 
home too small was cited by 17% of sellers for selling 
undesirable neighborhood cited by 11% of sellers for selling 
90% of sellers used a real estate agent to sell their home 
final sales price was a median of 100% of final listing price 
only 26% of sellers offered incentives to attract buyers 

     4.           Customer Profile

                   4.1.           Zillow Premier Agent

                                  4.1.1.           Expected Consumers

Targeted customers of Zillow Premier Agent program are real estate agents who expect to advertise, generate leads, and manage the contacts on the real estate marketplace.[141] Due to increased use of computers and information technology, newer generations rely on online browsing and information seeking activities.[142] Moreover, COVID-19 has required people to turn towards digital real estate platforms for property transactions.[143] Hence, all the agents, brokers, or their teams, who wish to advertise, manage the contacts using CRM, project the reach, and generate the leads, can subscribe to package offerings from Zillow.[144]

                                  4.1.2.           Purpose of Usage

Agents, brokers, and real estate professional teams can use this service to increase their reach in online presence.[145] Some advertising platforms such as search engines, social media platforms, and video streaming advertising platforms provide some of the advertising facilities, but they are not capable enough to target the audience intensively whose purpose belongs to transactions of housing properties.[146] Hence, the primary purpose of agents and brokers is to advertise on the platform that is dedicated to real estate, and manage the leads and contacts using CRM platforms that is not otherwise possible with other search engines or marketplace.[147]

                                  4.1.3.           Motivation Behind Purchase

Agents and brokers are motivated to advertise on Zillow platform because the website witnessed 9627.2 million visits of potential real estate customers in 2020, which grew 19 percent from the previous year.[148] Moreover, the company boasted 200.7 average monthly unique users in 2020, which increased by 16 percent from previous year.[149] Hence, the website’s dense real estate interested audience motivates and encourages agents to advertise their profiles.

                                  4.1.4.           Current Customer Characteristics

Agent analysis can be obtained from the National Association of Realtors (NAR) report as a significant portion of the Zillow agents and brokers belong to NAR membership.[150] 53 percent of real estate agents and broker groups have their own independent company, which leads them to advertise their services individually.[151] Moreover, the industry also witnesses a large portion of total professionals working according to the independent contractor settings.[152] The typical agent can be characterized by white woman aged 54 year, who owns a home and a college graduate. Among this all professionals, 69 percent of them have online business presence in the form of independent websites.[153] They prefer to communicate with their clients using phone calls, text messages, and emails, and percentages of usage are 90, 93, and 89 respectively.[154] Most of the professionals are also active on social media platforms such as Facebook, Instagram, and LinkedIn for professional reach.[155] 37 percent of the total follow a fixed commission scheme, while 23 percent prefer a graduated commission split.[156] Median gross income of the agents varies from 8500 USD to 75000 USD which predominantly depends on work experience, and vehicle expenses are the primary cost that can be accounted for near 1200 USD.[157]

                   4.2.           Zillow Offers

                                  4.2.1.           Expected Consumers

Zillow Offers target customers who desire to sell their housing properties within a short time and efficiently.[158] Moreover, COVID-19 has required people to choose to sell their property to trustable buyers as many cannot travel or get connected with many buyers due to the infectious nature of the pandemic.[159] In other words, Zillow’s expected customer group included sellers who want to sell their houses to trustworthy buyers quickly and reliably.[160] Moreover, Zillow anticipated North American residents as a customer group, since the service was launched in selected 45 regions in the United States.[161]

                                  4.2.2.           Purpose of Usage

Customers used Zillow Offers to sell their homes at competitive prices by checking estimated valuation on the website with a reliable algorithm called Zestimate.[162] Also, the sellers, who expect to buy new houses after selling the current one, can free their money by selling houses to iBuyers such as Zillow.[163] Moreover, customers, who had moved to the other cities, did not require to visit often for viewing to sellers, and still could close the deal within 1 week to 3 months.[164]

                                  4.2.3.           Motivation Behind Purchase

Motivation of the customers can be bifurcated into two parts. First, the customers were inspired by the comparatively higher prices offered by algorithms which can help them to get higher profit margins on selling.[165] Second, closing time offered by Zillow was as low as 1 week, which motivated the sellers who desired to sell their houses in a very short period of span.[166]

                                  4.2.4.           Current Customer Characteristics

Statistics of Zillow from 2021 suggests the biggest portion of sellers pertains to the millennial generation, followed by generation X, baby boomers, generation Z, and the silent generation with 31 percent, 27 percent, 24 percent, 14 percent, and 4 percent of contribution respectively.[167] Moreover, 48 percent of the total sellers belong to the “married” category, followed by “never married” with 25 percent, and 27 percent with other marital status.[168] While considering race and ethnicity, the largest group of sellers are caucasian/white with 72 percent of contribution, followed by african-american and black with 10 percent, hispanic/latino with 8 percent, asian and pacific islander with 6 percent, and others 5 percent.[169] Furthemore, 26 percent of the total sellers are high school graduates or less educated, 26 percent are 4-year degree holders, 18 percent are post graduates, and 29 percent are with some college or others.[170] Finally, statistics from 2018 suggest 53 percent of the sellers sold for the first time, 24 percent sold one time previously, and 23 percent sold multiple times.[171] 65 percent of sellers in 2021 are trying to buy new houses.[172] In short, a typical seller can be described as a 45 year old college graduated white married person with a middle level of income.[173]

                   4.3.           Zillow Mortgages

                                  4.3.1.           Expected Consumers

Mortgage segment targets customers who buy their homes using Zillow Premier Agent or Zillow Offers offerings.[174] Zillow works towards providing a one stop solution of all real estate transactions which expedite the buying, selling, renting, and mortgaging.[175] Zillow expects to serve a whole spectrum of customers from who are browsing lenders to seeking reliable home loans.[176] In other words, the company is committed to attract the outside customers who are not availing Zillow services as well as those who have already initiated the transactions services with Zillow.[177]

                                  4.3.2.           Purpose of Usage

Customers use this service to know the nearby mortgage services providers and to get home loans at competitive market prices.[178] Mortgage marketplace enables customers to effectively compare and know their mortgage lenders by providing details such as contact number, website, customer reviews, and licensing information.[179] The marketplace also helps the customers determine the proper timing and amount for the mortgage by letting them calculate and compare using calculating tools such as affordability calculator, mortgage calculator, debt-to-income calculator, amortization calculator, and the region wise mortgage rates against their expectation and fundings.[180] Moreover, by utilization of Zillow Home loans services, customers can simplify their lending process with the help of dedicated loan processing officers.[181] Not only reasonable loan rates, but facilities such as quicker loan approval and easier online loan process attracts the customers to use the service.[182]

                                  4.3.3.           Motivation Behind Usage

Search engines such as Google do not provide all the necessary information such as name, contact number and ratings along with reviews on a single page.[183] Moreover, the information is often fragmented  and biased on such search engines as the results are influenced by advertisements.[184] Hence, the best motivation to use the marketplace for the customers is necessary accumulation of crucial information on a single platform.[185] Furthermore, the marketplace also provides facilities such as online pre-qualified home loan status that helps customers to get assurance on self reported income and finances by lenders that help boost the other real estate transactions.[186] Home Loans, on the other hand, motivates customers by offering them discounts upto 7000 USD when they have also opted the other transactions with Zillow.[187] Furthemore, online pre-qualification and pre-approval loan services reduce the time duration associated with other transactions.[188]

                                  4.3.4.           Current Customer Characteristics

Consumers are primarily characterized by borrower income ratio, which can be described as relative comparison of income with area median income.[189] The largest contribution (46.7 percent) for home purchasing mortgages can be seen for the group of borrowers with a ratio greater than 120 percent in 2020, followed by borrowers having a ratio between 60 and 79 percent with 14.3 percent.[190] The Refinance sector, similarly, recorded the same trend with 51.9 percent for the borrower income ratio greater than 120 percent.[191] However, the second highest market (13 percent) was covered by borrowers having a ratio between 80 to 99 percent.[192] While analyzing the market based on race and ethnicity, Annual Housing Report reveals compelling data. In the home purchasing mortgage segment, 68.1 percent of the market in 2020 was occupied by the white (non-hispanic), followed by hispanic or latino and asians with 9.3 percent and 6.3 percent respectively.[193] In the refinance segment, white demonstrated the highest market with 66.9 percent, followed by asian with 7.4 percent and hispanic or latino with 7.3 percent.[194]

     5.           Product and Service Offering

Offering can be bifurcated into three major segments such as price, product, and service.[195] Zillow primarily provides service dominant offerings as it is associated with the marketplace, mortgage, and home flipping businesses; however, Zillow Offers have physical products in forms of housing inventory which are renovated by the company before making available to the market.[196] Combination of above three parameters, which is represented to the consumers, has been considered here for analyzing the Zillow products and service offerings.[197]

Zillow differentiates its offering in four major components such as For Sellers, For Buyers, For Renters, and For Borrowers.[198] Zillow 2.0 initiative requires Zillow to offer a broader range of the products and services, which was limited in Zillow 1.0 model.[199] Most of Zillow’s services are predominantly focused on bringing the customers to the website; which eventually helps them to generate revenue by advertising and promoting the other services as well as third party agents.[200] The combination of price with services are crucial aspects of the business as it differentiates the company from rivals such as Redfin, Opendoor, and many more.[201]

                   5.1.           For Sellers:

Zillow provides numerous services such as Premier Agent, Zillow Offers, and Zillow Closing Services for the sellers.[202] Zillow can help in connecting the interested home sellers to trusted Premier Agents, who are authorized by Zillow for the home listing and other transaction processes.[203] Introduction of Zillow Offers program, however, bought the houses directly from the eligible sellers without listing.[204] Interested sellers, who were ineligible for the iBuying Program, were provided with authorized real estate agents.[205] Home bought under iBuying (Zillow Offers) business were renovated and repaired before they were available for the buyers that enabled the company to earn more profit on the selling price.[206] Finally, Zillow Closing Services helps sellers in streamlining activities such as cleaning a title and closing transactions.[207] Moreover, the website of Zillow also provides a platform to “For Sale by Owner” (FSBO) customers to list their property online by themselves.[208] In the year 2020, the company’s iBuying business approximately reflected less than 0.1 percent of total annual country’s (U.S.) estimated real estate transaction value.[209]

This offering is predominantly dominated by services, which contain physical products such as housing inventory that came from the sellers under Zillow Offers program.[210] The price structure is higher compared to the traditional listing and closing procedures.[211] Zillow Offers, one of the crucial offerings for sellers, charged 1.5 to 9 percent of service fee (average 7.5 percent), 0 to 3 percent realtor commission, 6 percent pertaining to selling costs, 1 to 3 percent closing cost, and repairing cost of 1 to 2 percent.[212] Total cost to sellers falls between 9.5 to 22 percent of the property, which could be lower (8 to 11 percent) in traditional listing practices.[213]

Overall, Zillow Offers services reduced time drastically in selling homes by charging sellers extra cost.[214] Under Zillow Offers, sellers could expect to close the deal in 1 week to 3 months of timeline.[215]

                   5.2.           For Buyers:

Buyers are also provided with a professional real estate Premier Agent when they approach Zillow.[216] Buyers can connect with the real estate professionals for the home buying process as well as they can find the desired house by browsing the Zillow website which shows listings from Zillow Offers, FSBO, along with real estate listings.[217] Zillow has specialized facilities for the home buyers who seek newly constructed homes from the builders.[218] Zillow offers connectivity with the professional builder partners, who construct new homes and list with Zillow.[219] Zillow buyers offering also includes supplementary services such as escrow and closing services.[220] With Zillow Closing Services, buyers can easily and efficiently transfer the ownership of the house from sellers.[221] This offering primarily consists of services such as Premier Agent and Zillow Closing services.[222] The price of the offering varies from instance to instance.[223] Zillow does not focus on hiring and providing their own agents.[224] So, buyers’ cost basically depends on what type of services they want from the third party agents and what sort of agents they are hiring for the services.[225]

