Zillow, founded in 2006, has become a household name in the real estate industry. As an online real estate marketplace, Zillow connects buyers, sellers, and homeowners, making the process of buying, selling, or renting a home more accessible and transparent. With its vast database of property information and user-friendly interface, Zillow has revolutionized the way people navigate the real estate market.
Key Takeaways
What is Zillow?
Zillow is a major website in the US for real estate. They offer a marketplace where people can search for homes to buy or rent, along with tools to estimate home values. Zillow also connects users with real estate agents and mortgage lenders. Their goal is to be a one-stop shop for everything related to buying, selling, and renting homes.
How Does Zillow Work?
Zillow works by aggregating data from various public and private sources, including county records, multiple listing services (MLS), and user-submitted information. This data is then used to create comprehensive profiles for millions of homes across the United States.
Users can search for homes based on various criteria, such as location, price, number of bedrooms and bathrooms, square footage, and more. Each home profile includes details like:
Zillow also connects users with local real estate professionals, such as agents, lenders, and property managers, to help them navigate the buying, selling, or renting process. Additionally, the platform offers tools and resources for homeowners, including home design inspiration, home improvement cost guides, and a directory of local home services professionals.
Who owns Zillow?
Zillow Group, Inc. is the parent company that owns Zillow and several other real estate-related brands, including Trulia, StreetEasy, HotPads, and Naked Apartments. The company was co-founded by Rich Barton and Lloyd Frink, former Microsoft executives, in 2006.
Zillow Group is a publicly-traded company listed on the Nasdaq stock exchange under the ticker symbol "Z" for Class C shares and "ZG" for Class A shares. The company's leadership team includes:
How Does Zillow Make Money
Zillow's primary source of income is through selling advertising and enhanced profiles to real estate agents, property managers, lenders, and other professionals. The company sells advertising space on its website and mobile app to businesses directly involved in the home buying and selling process, such as mortgage lenders, home builders, property management companies, and real estate agents looking for clients.
In addition to advertising, Zillow generates revenue through various other channels:
Zillow's comprehensive database, which includes data on approximately 86% of the 128.5 million homes in the United States, powers its Zillow Offers service. This service allows "iBuyers" (instant buyers) to evaluate complex datasets and make near-instant cash offers to property sellers, providing a convenient and fast option for those looking to sell their homes quickly.
How does zillow work for renters
Zillow offers a user-friendly platform for renters to search for available rental properties, compare options, and connect with landlords or property managers. Here's how it works:
Zillow also offers additional resources for renters, such as rental market trends, affordability calculators, and tips for finding and securing a rental property.
How Much Does Zillow Charge to List a Rental
Zillow offers two options for listing rentals: free and premium:
Conclusion
Zillow has become a dominant force in the real estate industry by providing a comprehensive, user-friendly platform that connects buyers, sellers, renters, and homeowners with the information and resources they need to make informed decisions. Through its diverse revenue streams, including advertising, mortgage services, and instant buying, Zillow has built a robust business model that leverages its vast database and industry expertise.
As the real estate landscape continues to evolve, Zillow remains well-positioned to innovate and adapt, offering new tools and services that empower consumers and professionals alike. With its strong brand recognition and commitment to making real estate more accessible and transparent, Zillow is likely to remain a key player in the industry for years to come.
Frequently Asked Questions (FAQ)
Is Zillow free to use for home buyers and sellers?
Yes, Zillow is free for home buyers and sellers to use. Users can search for homes, view property details, and connect with real estate professionals at no cost.
How accurate are Zillow's Zestimates?
Zestimates are Zillow's estimated market values for homes. While they are a good starting point, they should not be considered appraisals. Zestimates are based on available data and can have varying levels of accuracy depending on the location and available information.
Can I list my home for sale on Zillow without an agent?
Yes, homeowners can list their properties as "For Sale By Owner" (FSBO) on Zillow. However, it is essential to note that selling a home without an agent can be challenging and may require significant time and effort.
Does Zillow charge a fee for mortgage pre-approval?
No, getting pre-approved for a mortgage through Zillow is free. Zillow connects users with participating lenders who can provide pre-approval at no cost.
Can I find rental properties on Zillow?
Yes, Zillow has an extensive database of rental properties, including apartments, houses, and condos. Users can search for rentals based on location, price, number of bedrooms, and other criteria.
How do I contact a listing agent on Zillow?
To contact a listing agent on Zillow, users can click on the agent's profile within the listing and use the provided contact form or phone number to reach out directly.
What is Zillow Offers?
Zillow Offers is a service that allows homeowners to request a cash offer from Zillow to purchase their home. If the homeowner accepts the offer, Zillow buys the home directly, makes any necessary repairs or updates, and then resells the property. This service is available in select markets.