                   5.3.           For Renters:

Rental offering primarily connects potential renters with partnered landlords.[226] Landlords list their rental units on Zillow websites.[227] This offering is not only limited to Zillow’s main website, but also expanded to the subsidiaries such as Trulia, StreetEasy, and HotPads.[228] In fact, HotPad is a dedicated platform which significantly focuses on simplifying the rental transactions, while StreetEasy lists rental properties which are geographically located on the East side of the U.S. specifically nearby to New York and New Jersey.[229] Landlords can use this offering in two ways. First, they can advertise with the integrated network of the above four mentioned websites.[230] Second, Zillow Rental Manager platform enables and equips landlords with tools such as posting a rental listing, screening support for the online applications, signing a rental lease, and collecting rent payments with its online platform.[231] These tools are integration of individual services such as payment platforms and online signing technologies.[232]

This offering is made up of service segments, which involve almost negligible physical product components. Services of this segment, focuses on inclusion and integration of rental transactions. This offering has been evolving over the period to include different manual rental transactions with the advancement in the technology.[233] The price structure of the Rental Manager Program consists of free renting listings for the first time, and additional listings at 9.99 USD per week.[234] The listing cost is 4.99 USD per week for some states such as IA, ND, KS, NE.[235] Some states are also eligible for the 90 days property listing flat fee options.[236] To illustrate, for CA and WA, charges are 29.99 USD; 19.99 USD for WY, DE, AL, KY, MO, DC, and 14.99 USD for HI, RI, IN, MD, SC, OR, NH, ID.[237] Moreover, online screening tools for tenants also involve credit reports and background checks.[238]

Overall, rental management tools are a great flexible offering which retains customers by first alluring them to use free tools for some durations, and then engaging them with payment facility tools. This offering does not focus on just to attract the customers for one time usage, but it offers a variety of services that engages them for years.

                   5.4.           For Borrowers:

There are two main services in this domain which particularly considers customers that are willing to buy new houses or want to refinance their mortgage.[239] The data from NAR suggest almost 86 percent of home buyers finance their purchase with home loans.[240] With this consideration, Zillow has evolved its offering for the borrowers which primarily focused on connecting the mortgage companies with the mortgage and refinancing seeking buyers, but now expanded to offering the customers mortgage from the Zillow Home Loans along with marketplace.[241] Zillow Home Loans is basically a rebranding of Mortgage Lenders of America, which Zillow acquired in 2018.[242] The mortgage services from Zillow are spreaded over 45 states and jurisdictions.[243]

“Connect” is a mortgage advertising platform which connects with one mortgage lender on the basis of answers from the customers for a few questions such as housing address, whether the customers are first time buyers, credit rating, loan amount, deposit amount, bankruptcy details, and names.[244] It also suggests a few other lenders with the above information.[245] The website also provides detailed analysis of mortgage rate, lender directory, and mortgage calculator which entice customers to use its platform.[246] The ratings from the previous customers of each mortgage lender help other customers in determining the work efficiency.[247] The charges to the lenders for advertising their profiles are varied on the basis of credit score, loan amount, and loan type along with mandatory minimum deposit fee.[248]

In addition, Zillow Home Loans is a platform which provides mortgage and refinancing help to the customers with competitive interest rates.[249] Three primary loans, which are conventional loans, VA loans, and FHA loans, along with other loan options are offered at low down payments, transparency, and shorter processing timeline.[250] While VA loans do not require any minimum down payments, conventional and FHA loans require 3 percent and 3.5 percent respectively.[251] Conventional loans are offered for 15, 20, or 30 years terms which require PMI for less than 20 percent of down payment.[252] Veterans are not obliged to PMI and down payment while they get competitive interest rates, and reduced costs of closing. FHA loans, which are popular among the first time buyers, require mortgage insurance.[253] This website also determines the details of the customers by asking them some basic questions such as status of home buying journey, when they are considering the purchase, usage of new home, type of home, amount to be spent on home, down payment, and other relevant information.[254]

Overall, the offering is basically service dominated which competes on the basis of interest rates and rush of customers on the website.

In conclusion, above all the three offeing are focused on simplifying the transactions for buyers, sellers, renters, and borrowers. As Zillow is moving and adopting the 2.0 model, they are diversifying the service ranges. As Zillow Offers have ceased,[255] the offerings are predominantly service based. Prices of all the offerings are competitive and appeal to the customers to prioritize their purchase with Zillow.

     6.           Product and Service Uniqueness

                   6.1.           IMT

                                  6.1.1.           Product Difference

Zillow marketplace is a unique service platform that distinguishes it from rivals on many aspects such as type of service, price, and product (service) delivery. Most of the rivals focus more on agent or iBuying business, while Zillow predominantly focuses on research based dedicated marketplace model which enables it to differentiate in the real estate market. Other marketplace and software competitors such as Facebook and HubSpot do not concentrate solely on real estate.[256] Moreover, when Zillow started it was the first of its kind of business in the market which helped them to grow dramatically and place a unique market position.[257] So, clearly Zillow differentiate its IMT segment by providing a unique real estate marketplace platform for all stakeholders.

Moreover, the price of the service, which is charged to the customers for accessing such information, is none for the buyer’s side and very affordable for the real estate agents, sellers, and renters for most of the services. For example, CPM cost for Zillow starts from 1.5 times the rate of Facebook, but the unique monthly visitors (200.7 millions in 2020 and 172.6 millions in 2019), who came across the advertisement, were far higher and dense compared to any other platforms.[258] In other words, Zillow’s strategy to concentrate all the stakeholders in a single place, and offering them connections at a comparatively lower price distinguishes them from the competitors.

Furthermore, product (service) delivery is very crucial for the marketplace based on information. Zillow can be differentiated on three parameters of service delivery which are time, accuracy of product, and ease of access. Zillow ensures real time data updation in the listing facilities as well as Zestimate algorithm.[259] Crucial information about properties such as price and duration of market availability is dynamically updated.[260] This helps customers to determine and predict the transactions more effectively. In addition, accuracy of listings dynamics and Zestimate algorithm have been continuously improved since its inception.[261] Even minor percentage variance in valuation tools can widely impact the housing price due to its hefty amount. Error rate of Zestimate is less than 2 percent, which is quite lower compared to its rivals.[262] Third, Zillow’s user-friendly site and tools entice its users to utilize the service.[263] Zillow does not require any login from users if they want to browse the data prediction, research results, home listings, and real estate agents contacts that makes hasslefree experience for the first time users, and make them return.[264]

                                  6.1.2.           Benefits to the Consumers

Zillow’s aforementioned product difference gives added advantage to its customers. To illustrate, real estate agents can easily market their services to not only subscribed buyers, but even to one time website visitors.[265] Affordable services keep the business cost low, and virtual evaluation tools eliminate the property advisor for better predictability.[266] Advertisement according to budget enables its users to design effective marketing plans, while having better command over the ad spending.[267] Real time data from Zillow benefits agents and buyers to make time sensitive decisions more effectively and cohesively.[268]

                                  6.1.3.           Proprietary Advantage

Zillow has three patented service components such as flexible real estate search, allocation of electronic advertising opportunities, and multifaceted search.[269] Flexible real estate search enables users to modify the property attributes, and get results based on new specificity.[270] Allocation of electronic advertising opportunities feature enables advertisers place ads on behalf of them according to the allocated specified shares.[271] Multifaceted search helps organization of  multi attributed data in desired order by determining priority among subsets of bundled attributes.[272]

                   6.2.           iBuying

                                  6.2.1.           Product Difference

Zillow Offers differentiate from its customers on many terms which include price, eligibility criteria, and home value estimation. Zillow offered higher home pricing to the sellers, which made it more popular.[273] For example, a seller from Phenix sold his house (four-bedroom property) for 531300 USD to Zillow that was given an offer of 504000 USD from Opendoor, which is approximately 5 percent lower than what Zillow offered.[274] A study from Mike DelPrete shows the purchase price of homes by Zillow was as high as 65000 USD in the month of September, 2021.[275] Moreover, eligibility criteria of the sellers for qualifying them for Zillow Offers program were also lenient compared to its competitor Opendoor, which exhibited stricter criteria such as home types specificity limited to single family houses, townhouses, duplexes, condos with values between 100000 to 600000 in most of the markets, lot size of 1 to 2 acres in majority markets, property should be built after 1930, and occupied by owner.[276]

Source: mikedp.com

In addition, home value estimation technique by Zillow was unbiased and based on the Zestimate algorithm.[277] Preliminary offers were given within 48 hours of inquiry with a home estimation tool, which can even adjust the home price based on the photos and identifying the renovation with artificial intelligence.[278]

                                  6.2.2.           Benefits to the Consumers

Customers reaped a lot of benefits from Zillow Offers. They would be able to sell their current property at a higher price in a short period of duration.[279] Second, they could experience a transparent and reliable home selling process. Third, the offering price does not only consider the past property and land data for the current home prediction, but it also includes the secondary parameters such as modification and renovation of the house.[280] Finally, the customers who wanted to sell their houses quickly could easily make it as Zillow Offers qualified them to close a deal between 7 to 90 days.[281] In other words, Zillow Offers became a boon for sellers wanting to move to the other cities quicker.

                                  6.2.3.           Proprietary Advantage

Zestimate, one of the most advanced artificial based home valuation tools, has numerous subcomponents which are proprietary advantageous. Electronics content sharing, building interior data acquisition and determination of location from image, automated mapping generation tools, determination of domestic return rate on home renovation, determination of rent rate from attributes of recently listed homes, optimization of marketing platform for sellers, determination of property value from owner input, prediction of remodeling cost, and determination of property value by consideration of value impacting features are some of the patented tools which Zillow seemed to incorporate in Zillow Offers.[282]

                   6.3.           Mortgages

                                  6.3.1.           Product Difference

Zillow Mortgages is a complete real estate mortgage and refinancing solution which provides a combined marketplace and lending service.[283] There are some market players who work towards simplifying the mortgage and refinancing transactions by either providing a marketplace service or lending service, but Zillow is a unique service provider who differentiate itself by providing both of the services parallely.[284] Mortgage marketplace not only provides a directory of lenders, but they suggest the suitable lender from nearby and transfers the data of an inquirer to lenders directly.[285] Customized loan rates are also offered on a single page with comparison of other lenders which makes it easy to make a decision.[286] Zillow is also differentiated on the basis of calculation tools it offers. While Lendingtree boats 9 calculators such as home affordability, mortgage payment, cash-out refinance, refinance breakeven, home equity, reverse mortgage, FHA loan, VA loan, and Rent / buy, it lacks the most crucial analysis such as amortization graphs and schedule breakdown that Zillow calculators provides along with basic facilities.[287] Zillow Home Loans competes and maintains its unique position in the market by providing loans at competitive interest rates (4.125% for 30 years), APR (4.147 % for 30 years), and release time.[288]

                                  6.3.2.           Benefits to the Consumers

Zillow customers such as buyers get maximum benefit from these services. They do not have to switch the platform for the mortgage and refinancing. Moreover, there are some special discounts and advantages that customers can get while using services such as coordination in loan release and purchase of home, special concession on bundle services, and many more.[289]

                                  6.3.3.           Proprietary Advantage

Zillow bought Mortgage Lenders of America for 60 million USD in November, 2018. Zillow has only one registered proprietary advantage in this segment.[290] It has more than 300 employees who are qualified loan processing professionals; they advise the borrowers in each step of the process.[291]

     7.           Product and Service Descriptions

Zillow products and services are numerous.[292] For the detailed analysis, primary services which contribute a significant portion of total revenue are considered.[293] IMT segment consists of primary two subsegments such as Zillow Premier Agent and other advertising.[294] The contribution of the IMT segment was 1450.232 million USD, which can be further bifurcated into two parts such as 1046.954 million USD for Premier Agent and 403.278 million USD.[295] IMT is an interconnected service platform which expands its area of operations beyond Premier Agent advertising.[296] Similarly, Zillow Mortgage is also a hybrid service which concentrates on earning from advertising and lending home loans.[297] Moreover, the Mortgage segment accounted for 174.210 million USD.[298] Zillow Offer contributed 1710.535 million USD in 2020.[299] So, above all mentioned services are described below.

                   7.1.           Advertising

Source: Zillow Group, Inc.

Advertising is one of the main revenue and profit generating services of Zillow.[300] Zillow primarily generates revenue from advertising from Zillow Premier Agent and advertising from rental, display and new construction.[301] Zillow advertising segments predominantly charge customers on the basis of cost per click, cost per lease, cost per impression, cost per listing, and cost per lead.[302]

In addition, Zillow offers numerous softwares which are integrated into the different website portals focusing to serve Premier Agents, landlords, renters, sellers, and buyers.[303] Traffic on the website comes from customers seeking real estate information, real estate enthusiasts, housing sellers who want to list the properties, buyers who want to browse the housing databases, and mortgage seekers.[304] The charges for the advertising are imposed upon all the interested customers who want to avail the services which is not only limited to sellers, buyers, agents, landlords and mortgage lenders, but also outsiders who want to build the brand through Zillow Website.[305] There are numerous packages according to advertising arrangements.[306] Zillow advertising domains are Zillow, Trulia, StreetEasy, and HotPads.[307] A subscription of a common package helps customers advertise their content on all the subsidiaries as well.[308]

                                  7.1.1.           Zillow Premier Agent

Source: https://wp.zillowstatic.com

Zillow Premier Agent service concentrates and expands service offering to real estate agents seeking leads, agents desiring query calls, and interested agents who want to claim the listings.[309] The portal is not the solution for the customers who are willing to purchase only CRM, exclusive leads, or IDX websites, but it is more of an advertising and lead generation solution. Although CRM and lead generation are part of the service, the primary service is advertising.[310] While the service charge varies from location to location in the U.S., guarantees are not provided that the lead will be converted.[311] Charges for the advertisement start from 20 USD to 60 USD that differ in price depending upon  ZIP codes, competition level among the region, and spending on ads.[312] Furthermore, Zillow Flex, another package which helps tremendously to the new agents, charges agents upon closing of successful deals.[313] The website provides detailed calculations of return on investment, budget options, approximately additional leads, connections, average home values according to the ZIP codes.[314] Cost per 1000 Ad views can be varied from 20 to 76 USD according to ZIP codes.[315] The main features of the service include management of listings, lead generation, contact organization and management, and reporting along with forecasting.[316] As any other advertising services on Zillow, this service also extends its benefits to Trulia, HotPads, and StreetEasy through premium placement facilities.[317]

In addition, services features involve pipeline management, Zillow 3D homes, third-party leads, mobile application, and team brokerage solutions.[318] In other words, the service focuses more on connecting agents with potential customers by providing necessary tools and advertising platforms.[319]

                   7.2.           Zillow Mortgages

Source: bombbomb.com

Zillow Mortgages, which launched in the first quarter of 2008, primarily focused on providing quotes to the loan borrowers on the anonymous basis while lenders got free leads.[320] The purpose of this service was to provide accurate information to the borrowers by not hurting their credit rating and connecting them with potential lenders who can give precise information such as interest rates according to the borrowers data.[321] The website database has grown up to be one of the most reach on the web.[322] To illustrate, the database for Washington boasts approximately 1940 mortgage lender contacts with NMLS number, ratings and reviews.[323] Moreover, Zillow has also entered the lending business which is described below.[324]

                                  7.2.1.           Zillow Home Loans

Source: Zillow Group, Inc.

Zillow Home Loans, which started in 2019 and headquartered in Kansas,  aims to streamline the mortgage processing, by providing mortgages from Zillow.[325] The digital lender business segment from Zillow, which operates predominantly from the website, has almost negligible presence in the form of physical branches.[326] To apply for a loan, one can either fill up the form on the website or can opt to give details through a call.[327] Although the company focuses on limited loan options compared to its rivals, the approval and closing duration is significantly lower, which is two days and approximately 40 days respectively.[328] The subsidiary, with more than 300 employees, provides a dedicated loan processing and guiding officer that helps customers throughout the mortgage process.[329] The website engages customers’ attention by offering supplementary services such as mortgage calculators and checklists.[330] The company also provides discounts and supportive schemes for the customers who have availed the Zillow Premier Agent services.[331] The customers with such eligibility can save 1% of total transactions upto 7000 USD. Zillow’s loan types involve conventional, fixed-rate, FHA, Rate-and-term, and VA loans; however, it does not offer USDA loans or jumbo loans.[332] While the majority of the United States are eligible for the loans, New Jersey and New York are exceptions.[333] There are some additional eligibility requirements such as minimum 620 credit score and some residential credentials, and minimum borrower requirements consist of 3 percent of minimum down payment as well as mandatory private mortgage insurance (PMI) for less than 20 percent of down payment for conventional loans.[334] Furthemore, 3.5 percent of minimum down payment along with PMI and a funding fee for FHA loans and VA loans respectively.[335] Moreover, refinancing loans from Zillow also allures existing loan borrowers, who are provided with the refinancing calculator for better predictions and calculations.[336]

                   7.3.           Zillow Offers

Source: Zillow Group, Inc.

Zillow Offers was basically a iBuying service from Zillow, which helped the sellers to sell their housing properties quickly and efficiently. As the Zillow 2.0 model was initiated, Zillow launched Zillow Offers in 2018 to provide better services on the sellers side.[337] Zillow Offers would buy the houses from eligible sellers, repair and renovate them, and sell them from the Zillow website.[338] Zillow Offers was launched step-by-step in 45 cities, and guaranteed closing time within 1 week to 3 months.[339] Initial cash offers were provided within 48 hours with the help of the Zestimate algorithm.[340] The benefits of the services was that the company provided higher comparative price for the property, shorter estimation time, and supplementary services such as Zillow Home Loans to simplify the transaction processes and elevate the speed.[341] For these benefits, the company charged a little bit higher fee compared to its competitors.[342] The total fees of the service was 9.5 to 22%, which contained subcomponents such as service fee (1.5 to 9%), realtor commission (0 to 3%), selling costs (6%), closing costs (1 to 3%), and repairing cost (1to 2%).[343] The service was just five step process, which aimed at simplifying the home selling process as easy as other goods, included requesting cash offer online by providing basic information about homes’ features, receiving a preliminary cash offer, scheduling home inspection with Zillow’s home inspector for repairing assessment, reviewing the final offer, and closing a deal.[344] The advantages of Zillow Offers include no-obligation cash offers, flexibility in closing, sellers do not need to repair, and no need to list.[345] The company also rolled out supporting services such as Zillow Home Loans and Zillow Closing Services to expedite the home selling process and reduce the stress associated with.[346]

     8.           Competitive Comparisons

Zillow’s diverse product and service range requires independent analysis and comparison of each product or service with its competitors to determine how they are competing in the market. In other words, Zillow has different competitors for different business segments. The following comparison provides a pivotal understanding of three major business segments of Zillow and its relative performance with the competitors.

                                  8.1.1.           Advertising (Zillow Premier Agent)[347]

The company’s one of the most successful products from the IMT segment, which is Zillow Premier Agent, focuses on providing the platform for advertising. One of two primary competitors of the product are HubSpot, which does not own any marketplace, but provides multiple customized advertising tools that entice a considerable number of real estate agents. Facebook (Meta) has grown to be the one of the most successful social media platforms, which not only concentrates on providing the advertising platform, but also offers a marketplace for the real estate listings that attracts individual real estate agents along with large corporations such as Realogy and Realtor.com.

ParametersZillowHubSpotFacebook (Meta)
Service QualityHighHighHigh
VarietyIt provides numerous advertising tools such as Advertising Platform, CRM, and budgeting tools.Offers software for marketing, sales, and related services which includes CRM software, integrated social media response system, and budget monitoring.Social media platform, market place, integrated advertising tools, and budget monitoring.
PriceRanges from approx. $150 to $1000; depends on service and marketing requirements. Average CPM (Cost per thousand Ad Views) varies from $20-$76, changes according to geography.Various Plans according to the requirements. Professional plan starts at approximately 800 USD per month + advertising cost.Flexible budget options for different ad bidding models. Average Cost-per-click (CPC) 0.97, CPM 7.19, Cost-per-like (CPL) 1.07, Cost-per-download (CPA) 5.47. 
ImageGood. Very popular among real estate customers and agents. Good. Ad platform used by all professionals, but it has more rigid subscription plans.Moderate. The company has recently struggled due to data related concerns.
LocationThe United StatesMore than 49 countries including the U.S.26 countries including the United States
Target UsersReal estate stakeholders such as buyers, sellers, agents, lenders, and renters of any age and belong to the U.S.Customers seeking software and services for marketing and sales.Customers who wants to extend their reach and brand awareness on social media
Tech IntegrationHigh. Many patents for web and algorithm improvement.HighVery High
Business diversificationHighly diversifiedLimitedModerate
Celebrity AppealNoneNoneNone
MarketingTelevision Ads, Youtube, social mediaYoutube, social mediaYoutube, social media
CSRInitiatives in activities such as equity, belonging, ethics and integrity, and 5 million USD donation to fight housing insecurityHubSpot Helps initiative provides helps in entrepreneurship and education, wind farm project, Blue Creek Salmon Conversation Project, and emission reduction projectCommunity help, reducing carbon footprint, energy sector improvements, water positive initiatives, and promotion of biodiversity and responsible supply chain
Customer ServiceModerate. Phone, walk-ins, and by submitting requests.High. Provides, chatbot, email and phone supportModerate. Online help center.
Business ModelHas its own marketplace, and advertises on Zillow, Trulia, StreetEasy, HotPads, and Google Ads.Advertises on third party search engines, through emails, and social media platforms such as Facebook, Twitter, LinkedIn, etc.Advertises on their own marketplace, and posts.


                                  8.1.2.           iBuying (Zillow Offers)[348]

Zillow Offers, which focused on the house flipping business, has two major rivals Redfin and Opendoor. Redfin operates iBuying under the name “RedfinNow,” while Opendoor itself is a major iBuyer. All three companies are analyzed below.

Service QualityHighHighHigh
PriceService fee: 1.5 -9 % Commission: 0-3% Repairing: 1-2 % Selling charges: 6% Closing charges: 1-3% Total costs/fee: 9.5-22 %Service fee: 5 % Cost of closing: 1-3 % Repair cost: 1-2 % Total costs/fee: 7-10 %Service fee: 5-13 % Closing charges: 1-3 % Repair charges: 1-2 % Total costs/fee: 7-18 %
ImageComparatively less trusted and costly service providerMost successful and affordable service providerPricing ambiguity, elevated service fee means less trusted
LocationThe United States (45 metro locations)The United States (45 markets; Offers diff services in diff markets)The United States (45 Cities)
Target UsersSellers who want to sell their houses quickly and without compromising selling price.Sellers who desire to sell their houses quickly at the same time want to buy new houses.Sellers who want to sell quickly and can compromise the selling price up to some extent.
Tech  IntegrationHigh. Preliminary offers made based on the Zestimate algorithm.Moderate. Estimate based on the calculation formula & price expert.Moderate. Redfin uses its own valuation model for estimation.
Business diversificationHighly diversifiedLimitedModerate
Celebrity AppealNoneNoneNone
MarketingTelevision Ads, Youtube, social mediaTelevision Ads, Youtube, social mediaTelevision Ads, Youtube, social media
DistributionOnline and partially in-personOnline and partially in-personOnline and partially in-person
CSRInitiatives in activities such as equity, belonging, ethics and integrity, and 5 million USD donation to fight housing insecurityLimitedLimited
Customer ServiceModerate. Phone, walk-ins, and by submitting requests.High. 8 help centers across the U.S., phone and email assistance.High. 26 offices across the U.S., phone and email assistance.
Business ModelBuy properties in a short time by offering competitive market price using algorithms, and generate revenue through house flipping, attracting customers on websites, and providing subscription based supplementary services.Attract sellers and generate revenue by offering unique low cost selling services, and also engage them by providing secondary real estate services.Assist customers generate revenue through iBuying platform, which enables them to sell houses quickly while providing options to choose flexible closing dates.

                                  8.1.3.           Mortgages (Zillow Mortgages and Home Loans)[349]

ParametersZillowRocket MortgageLendingTree
Service QualityHighHighHigh
VarietyMarketplace and loans such as conventional,  Fixed-rate, FHA, VA, Rate-and-term, and refinancingMarketplace and loans such as conventional, FHA, VA, fixed-rate, FHA Streamline, Jumbo loan, refinance, and adjustable-rate.Marketplace
Interest Rates and APR (15 years fixed)Changes frequently. Interest rate is 2.95% and APR  is 3.08%.Changes frequently. Interest rate is 3.13% and APR  is 3.53%.Marketplace which connects to mortgage providers. Interest rates from 2.4 – 4%; APR varies from 3.1 – 4.3%
ImageGood, but it is not widely known that the company also offers loans along with the mortgage marketplace.Excellent. Widely known and trusted by users.Good, but due to being a marketplace, there are some intermediary transactions which customers find hard. 
LocationThe United States except New York and New JerseyThe United StatesThe United States
Target UsersCustomers seeking mortgages.Customers seeking mortgages, personal loans, and auto loans.Customers seeking personal loans, business loans, student loans,  debt consolidation, auto loans, credit cards, and mortgage services.
Tech IntegrationHigh. online application processing tools.High. online application processing tools.High. online application processing tools.
Business DiversificationHighly diversifiedModerateModerate
Celebrity AppealNoneBryson DeChambeau Rickie Fowler Lexi ThompsonNone
MarketingTelevision Ads, Youtube, social mediaTelevision Ads, Youtube, social media, Google adsTelevision Ads, Youtube, social media, Google ads
CSREquity, belonging, ethics, integrity, and 5M USD donation to fight housing insecurity.strategic community investment, equity, inclusion, and diversity.Signature giving programs and funding non-profits
Customer ServiceModerate. Phone, walk-ins, and by submitting requests.Poor. Phone service only. No physical branches.Moderate. Contact form and phone.
Business ModelGenerates revenue from subscription fees, advertising, and interest from loans.Revenue from selling loans, service contracts, and services such as title insurance, agent service, and marketing.A marketplace which generates revenue from advertising and commission.


                                  8.1.4.           An International Competitor

Rightmove, a U.K. based real estate online portal boasts 74 percent of total market share in the U.K. while securing 150 million visits per month and more than 1.2 million properties listing on the website, could be a potential competitor of Zillow.[350] The threat to Zillow can be revealed from the fact that apart from focusing on the U.K. properties, Rightmove also lists properties from numerous other countries including the United States.[351] While offering high quality service, the company’s service variety is limited to advertising selling and property data management.[352] Its business model is different from Zillow as Rightmove charges its customers such as real estate agents and property developers for listings rather than subscription for agent advertisement.[353] Their targeted users are agents, developers, buyers, and renters.[354] The business is more concentrated on advertising, and does not offer diversified products and services as Zillow. While the company provides moderate customer services with existing offices, technological integration enables them to offer features such as floorplan, keyword sort, where can I live, school checker, market information, draw a search, and view notes.[355] Finally, they primarily market their services using television commercials, Youtube, and social media platforms, while not engaging any brand ambassador.[356] Overall, Rightmove, a leading U.K. real estate data and service company, could be considered as a prominent competitor of Zillow as they are entering the foreign market. While having a partial similar business structure, Rightmove can provide comparative understanding of Zillow’ relative performance in the online real estate business. Moreover, Rightmove is considered for financial analysis in following sections as it provides a great international benchmark for comparison.

     9.           Research and Development

One of the company’s strengths is leveraging internal talent and existing technologies for a robust level of research. Technological research involves integrating tools and algorithms of technologies such as artificial intelligence and machine learning which are used by the company’s Zestimate.[357] But the ongoing challenge for the company has been a continual effort to improve Zestimate technology; an attempt to obtain less deviation of home valuations from actual market rates.[358] The company attempts to meet technological challenges and opportunities with substantial R&D contributions. In 2020 the company spent $518M USD on research and development, representing 33.47% of the company’s total 2020 operating expenses. Additionally, the company has consistently increased expenses in research and development over time at a higher level than competitors.[359] Thus, Zillow has a strong research orientation and often directs such R&D efforts at Zestimate technology improvement.

When it comes to housing-market research, the company’s weakness lies in poor development of such information to gain a market advantage, as evidenced by the announcement of the discontinuation of Zillow Offers (iBuying), due in large part to home-value projection errors. Such miscalculations by Zillow exceeded those of iBuying competitors who were better able to adjust to erratic conditions in the marketplace[360] through their own research and tools. Thus, we attribute the company’s weakness not to a lack of market research, but rather to a lack of development of such information to gain any meaningful iBuying advantage over competitors. Additionally, poor use of market research coupled with the company’s long term focus on the Zestimate may have contributed to an ineffective expectation of machine calculations for what required human review and development of real-time market data. Going forward, the company should continue or increase the level of R&D expenditures for both technology and market research. However, to support market research, company leaders should first assess the company’s internal business structure, now that iBuying operations are being discontinued, and also boost the level of internal training to develop an effective process by which to make on-the-spot operational decisions. Doing so will allow the company to utilize its Zestimate technology, market research, and internal human talent to seek an advantage over competitors with effective use of R&D.

 10.           Patents and Trademarks

The company boasts over 5 trademarks and 51service marks, with some in the table below.[361] The company’s core intellectual property is the Zestimate, which is geared towards consumer engagement and leverages an automated valuation model to provide real-time value estimates.[362] The company had 48 patents and 76 pending applications as of 2020, some of which apply to the collection, storage, and display of home values and creating the Zillow 3D home tours and floor plans.[363] The company’s multiple proprietary technologies, brands, and trademarks are a result of both the company’s technological strength –as with the 3D Home app for virtual tours, and the company’s growth strategy[364] –as with the horizontal acquisition of HotPads (for rentals).

3D Home®Heading Out™Postlets™Retsly®
Buyfolio®Home Capture™NewHomeFeed®Showings on Demand®
Agentfolio®Homestat®One Block Over®StreetEasy®
Better Together®HotPads®O.R.E.X.®Zillow Prize®
Bridge Interactive®HREO®Out East®Trulia®
Builder Inform®Naked Apartments®PeopleWork®Unlock™
Building Experts®Instant Offers®RETS IQ®Version-Now®
Digs®Loop It®Premier Agent®Zestimate®
Dotloop®Make Me Move®Premier Broker®Zillow®
Dueling Digs®Marksman®RealValuator®Zillow Digs®
Envoy®JustListed®Rental Inform®Zillow Instant Offers®
Find Your Way Home®Mortech®Rentaissance®Zillow Offers®

As a bundle, these proprietary rights allow the company to pursue its integration strategy to engage in related transactions, such as MorTech financing transactions, and vertical integration with MLS-supplied data by Retsly.[365] Competitors such as Redfin take on a similar approach. Redfin’s proprietary home valuation technology, Redfin Estimate,[366] is the Zestimate equivalent. As of June 30, 2017, Redfin owned 18 trademarks, including “Redfin,” “Walk Score,” and “Title Forward”.[367] However, as evident in Zillow’s market lead,[368] Zillow capitalizes on better brand awareness than competitors, but the company must stay both positive and relevant in the minds of consumers, especially in light of the recent Zillow Offers (iBuying) failure.

Zillow has traditionally benefited from awareness and customer loyalty to the Zillow brand, enabling it to attract and retain customers.[369] Going forward it will be essential for company leaders to assess Zillow’s brand image and make corrections to retain the brand advantage.

 11.           Financial Projections


1. Refer to Appendix A for data related to our financial predictions for the company.

2. Refer to Section 2 for market growth analysis by segment.

The company plans to (1) increase its share of the digital ad market from approximately 4.64% to 8.85% by 2025,[370] [371] [372] and (2) increase its estimated 0.16% share of the mortgage market by (a) boosting customer transactions and (b) increasing revenue-per-transaction, with central positioning of company products and services in the “housing super app.”[373]

Housing prices: (1) have undergone strong growth since 2016, (2) are a top consideration for assessing the health of the residential real estate market, and (3) inform the commission-based revenues of industry professionals.[374] Increasing home prices reflect rising demand, in light of relative supply of single-family homes, and a resulting increase in commission fees paid to real estate agents and brokers.[375] Over the past five years the housing industry experienced growth due to the health of the economy, and despite economic disruptions and social distancing in 2020 and 2021, the market remained strong due to work-from-home capabilities and consumers moving out of cities into suburbs.[376] Zillow’s ad growth depends on the sustained competitiveness of the market, and as agents and brokers increasingly spend more dollars online as opposed to traditional methods.[377] Thus, the company is eager to continue taking a share of commission from each transaction in which Zillow is a part of.[378] In their industry report summary for Real Estate Sales & Brokerage in the U.S., IBISWorld expects industry revenues to continue growing over the next five years to 2026, but with accompanying factors to limit the rate of growth, such as higher cost of borrowing acting to moderate demand.[379] However, a boost to residential construction is expected to be a counterbalancing factor, helping to increase industry sales volumes and agent/broker commissions over the next five years.[380] Despite favorable market conditions, and based on past company financial performance, the graph in the above section, and data in Appendix A, Zillow is projected to experience decreasing operating profit and increasing net loss, as net margin and operating margin remain mostly unchanged.

Whether Zillow can generate more transactions depends on engagement and connecting consumers and agents in ways that allow the company to retain a portion of commission, while at the same time, increasing revenue per transaction depends on the company being able to sell adjacent services.[381] Therefore, the company has an executable plan to make a positive impact on the negative financial projections we have presented, but growth depends on actual execution, particularly in Zillow Home Loans, in the company’s unprofitable non-core segment.

 12.           Financial Analysis

The company’s financials reflect overall Internet, Media, & Technology (IMT) segment revenue increase of 57% from 2018 to 2021, and adjusted EBITDA increased from $240M to $853M, indicating approximate 3.5 times growth over this period.[382] This strong gross profit generation in IMT, and the company’s favorable cash position of $3.1B in Q4 2021, offers financial stronghold and investment and innovation possibilities to drive the company’s growth strategy.[383] The following sections represent financial analysis with the use of ratios. The ratio analysis indicates a favorable cash assessment and an unfavorable profitability assessment.


1. Tables below are self calculated based on financial reports from Morningstar[384], unless otherwise cited.

2. Ratio calculations and basic definitions are based on our own knowledge and research from our past Financial Management course. In many instances the ratio name is self explanatory of the calculation.

3. Finally, comments to support our ratio analysis are based on public financial report information, as well as information already discussed in prior sections of this report.

               12.1.           Cash Assessment

                              12.1.1.           Working Capital as a Percentage of Annual Revenue

Working Capital, which can be described as total current liabilities deduction from total current assets, is compared with total revenue on a percentage basis to get the working capital as a percentage of capital revenue.[385] This ratio can provide vital understanding such as how much one company is engaging working capital compared to its revenue. Zillow has quite higher values compared to its competitors. While Rightmove has demonstrated exponential growth in the ratio, Zillow showed almost the same values for 2018 and 2020 while decreasing at 94.41 percent in 2019. Opendoor also grew dramatically in 2020 from the previous year with a value 64.25 percent. Detailed analysis of Zillow ratio explains the higher value of the ratio comes from one of the three contributors of the current assets such as receivables, inventory, and cash, cash equivalents and short term investments. Cash, cash equivalents, and short term investments contributed 82%, 69%, and 79% of the total current assets in the year 2018, 2019, and 2020 respectively, which clearly depicts that the higher onhand cash proliferated the ratio.

                              12.1.2.           Current Ratio

Current ratio, which can be defined by ratio current assets divided by current liabilities, can explain the capability of a company to pay short term liabilities on the basis of short term assets.[386] Zillow’s current ratios are comparatively very high with the values 6.58, 3.81, and 5.46 in 2018,2019, and 2020 respectively, and demonstrated fluctuated declination over the years. While Opendoor grew from 1.85 to 5.22, Rightmove also exhibited a similar trend for all the three years. This explains Zillow can easily pay its short term liabilities with the help of current assets such as cash, cash equivalents, and short term investments, receivables, and inventory.

                              12.1.3.           Quick Ratio

Quick ratio is defined by ratio of summation of cash, cash equivalents, short term investments, and current receivables divided by current liabilities.[387] This ratio differs from the current ratio as this ratio does not include inventory for the calculation.[388] Hence, this ratio provides a more realistic picture of the company.[389] In 2018, Zillow boasted the highest ratio among its competitors with value 5.64, which diminished over the years to become 4.39 in 2020. Zillow showed half of the value in ratio from previous year with 2.70 in 2019. Opendoor and Rightmove both elevated their quick ratios by several folds from 2018 to 2020. While the highest ratio pertained to Rightmove in 2020, Zillow’s value was sufficiently higher to pay its current liabilities.

                              12.1.4.           Account Receivables Turnover

Account receivable ratio can be derived from total revenue divided by current receivables.[390] Zillow’s ratio is higher compared to its competitors. In the year 2018, the ratio was 20.18 which grew significantly to become 4.93 and 47.75 in 2019 and 2020. Opendoor Financial statements lacked information about current receivables. So, the ratio calculation was not possible for the company. On the other hand, Rightmove’s ratio decreased from 15.34 to 10.83 in the past three years. Higher ratio shows more times the company turned its accounts receivable.[391] Hence, Zillow’s performance is best among its competitors. In other words, Zillow turned its accounts receivable average 48 times in the year 2020, while Rightmove turned only 11 times.

                              12.1.5.           Inventory Turnover

Inventory ratio can be defined as costs of goods sold divided by inventory of the company. Inventory plays a pivotal role in a company’s liquidity.[392] Unnecessary higher inventory can occupy cash without reason, and lower inventory than sufficient level can detrimentally impact the sales.[393] Hence, inventory turnover ratio describes how one company is arranging and managing its level of inventory. Zillow’s ratio increased in the past three years from 0.94 to 3.58, before increasing to 1.71 in 2019. Opendoor’s ratio is comparatively higher than Zillow in all years, and showed an increasing trend. Rightmoves’s ratio could not be determined as the financial statements lacked information about costs of goods sold. Inventory period, which is 365 days in numerator and inventory turnover ratio in denominator, explains better for comparison.[394] Zillow’s inventory period is 387, 214, and 103 days for 2018, 2019, and 2020 respectively, while Opendoor’s period is 108 and 72 days in the year 2019 and 2020 respectively. Higher the turnover ratio, lower the inventory period. Here, the ratio is revealing Zillow’s inefficient management of inventory. The major inventory of Zillow was housing property bought under iBuying business from 2018, and financial data shows the inventory was null prior to 2017. Opendoor demonstrated more successful iBuying operations compared to Zillow. As Zillow has already ceased the Zillow Offers, the company has made a correct decision.[395]

                              12.1.6.           Payables Turnover


Payables turnover can be defined as costs of goods sold in the numerator and accounts payables in the denominator.[396] This term explains how many times a company pays to its suppliers in a year. It is a short term measurement of liquidity. Zillow’s turnover was 2.18 in 2018, which increased by several fold in the year 2019 to 15.27, and settled at 15.48 in 2020. Rightmove’s turnover calculation was not possible due to costs of goods sold data’s absence. Opendoor, on the other hand, showed much higher turnover with the value 125.2 and 114.76 in 2019 and 2020, which shows the company is paying more often to its suppliers. In both of the companies, suppliers are primarily house sellers who sold their homes to the respective companies. Opendoor’s higher ratio shows the company paid its sellers more frequently and at a faster rate than Zillow. Hence, Opendoor’s operation was more efficient.

                              12.1.7.           Long-term Debt/Owners’ Equity

Long-term debt/ owners’ equity ratio explains relative share of debt compared to owners equity.[397] Zillow’s ratio was comparatively lower in 2018 and 2019 from its competitors with value 0.31 and 0.78 respectively, but both the competitors managed to reduce to 0.36 and 0.30 for Opendoor and Rightmove respectively in 2020. Higher ratio, for example greater than 1, shows that the company’s debt has exceeded the equity’s amount, which can lead to a risky situation if it increases further.[398] Opendoor showed negative value in 2019, which resulted from the negative equity.[399] Negative equity was resulting from higher liabilities than assets in the year 2019, which was a very risky condition, but the company managed to correct the number in the next year. Overall, Zillow has had the best maintained ratio in the past three years; however, the company should try more to compete with its competitors.

                              12.1.8.           Cash from Operations

Cash from Operations is a crucial parameter which explains cash flow status of the company, which includes cash dynamics from net income, deferred taxes, depletion, depreciation, investment tax credit, amortization, adjustments in net income, changes in value of accounts receivables, liability changes, change in inventory and other related operating activities, and other related funds. This parameter provides comprehensive understanding as working capital, which is a crucial contributor of cash from operations value, explains relative cash dynamics resulting from payment time duration to suppliers, collection duration from customers, and other cash flow measures.

Zillow showed 3.85 million USD cash from operations which reduced to negative 612.41 million USD in 2019, before gaining its value to 424.197 million USD in 2020. The trend of the values is ambiguous, and highly impacted by iBuying operations which the company introduced in 2018. Rightmove, on the other hand, demonstrated healthy figures which gained in 2019 to 184.224 million USD from 167.440 million USD in 2018, before plummeting to 96.291 million USD in 2020. Opendoor showed continuous progress from negative 1179.637 million USD in 2018 to -272.050 million USD in 2019, and 681.911 million USD in 2020. Overall, Zillow has maintained good cash from operations in the past three years except 2019.

               12.2.           Profitability Assessment

                              12.2.1.           Return on Assets (ROA)[ML1] 

Return on assets measures how well Zillow uses total assets to generate earnings profitably. The company is not using total assets effectively to generate earnings because they are mostly operating this segment at a net loss. To fix this ratio the company can make a better return on assets with higher earnings. For all years the highest ROA is attributed to Rightmove, which is the profitable company in its region. The best performing ROA year for iBuyers Opendoor and Zillow was 2020, this year Zillow increased total assets by 22% from the prior year, while also increasing IMT segment revenues by 228% from the prior year, as more agents and realtors turned to Premier Agent and Premier Broker advertising during the pandemic.

                              12.2.2.           Return on Equity (ROE)[ML2] 

This measures how effectively Zillow’s managers used shareholder’s equity towards generating profits. Zillow reported its lowest ROE in 2019; this would not have been a positive sign for shareholders, since the company didn’t use equity to generate a profit. However, after revenue increases, particularly in the IMT segment, in the following year (in 2020), Zillow generated higher revenues and higher non-operating income, allowing Zillow’s ROE to outperform the ROE of Opendoor. From 2019 to 2020, Zillow had a 38% increase in total equity, and this effectively increased their ROE, therefore, Zillow can continue to improve IMT segment (and other segment) performance to improve this metric. Rightmove has the best performing ROE.

                              12.2.3.           Equity Multiplier

Equity multiplier reflects how many times a company is scaled up by the use of stockholder’s equity rather than by debt, with a higher multiplier for Zillow in 2019 signaling that more equity financing was used that year. Zillow was more scaled up than each of the companies in the year 2019 because total equity increased to a higher degree than total assets (from the year prior), thus more equity was used to finance assets by Zillow in 2019. The company should aim to maintain a lower multiplier by using other forms of debt, or cycling out assets, such as homes purchased which the company is in fact offloading. All of the companies had their best equity multiplier in the year 2020. Zillow, for example, decreased its level of inventories by 41% from the prior year, which has an effect on reducing total assets per relevant total equity. This is consistent with increased Homes segment revenues as the company offloaded home inventory in what was a very positive year for home sales; the company increased total Homes segment revenue by 26% in 2020 from the prior year.

                              12.2.4.           Total Asset Turnover

This is a measure of the level of a company’s total revenues relative to the total value of its assets. For each dollar in assets, Zillow generated between .31 and .45 in revenues during the three year period. In 2019 Rightmove performed over six times better than Zillow per dollar of assets, and in 2020, Rightmove performed over 2.5 times better than Zillow per dollar of assets. The total asset turnover for Zillow remained unchanged in 2020 from the prior year, while total asset turnover decreased for the other competitors in 2020 due to having increased their total assets to a greater degree than revenues. This ratio indicates that Zillow is less effective than the other companies at using assets to generate related revenue. We anticipate this trend to continue in 2021 and 2022 as the company sells its iBuying housing assets at a loss.


                              12.2.5.           Gross Profit Margin

Gross profit margin looks at financial health based on money left over from revenue after cost of revenue. It measures if Zillow is able to control inventory and materials costs. Zillow’s decreased margin in 2019 was in part due to higher cost of revenues, a change of 832% in costs from 2018 to 2019, which was due to higher costs in the Homes segment, as Zillow ramped up iBuying operations from the previous years and purchased more homes. Data for cost of revenue for Rightmove is not available. Zillow had higher revenues than competitors in 2020, while its costs were lower than Opendoor’s costs in the same year, causing Zillow’s gross profit margin to be significantly higher. This indicates that Zillow’s managers controlled inventory and material costs better than the closest iBuying competitor. To continue this trend, Zillow can seek to keep low costs of revenues as it increases total revenues, such as by boosting mortgage revenues.

                              12.2.6.           Operating Margin

Operating margin considers how tightly Zillow controls business related costs (before accounting for interests and taxes). It considers profitability per dollar of sales after paying things such as indirect administrative expenses. Zillow performed poorly in 2019, but better in 2020 than in 2019, because total revenues increased by 22% in 2020, while operating profits increased by 114% due to positive IMT segment performance. Therefore, in 2020 more sales revenues were available to cover expenses. We expect the company to have lower operating margin than both competitors in 2022 due to significant costs related to iBuying. For example, in 2021 the company was able to increase total Homes segment revenues by 251% from the year prior, but unprecedented selling of homes at a loss will impact the company’s margins in the final quarter of 2021 and the initial quarters of 2022.

                              12.2.7.           Net Profit Margin

Net profit margin (NPM) reflects the percent of revenue left after associated expenses such as COGS, operating expenses, interest, and taxes. Zillow experienced its highest NPM in 2020 due to increase in revenues in 2020, which were positively influenced by increasing online habits of professionals during the pandemic. The combined NPM catalysts caused Zillow’s 2020 net loss to improve by 47% from 2019 to 2020, and Zillow’s stock price to increase 177% from 31 Dec. 2019 close to 31 Dec. 2020 close. Rightmove’s much higher margins are something for Zillow to strive for. Zillow performed better than competitor Opendoor in 2020 which reflects the company’s positive revenue performance in both the IMT and Homes segment. Zillow is also better able to spread out costs than competitor Opendoor, who primarily engages in capital intensive iBying operations, compared to Zillow which can rely on advertising revenues.

                              12.2.8.           Income Before Tax

This is a profitability measure that accounts for costs and expenses, such as cost of revenue, and operating and non-operating income/expenses, and reflects the % of sales that actually turns into pre-tax profits. We see a similar profitability trend with Rightmove being a clear leader, while Zillow was not able to generate positive pre-tax income. Zillow’s greatest expenses, which impact pre-tax income, are selling and marketing expenses. For example, in 2019 Zillow’s selling and marketing expenses represented 26% of total revenues, and in comparison, Opendoor’s selling and marketing expenses represented only 8.1% of total revenue. Therefore to improve this margin, Zillow might look to reduce related expenses as it increases revenues in the future to boost pre-tax income.

                              12.2.9.           Earnings Per Share (EPS)

Zillow can control EPS since this measure is influenced by net income. EPS measures how much net income is proportionate to each outstanding share. Rightmove did better on this measure than the other two companies, in all years, because their positive net income sufficiently covered total shares outstanding. Zillow generated more earnings per share than Opendoor in 2018 and 2019, due to greater net income levels, which were supported by IMT and Homes segment sales. In 2020 both Opendoor and Zillow generated more net income than in 2019, while shares outstanding also increased. Rightmove’s dividend payout,[400] shown below, is good performance that Zillow can aspire to. To help EPS, Zillow should boost net income, such as with better mortgage segment performance or repurchase shares.

 13.           Key Findings

               13.1.           Market Analysis

Zillow holds a very small market share in large and growing industries, and has the opportunity for business growth to drive profitability and increase its foothold in the market. Despite factors that would otherwise suppress industry growth, the severe shortage of inventory and high demand for homes is expected to continue driving home price appreciation, which bodes well for the company as it plans to increase revenue-per-transaction. To increase the number of transactions, the second component of planned growth, we determine customer engagement to be essential. With the discontinuation of iBuying, the company also has more flexibility to innovate and restructure itself using its already robust Research and Development capabilities. Despite fierce competition from social media and other competitor companies, Zillow is the leading digital real estate company with innovative, and dedicated real estate products, and is positioned to continue attracting industry partners and customers with its strong suite of brands and name recognition. We believe that the challenges faced by the company during the COVID-19 pandemic, such as the acceleration of online activity, high market volatility, challenging economic conditions, millennial buying trends, and iBuying operational failures, have all served as extremely valuable learning for company leaders, which now informs their new capital-efficient analyzer-type strategy. The integrated ‘housing super app’ strategy is good Zillow positioning that should make use of the company’s core strengths, which should allow it to retain its competitive advantage and U.S. market lead in online real estate.

               13.2.           Financial Analysis

Zillow’s overall cash management was admirable in the past three years. The company’s strategy calls for higher liquid cash as needed by new initiatives and sub projects. The company’s working capital as a percentage of revenue, quick ratio, and current ratio describes that leaders are committed to fueling integration with liquid cash. Zillow Offers impacted cash flow as sales of home inventories did not proceed as anticipated. This influenced values such as accounts receivables turnover, inventory turnover, payables turnover, and cash from operations dramatically. In the year 2019, the company’s accounts receivable turnover was 41 (rounded off) and payables turnover was 16 (rounded off); however, cash from operations was negative due to loss in the operations and tumultuous transition of the company. Overall, the company has gained its cash position again in 2020 after some volatility in business. On most measures of profitability, Zillow lags behind Rightmove due to the unprofitable iBuying and mortgage operations, but often surpasess Opendoor due to IMT segment profitability. The company expects $5M annual revenue by 2025, translating to 45% EBITDA margins.

 14.           Recommendations

               14.1.           Increase Customer Engagement

Zillow has always prioritized its customer engagement in online business as advertisement revenue is inextricably linked with customer engagement. Zillow can continue to charge higher advertising fees if they can boost conversion rate of website visitors. Moreover, this way Zillow can also increase the agent subscription, which can eventually bring more customers due to cascading effects and dense concentration of the market. Company’s initiatives and tools such as online tours and ShowingTime have already boosted touring requests to tens of millions counts, and served 63 million home tours.[401] Moreover, software base touring has simplified viewing, and converting customers three times than previous business models.[402] In addition, customers are more likely to buy a house with the touring agent.[403] Hence, it is recommended that the company incorporates more tools which help agents and buyers both. To illustrate, the company has a rich database of house dimensions and maps. The company can integrate this data obtained from sellers, MLS, and photographs of houses to entice more buyers and agents. The company can innovate tools such as offline viewing mapping facilities which can enable agents to record the house visit and map on virtual house models that will not only address the problem of simultaneous availability of agents and buyers, but also give primary understanding to the buyers about home structure and interior. Hence, it is advisable to Zillow that they intensify the customer engagement process by utilizing more data and market position.

               14.2.           Better Utilization of R&D

Zillow already leverages R&D expenditures and capabilities, but due to the discontinuation of it’s largest business segment (iBuying), which contributed 74% of the company’s revenues in 2021, the company must reassess its business model and develop effective goals based on adequate research to enable it to meet its growth strategy. We believe that one of the company’s strengths is R&D, which has led to innovative products, and helped the company penetrate the markets in which it competes. The company’s marketplace, acquisitions, and cutting-edge products have placed Zillow as the clear leader in digital real estate in the U.S. Now the company seeks to do something we believe they are well suited for: tighter integration –bringing disparate processes and industry professionals into one ecosystem as the company benefits from each transaction. Doing this appropriately requires good return on R&D expenditures, which the company can focus on due to its strong cash position. Part of this is restructuring and integrating its mortgage segment to flow into the new strategy, with research and product development. The company might also look to MorTech companies which might align to its acquisition strategy for long-term growth. Therefore, through our analysis, we conclude that the company is outspending real estate competitors in R&D, which has contributed to the company’s lead, but that due to restructuring for a new strategy, as well as the extreme level of marketplace uncertainty which led to the failure of one of the segments, the company must make R&D count this time.

 15.           Appendix A: Projection Calculations [404]

Total Housing Market (home sales in $M)5.345.345.646.126.05
Median House Sales price (USD)241147254122269356302659313465
Total Housing Market (in millions USD)12877241357012151916818522731887857
Revenue (in millions USD)1333.62742.83339.88147.48172.30
Operating Profit (in millions USD)-45.6-246.840.9-241.3-222.43
Net Income (in millions USD)-119.90-305.40-162.10-527.80-514.62
Net Margin (%)-8.99%-11.13%-4.85%-6.48%-6.30%
Operating Margin (%)-3.42%-9.00%1.22%-2.96%-2.72%
Sellers (%)20182019202020212022
By Generation     
Gen Z00021.60
Gen X2625222521.80
Baby Boomer4543454344.60
Silent Gen1012886.60
By Race and Ethinicity     
By Distance of House Sold to Purchased     
Same State7370707068.90
Same Region1214131414.50
Other Region1516171616.60
Less than 25000 USD23322.70
25000 to 99999 USD4748454343.00
100000 to 199999 USD4037393938.10
≥ 200000 USD1112131515.40
Relationship Status     
Single Female1517161617.10
Single Male56676.90
Unmarried Couple54443.90
Buyers (%)20182019202020212022
By Generation     
Gen Z00021.60
Gen X2624232421.70
Baby Boomer3232333233.30
Silent Gen67654.60
By Race and Ethinicity     
By Sexual Orientation     
Straight or Heterosexual8989919191.20
Gay or Lesbian34333.20
Less than 25000 USD32322.00
25000 to 99999 USD5655525149.40
100000 to 199999 USD3434343535.20
≥ 200000 USD99111313.60
Relationship Status     
Single Female1818171817.90
Single Male799910.00
Unmarried Couple88999.30
Buyers who finance (%)8888868786.20
Type of Loan     

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[1] (Seeking Alpha, 2022)

[2] (Zillow Group, 2022) – Investor Presentation, Feb 2022

[3] (Seeking Alpha, 2022)

[4] (Borrell, 2019)

[5] (National Association of Realtors, 2022)

[6] (U.S. Census Bureau)

[7] (Zillow Group, 2020) – Investor Relations Presentation, May 2020

[8] (National Association of Realtors, n.d.)

[9] (Thorsby, 2021)

[10] (National Association of Realtors, 2022)

[11] (Zillow Group, 2022) – Investor Presentation, Feb 2022

[12] (Zillow Group, 2021) – 2021 Annual Report

[13] (Zillow Group, 2020) – Investor Relations Presentation, May 2020

[14] (Zillow Group, n.d.) – Investor, Financials, Quarterly Results

[15] (Zillow Group, 2021) – Q3 2021 Shareholder Letter

[16] (Seeking Alpha, 2022)

[17] (Borrell, 2019)

[18] (Borrell, 2019)

[19] (Zillow Group, n.d.) – Investor, Financials, Quarterly Results

[20] (Guttmann, 2022)

[21] (Guttmann, 2021)

[22] (Zillow Canada, n.d)

[23] (Zillow Canada, n.d)

[24] (Zillow Canada, n.d)

[25] (Zillow Group, 2020) – Investor Relations Presentation, May 2020

[26] (Borrell, 2019)

[27] (Zillow Group, 2020) – Investor Relations Presentation, May 2020

[28] (Zillow Group, 2020) – Investor Relations Presentation, May 2020

[29] (Borrell, 2019)

[30] (Borrell, 2019)

[31] (Borrell, 2019)

[32] (Zillow Group, 2022) – Investor Presentation, Feb 2022

[33] (Zillow Group, 2022) – Investor Presentation, Feb 2022

[34] (Zillow Group, n.d.) – Investor, Financials, Quarterly Results

[35] (Zillow Group, 2022) – Investor Presentation, Feb 2022

[36] (DelPrete, 2022)

[37] (Zillow Group, 2022) – Investor Presentation, Feb 2022

[38] (Zillow Group, n.d.) – Investor, Financials, Quarterly Results

[39] (DelPrete, 2022)

[40] (DelPrete, 2022)

[41] (Torres-Guillen, 2022)

[42] (Zillow Group, n.d.) – Investor, Financials, Quarterly Results

[43] (DelPrete, 2022)

[44] (Borrell, 2019)

[45] (Earnings Calls Daily, 2021)

[46] (Zillow Group, 2022) – Investor Presentation, Feb 2022

[47] (Zillow Group, 2020) – 2020 Annual Report

[48] (Zillow Group, 2020) – 2020 Annual Report

[49] (Zillow Group, 2021) – 2021 Annual Report

[50] (Zillow Group, 2020) – 2020 Annual Report

[51] (Zillow Group, 2020) – 2020 Annual Report

[52] (Zillow Group, 2020) – 2020 Annual Report

[53] (London Properties, n.d.)

[54] (HubSpot, n.d.)

[55] (Zillow Group, 2020) – 2020 Annual Report

[56] (Zillow Group, 2020) – 2020 Annual Report

[57] (Barton as cited in Earnings Calls Daily, 2021)

[58] (Zillow Group, 2022) – Investor Presentation, Feb 2022

[59] (Zillow Group, 2021) – 2021 Annual Report

[60] (Zillow Group, 2021) – 2021 Annual Report

[61] (Zillow Group, 2021) – 2021 Annual Report

[62] (Seeking Alpha, 2022)

[63] (PropertyRadar, 2021)

[64] (Deep and Torres-Guillen, 2022) – Organizational Analysis

[65] (Zillow Group, 2021) – 2021 Annual Report

[66] (Zillow Group, 2021) – 2021 Annual Report

[67] (Zillow Group, 2021) – 2021 Annual Report

[68] (Zillow Group, 2021) – 2021 Annual Report

[69] (Cohan, 2021)

[70] (Zillow Group, 2020) – 2020 Annual Report

[71] (Zillow Group, 2020) – 2020 Annual Report

[72] (Zillow Group, 2020) – 2020 Annual Report

[73] (Latham, 2021)

[74] (Freddie Mac, 2022)

[75] (Freddie Mac, 2022)

[76] (Freddie Mac, 2022)

[77] (Latham, 2021)

[78] (Khater et al., 2021)

[79] (Jimenez-Read et al., 2021)

[80] (Shoemaker, 2019)

[81] (Shoemaker, 2019)

[82] (DelPrete, 2022)

[83] (Zillow Group, 2021) – 2021 Annual Report

[84] (The Urban Institute, 2022)

[85] (Shoemaker, 2019)

[86] (Shoemaker, 2019)

[87] (Shoemaker, 2019)

[88] (Shoemaker, 2019)

[89] (Shoemaker, 2019)

[90] (Shoemaker, 2019)

[91] (Shoemaker, 2019)

[92] (Walsh, 2022)

[93] (Walsh, 2022)

[94] (Fuster et al., as cited in Latham, 2021)

[95] (Latham, 2021)

[96] (Zillow Group, 2020) – 2020 Annual Report

[97] (Zillow Group, 2021) – 2021 Annual Report

[98] (Zillow Group, 2020) – 2020 Annual Report

[99] (Zillow Group, 2020) – 2020 Annual Report

[100] (Zillow Group, 2020) – 2020 Annual Report

[101] (DelPrete, 2022)

[102] (Zillow Group, n.d.) – Investor, Financials, Quarterly Results

[103] (DelPrete, 2022)

[104] (Zillow Group, 2021) – 2021 Annual Report

[105] (Zillow Group, 2021) – 2021 Annual Report

[106] (Zillow Group, 2021) – 2021 Annual Report

[107] (Zillow Group, n.d.) – Investor, Financials, Quarterly Results

[108] (Zillow Group, 2021) – 2021 Annual Report

[109] (DelPrete, 2022)

[110] (Zillow Group, 2021) – 2021 Annual Report

[111] (Zillow Group, 2021) – 2021 Annual Report

[112] (Zillow Group, 2022) – Investor Presentation, Feb 2022

[113] (Zillow Group, 2021) – 2021 Annual Report

[114] (Zillow Group, 2021) – 2021 Annual Report

[115] (Zillow Group, 2021) – 2021 Annual Report

[116] (Zillow Group, 2021) – 2021 Annual Report

[117] (Zillow Group, 2021) – 2021 Annual Report

[118] (Zillow Group, 2020) – 2020 Annual Report

[119] (Zillow Group, 2021) – 2021 Annual Report

[120] (Zillow Group, 2020) – 2020 Annual Report

[121] (Latham, 2021)

[122] (Freddie Mac as cited in Latham, 2021)

[123] (Consumer Financial Protection Bureau, as cited in Latham, 2021)

[124] (Shoemaker, 2019)

[125] (Shoemaker, 2019)

[126] (Zillow Group, 2020) – 2020 Annual Report

[127] (Latham, 2021)

[128] (Jimenez-Read et al., 2021)

[129] (Jimenez-Read et al., 2021)

[130] (Latham, 2021)

[131] (Zillow Group, 2020) – 2020 Annual Report

[132] (Jimenez-Read et al., 2021)

[133] (Seeking Alpha, 2022)

[134] (Seeking Alpha, 2022)

[135] (Seeking Alpha, 2022)

[136] (Seeking Alpha, 2022)

[137] (Borrell, 2019)

[138] (Borrell, 2019)

[139] (Borrell, 2019)

[140] (Borrell, 2019)

[141] (Baker, 2021, December 10)

[142] (Baker, 2021, December 10)

[143] (DelPrete, 2022, February)

[144] (Baker, 2021, December 10)

[145] (Baker, 2021, December 10)

[146] (Baker, 2021, December 10)

[147] (Baker, 2021, December 10)

[148] (Zillow Group, 2021, April 21)

[149] (Zillow Group, 2021, April 21)

[150] (Linsell, 2021, December 23; National Association of Realtors, 2020, November 11; National Association of Realtors, 2021.a)

[151] (Linsell, 2021, December 23; National Association of Realtors, 2020, September; National Association of Realtors, 2021.a)

[152] (Linsell, 2021, December 23; National Association of Realtors, 2020, September; National Association of Realtors, 2021.a)

[153] (Linsell, 2021, December 23; National Association of Realtors, 2020, September; National Association of Realtors, 2021.a)

[154] (Linsell, 2021, December 23; National Association of Realtors, 2020, September; National Association of Realtors, 2021.a)

[155] (Linsell, 2021, December 23; National Association of Realtors, 2020, September; National Association of Realtors, 2021.a)

[156] (Linsell, 2021, December 23; National Association of Realtors, 2020, September; National Association of Realtors, 2021.a)

[157] (Linsell, 2021, December 23; National Association of Realtors, 2020, September; National Association of Realtors, 2021.a)

[158] (Whytock, 2021, November 2)

[159] (DelPrete, 2022, February)

[160] (Whytock, 2021, November 2)

[161] (Whytock, 2021, November 2)

[162] (Whytock, 2021, November 2)

[163] (Whytock, 2021, November 2)

[164] (Whytock, 2021, November 2)

[165] (Whytock, 2021, November 2)

[166] (Whytock, 2021, November 2)

[167] (Zillow Group, 2021, October 4)

[168] (Zillow Group, 2021, October 4)

[169] (Zillow Group, 2021, October 4)

[170] (Zillow Group, 2021, October 4)

[171] (Zillow Group, 2018)

[172] (Zillow Group, 2021, October 4)

[173] (Zillow Group, 2021, October 4)

[174] (Porter, & De Vita, 2022, February 25; Viktor, 2021, November 3; Wacksman, 2020, January 28)

[175] (Porter, & De Vita, 2022, February 25; Viktor, 2021, November 3; Wacksman, 2020, January 28)

[176] (Porter, & De Vita, 2022, February 25; Viktor, 2021, November 3; Wacksman, 2020, January 28)

[177] (Porter, & De Vita, 2022, February 25; Viktor, 2021, November 3; Wacksman, 2020, January 28)

[178] (Porter, & De Vita, 2022, February 25; Viktor, 2021, November 3; Zillow Group, 2022.a)

[179] (Porter, & De Vita, 2022, February 25; Viktor, 2021, November 3; Zillow Group, 2022.a)

[180] (Porter, & De Vita, 2022, February 25; Viktor, 2021, November 3; Zillow Group, 2022.a)

[181] (Porter, & De Vita, 2022, February 25; Viktor, 2021, November 3; Zillow Group, 2022.a)

[182] (Porter, & De Vita, 2022, February 25; Viktor, 2021, November 3; Zillow Group, 2022.a)

[183] (Porter, & De Vita, 2022, February 25; Viktor, 2021, November 3; Zillow Group, 2022.a)

[184] (Porter, & De Vita, 2022, February 25; Viktor, 2021, November 3; Zillow Group, 2022.a)

[185] (Porter, & De Vita, 2022, February 25; Viktor, 2021, November 3; Zillow Group, 2022.a)

[186] (Porter, & De Vita, 2022, February 25; Viktor, 2021, November 3; Zillow Group, 2022.a)

[187] (Porter, & De Vita, 2022, February 25; Viktor, 2021, November 3; Zillow Group, 2022.a)

[188] (Porter, & De Vita, 2022, February 25; Viktor, 2021, November 3; Zillow Group, 2022.a)

[189] (Federal Housing Finance Agency, 2021, October 29; Zillow Group, 2021, April 21; Zillow Group, n.d.a)

[190] (Federal Housing Finance Agency, 2021, October 29; Zillow Group, 2021, April 21; Zillow Group, n.d.a)

[191] (Federal Housing Finance Agency, 2021, October 29; Zillow Group, 2021, April 21; Zillow Group, n.d.a)

[192] (Federal Housing Finance Agency, 2021, October 29; Zillow Group, 2021, April 21; Zillow Group, n.d.a)

[193] (Federal Housing Finance Agency, 2021, October 29; Zillow Group, 2021, April 21; Zillow Group, n.d.a)

[194] (Federal Housing Finance Agency, 2021, October 29; Zillow Group, 2021, April 21; Zillow Group, n.d.a)

[195] (Lumen Learning & Attribution, n.d.; Mariadoss, 2017; Zillow Group, 2021, April 21)

[196] (Lumen Learning & Attribution, n.d.; Mariadoss, 2017; Zillow Group, 2021, April 21)

[197] (Lumen Learning & Attribution, n.d.; Mariadoss, 2017; Zillow Group, 2021, April 21)

[198] (Lumen Learning & Attribution, n.d.; Mariadoss, 2017; Zillow Group, 2021, April 21)

[199] (Wacksman, 2020, January 28; Zillow Group, 2021, April 21)

[200] (Wacksman, 2020, January 28; Zillow Group, 2021, April 21)

[201] (Lewis, 2021, November 18; Opendoor, 2022.a; Wacksman, 2020, January 28; Zillow Group, 2021, April 21)

[202] (Whytock, 2021, November 2; Zillow Group, 2021, April 21)

[203] (Whytock, 2021, November 2; Zillow Group, 2021, April 21)

[204] (Whytock, 2021, November 2; Zillow Group, 2021, April 21)

[205] (Whytock, 2021, November 2; Zillow Group, 2021, April 21)

[206] (Whytock, 2021, November 2; Zillow Group, 2021, April 21)

[207] (Whytock, 2021, November 2; Zillow Group, 2021, April 21)

[208] (Shaw, 2021, June 23)

[209] (Zillow Group, 2021, April 21)

[210] (Zillow Group, 2021, April 21)

[211] (Whytock, 2021, November 2; Zillow Group, 2021, April 21)

[212] (Whytock, 2021, November 2; Zillow Group, 2021, April 21)

[213] (Whytock, 2021, November 2; Zillow Group, 2021, April 21)

[214] (Whytock, 2021, November 2; Zillow Group, 2021, April 21)

[215] (Whytock, 2021, November 2; Zillow Group, 2021, April 21)

[216] (Zillow Group, 2021, April 21)

[217] (Zillow Group, 2021, April 21)

[218] (Zillow Group, 2021, April 21)

[219] (Zillow Group, 2021, April 21)

[220] (Zillow Group, 2021, April 21)

[221] (Zillow Group, 2021, April 21)

[222] (Zillow Group, 2021, April 21)

[223] (Zillow Group, 2021, April 21)

[224] (Zillow Group, 2021, April 21)

[225] (Zillow Group, 2021, April 21; Zillow Group, 2022.b)

[226] (Zillow Group, 2021, April 21)

[227] (Zillow Group, 2021, April 21)

[228] (Zillow Group, 2021, April 21)

[229] (HotPads, 2022; Streeteasy, n.d.; Trulia, n.d.a; Zillow Group, 2021, April 21)

[230] (HotPads, 2022; Streeteasy, n.d.; Trulia, n.d.a; Zillow Group, 2021, April 21)

[231] (Zillow Group, 2021, April 21; Zillow Group, 2022.c)

[232] (Zillow Group, 2021, April 21; Zillow Group, 2022.c)

[233] (Zillow Group, 2021, April 21; Zillow Group, 2022.c)

[234] (Zillow Group, 2021, April 21; Zillow Group, 2022.c; Zillow Group, 2022.d)

[235] (Zillow Group, 2021, April 21; Zillow Group, 2022.c; Zillow Group, 2022.d)

[236] (Zillow Group, 2021, April 21; Zillow Group, 2022.c; Zillow Group, 2022.d)

[237] (Zillow Group, 2021, April 21; Zillow Group, 2022.c; Zillow Group, 2022.d)

[238] (Zillow Group, 2021, April 21; Zillow Group, 2022.c; Zillow Group, 2022.d)

[239] (Zillow Group, 2021, April 21; Zillow Group, 2022.e)

[240] (National Association of Realtors, 2020, March)

[241] (Porter & De Vita, 2022, February 25; Zillow Group, 2021, April 21; Zillow Group, 2022.e)

[242] (Porter & De Vita, 2022, February 25; Zillow Group, 2021, April 21; Zillow Group, 2022.e)

[243] (Porter & De Vita, 2022, February 25; Zillow Group, 2021, April 21; Zillow Group, 2022.e)

[244] (Porter & De Vita, 2022, February 25; Zillow Group, 2021, April 21; Zillow Group, 2022.e)

[245] (Porter & De Vita, 2022, February 25; Zillow Group, 2021, April 21; Zillow Group, 2022.e)

[246] (Porter & De Vita, 2022, February 25; Zillow Group, 2021, April 21; Zillow Group, 2022.e)

[247] (Porter & De Vita, 2022, February 25; Zillow Group, 2021, April 21; Zillow Group, 2022.e)

[248] (Porter & De Vita, 2022, February 25; Zillow Group, 2021, April 21; Zillow Group, 2022.e)

[249] (Porter & De Vita, 2022, February 25; Zillow Group, 2021, April 21; Zillow Group, 2022.e)

[250] (Porter & De Vita, 2022, February 25; Zillow Home Loans, 2022)

[251] (Porter & De Vita, 2022, February 25; Zillow Home Loans, 2022)

[252] (Porter & De Vita, 2022, February 25; Zillow Home Loans, 2022)

[253] (Porter & De Vita, 2022, February 25; Zillow Home Loans, 2022)

[254] (Porter & De Vita, 2022, February 25; Zillow Home Loans, 2022)

[255] (Whytock, 2021, November 2)

[256] (HubSpot Inc, 2022; Meta, 2022)

[257] (Zillow Group, 2021, April 21)

[258] (Baker, 2021, December 10; Linsell, 2021, April 19; Webfx, 2022; Zillow Group, 2021, April 21)

[259] (Zillow, 2019, June 26; Zillow Group, 2021, April 21)

[260] (Zillow, 2019, June 26; Zillow Group, 2021, April 21)

[261] (Zillow, 2019, June 26; Zillow Group, 2021, April 21)

[262] (Zillow, 2019, June 26; Zillow Group, 2021, April 21)

[263] (Zillow, 2019, June 26; Zillow Group, 2021, April 21)

[264] (Zillow, 2019, June 26; Zillow Group, 2021, April 21; Zillow Group. n.d.)

[265] (Zillow, 2019, June 26; Zillow Group, 2021, April 21; Zillow Group. n.d.)

[266] (Zillow, 2019, June 26; Zillow Group, 2021, April 21; Zillow Group. n.d.)

[267] (Zillow, 2019, June 26; Zillow Group, 2021, April 21; Zillow Group. n.d.)

[268] (Zillow, 2019, June 26; Zillow Group, 2021, April 21; Zillow Group. n.d.)

[269] (Justia Patents, n.d)

[270] (Justia Patents, n.d)

[271] (Justia Patents, n.d)

[272] (Justia Patents, n.d)

[273] (Clark & Buhayar, 2021, October 26; DelPrete, 2021, October 19)

[274] (Clark & Buhayar, 2021, October 26; DelPrete, 2021, October 19)

[275] (Clark & Buhayar, 2021, October 26; DelPrete, 2021, October 19)

[276] (O’Shaughnessy, 2021, December 17; Whytock, 2021, November 2)

[277] (Thomas, 2019, June 27; Whytock, 2021, November 2)

[278] (Thomas, 2019, June 27; Whytock, 2021, November 2)

[279] (Clark & Buhayar, 2021, October 26; DelPrete, 2021)

[280] (Thomas, 2019, June 27; Whytock, 2021, November 2)

[281] (Whytock, 2021, November 2)

[282] (Justia Patents, n.d)

[283] (Zillow Group, 2021, April 21)

[284] (Zillow Group, 2021, April 21)

[285] (Zillow Group, 2022.a)

[286] (Zillow Group, 2022.a)

[287] (Lendingtree, 2022; Zillow Group, 2022.a)

[288] (Zillow Group, 2022.a)

[289] (Porter & De Vita, 2022, February 25)

[290] (Lane, 2019, April 2)

[291] (Lane, 2019, April 2)

[292] (Zillow Group, 2021, April 21)

[293] (Zillow Group, 2021, April 21)

[294] (Zillow Group, 2021, April 21)

[295] (Zillow Group, 2021, April 21)

[296] (Zillow Group, 2021, April 21)

[297] (Zillow Group, 2021, April 21)

[298] (Zillow Group, 2021, April 21)

[299] (Zillow Group, 2021, April 21)

[300] (Zillow Group, 2021, April 21)

[301] (Zillow Group, 2021, April 21)

[302] (Zillow Group, 2021, April 21)

[303] (Zillow Group, 2021, April 21)

[304] (Zillow Group, 2021, April 21)

[305] (Zillow Group, 2021, April 21)

[306] (Zillow Group, 2021, April 21)

[307] (Zillow Group, 2021, April 21; Zillow Group, n.d.)

[308] (Zillow Group, 2021, April 21; Zillow Group, n.d.)

[309] (Baker, 2021, December 10)

[310] (Baker, 2021, December 10)

[311] (Baker, 2021, December 10)

[312] (Baker, 2021, December 10)

[313] (Baker, 2021, December 10)

[314] (Baker, 2021, December 10)

[315] (Baker, 2021, December 10)

[316] (Baker, 2021, December 10)

[317] (Baker, 2021, December 10)

[318] (Baker, 2021, December 10)

[319] (Baker, 2021, December 10)

[320] (Mills, 2008, April 2)

[321] (Mills, 2008, April 2)

[322] (Mills, 2008, April 2)

[323] (Zillow Group, 2022, March 6)

[324] (Lane, 2019, April 2)

[325] (Porter & De Vita, 2022, February 25; Zillow Home Loans, 2022)

[326] (Porter & De Vita, 2022, February 25; Zillow Home Loans, 2022)

[327] (Porter & De Vita, 2022, February 25; Zillow Home Loans, 2022)

[328] (Porter & De Vita, 2022, February 25; Zillow Home Loans, 2022)

[329] (Porter & De Vita, 2022, February 25; Zillow Home Loans, 2022)

[330] (Porter & De Vita, 2022, February 25; Zillow Home Loans, 2022)

[331] (Porter & De Vita, 2022, February 25; Zillow Home Loans, 2022)

[332] (Porter & De Vita, 2022, February 25; Zillow Home Loans, 2022)

[333] (Porter & De Vita, 2022, February 25; Zillow Home Loans, 2022)

[334] (Porter & De Vita, 2022, February 25; Zillow Home Loans, 2022)

[335] (Porter & De Vita, 2022, February 25; Zillow Home Loans, 2022)

[336] (Porter & De Vita, 2022, February 25; Zillow Home Loans, 2022)

[337] (Wacksman, 2020, January 28)

[338] (Whytock, 2021, November 2)

[339] (Whytock, 2021, November 2)

[340] (Whytock, 2021, November 2)

[341] (Whytock, 2021, November 2)

[342] (Whytock, 2021, November 2)

[343] (Whytock, 2021, November 2)

[344] (Whytock, 2021, November 2)

[345] (Whytock, 2021, November 2)

[346] (Whytock, 2021, November 2)

[347] (HotPads, 2022; HubSpot Inc, 2021; HubSpot Inc, 2022; Linsell, 2021, April 19; Linsell, 2021, December 23; Liederman, 2021, April 6; Meta, 2020; Meta, 2022; Streeteasy, n.d.; Trulia, n.d.a; Viktor, 2021, November 3; Webfx, 2022; Zillow Group, 2020; Zillow Group, 2022.b; Zillow Group, n.d.; self experience and analysis)

[348] (Blake, 2022, February 17; HotPads, 2022; Feely, n.d.; Frankel, 2021, November 25; Leewong, n.d.; Liederman, 2021, April 6; O’Shaughnessy, 2021, December 17; O’Shaughnessy, 2022, January 18; Opendoor, 2022.a; Opendoor, 2022.b; Redfin. n.d.; Soper, 2021, November 4; Streeteasy, n.d.; Trulia, n.d.a; Viktor, 2021, November 3; Whytock, 2021, November 2; Zillow Group, n.d.; self experience and analysis)

[349] (Bankrate & De Vita, 2022, February 25; Consumeradvocate, 2022, February 03; Floify, n.d.; HotPads, 2022; Liederman, 2021, April 6; Lendingtree, 2022; Porter,  & De Vita, 2022, February 25; Rocket Companies, 2021, November; Rotter, 2022, February 8; Rocket Companies, 2022.a; Rocket Companies, 2022.b; Rocket Companies, 2021, June 1; Rocket Companies, 2022.c; Streeteasy, n.d.; The Lendingtree Foundation, 2021, July 13; Trulia, n.d.a; Viktor, 2021, November 3; Wacksman,  n.d.; Wood, 2022, January 5; Yeung, 2020, August 28; Zillow Group, 2022.a; Zillow Group, n.d.; self experience and analysis)

[350] (Griffiths, 2021, August 18; Oakley, 2018, December 5)

[351] (Rightmove, 2022)

[352] (Oakley, 2018, December 5; Rightmove, 2022)

[353] (Griffiths, 2021, August 18)

[354]  (Rightmove, 2022)

[355] (Griffiths, 2021, August 18)

[356] (Rightmove, 2022)

[357] (Zillow Group, 2020)

[358] (Zillow, 2019)

[359] (Morningstar, 2022)

[360] (AIM Group, 2021)

[361] (Zillow, n.d.)

[362] (CFRA Stock Report, 2022)

[363] (CFRA Stock Report, 2022)

[364] (Earnings Calls Daily, 2021)

[365] (Lardinois, 2014)

[366] (Redfin, n.d.)

[367] (Redfin, 2017)

[368] (AIM Group, 2021)

[369] (Zillow Group, 2020)

[370] (Borrell, 2019)

[371] (DelPrete, 2022)

[372] (Zillow Group, 2022) – Investor Presentation, Feb 2022

[373] (Zillow Group, 2022) – Investor Presentation, Feb 2022

[374] (Rose, 2021)

[375] (Rose, 2021)

[376] (Rose, 2021)

[377] (Borrell, 2019)

[378] (Zillow Group, 2022) – Investor Presentation, Feb 2022

[379] (Rose, 2021)

[380] (Rose, 2021)

[381] (DelPrete, 2022)

[382] (Seeking Alpha, 2022)

[383] (Seeking Alpha, 2022)

[384] (Morningstar 2022a; Morningstar 2022b; Morningstar 2022c)

[385] (Collins, 2017, July 27)

[386] (Folger, 2022, January 12)

[387] (Folger, 2022, January 12)

[388] (Folger, 2022, January 12)

[389] (Folger, 2022, January 12)

[390] (Averkamp, n.d.a)

[391] (Averkamp, n.d.a)

[392] (Averkamp, n.d.b)

[393] (Averkamp, n.d.b)

[394] (Averkamp, n.d.b)

[395] (Whytock, 2021, November 2)

[396] (Murphy, 2020, June 29)

[397] (Fernando, 2022, February 19)

[398] (Fernando, 2022, February 19)

[399] (Fernando, 2022, February 19)

[400] (Hargreaves Lansdown, 2022)

[401] (Zillow Group, 2022, February 10)

[402] (Zillow Group, 2022, February 10)

[403] (Zillow Group, 2022, February 10)

[404] (IBISworld, 2021, December 30; Gilbert, n.d.; National Association of Realtors, 2017; National Association of Realtors, 2018; National Association of Realtors. (2019, April); National Association of Realtors, 2020, March; National Association of Realtors, 2021.b; PK, n.d.; Seeking Alpha, 2022; Statista Research Department, 2022, February 22)

 [ML1]Table with ratios?

 [ML2]Table of ratios?

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