Mission Statement, Vision, & Core Values (2024) of Zillow Group, Inc. (Z).

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An Overview of Zillow Group, Inc. (Z)

General Summary of Zillow Group, Inc. (Z)

Zillow Group, Inc. was founded in 2006 and has since evolved into one of the leading online real estate marketplaces in the United States. The company's mission is to empower consumers with information and tools to make smarter real estate decisions. Zillow operates various brands, including Zillow Premier Agent, Zillow Home Loans, Trulia, StreetEasy, and HotPads. Its primary services include residential real estate listings, rental listings, mortgage origination, and advertising solutions for real estate professionals.

As of 2024, Zillow Group reported total revenue of approximately $1.7 billion for the nine months ended September 30, 2024, reflecting a 14% increase from the prior year. The company's revenue streams are categorized into four segments: Residential, Rentals, Mortgages, and Other. In particular, Residential revenue accounted for 72% of total revenue, Rentals represented 20%, Mortgages at 6%, and Other at 2%.

Company's Financial Performance in the Latest Financial Reports

In the most recent financial report for the three months ended September 30, 2024, Zillow Group achieved total revenue of $581 million, a 17% increase from $496 million in the same period of 2023. The breakdown of revenue by category is as follows:

Revenue Category Q3 2024 ($ million) Q3 2023 ($ million) Change ($ million) Change (%)
Residential 405 362 43 12%
Rentals 123 99 24 24%
Mortgages 39 24 15 63%
Other 14 11 3 27%
Total Revenue 581 496 85 17%

For the nine months ended September 30, 2024, Zillow reported a total revenue of $1.682 billion, which is a 14% increase compared to $1.471 billion for the same period in 2023. Key financial highlights include:

  • Residential revenue increased by $104 million or 9%.
  • Rentals revenue grew by $73 million, marking a 28% increase.
  • Mortgages revenue rose by $30 million or 41%.

The company's gross profit for Q3 2024 was $441 million, up from $386 million in Q3 2023, reflecting a gross margin of 76%.

Introduction to Company as a Leader in the Industry

Zillow Group, Inc. stands as a leader in the online real estate marketplace, recognized for its vast user engagement and innovative solutions. The company recorded 2.44 billion visits to its platforms in Q3 2024, a 3% increase compared to the previous year. Zillow continues to expand its market presence and enhance its product offerings, which contribute to its ongoing success in the competitive real estate sector.

As of September 30, 2024, Zillow Group employed 6,835 individuals, a growth from 6,263 employees at the end of 2023, indicating the company's commitment to scaling its operations and improving service delivery in the real estate market.

To explore further insights into Zillow's strategic initiatives and operational excellence, continue reading below.




Mission Statement of Zillow Group, Inc. (Z)

Company's Mission Statement Overview

The mission statement of Zillow Group, Inc. is to reimagine real estate to make home a reality for more and more people. This statement serves as a guiding principle for the company's long-term goals, influencing its strategic decisions and operational focus.

Core Component 1: Reimagining Real Estate

Zillow Group aims to innovate within the real estate sector, providing users with a comprehensive digital platform that simplifies the home buying, selling, and renting processes. In 2024, Zillow's mobile applications and websites recorded approximately 2.44 billion visits in the third quarter alone, reflecting a 3% increase from the previous year.

Moreover, the company's revenue from its various platforms illustrates its effectiveness in reimagining real estate. For instance, total revenue for the three months ended September 30, 2024, reached $581 million, a 17% increase year-over-year.

Core Component 2: Making Home a Reality

Zillow Group focuses on enhancing accessibility to home ownership and rentals. The company's mortgage origination volume surged to $2.18 billion for the nine months ended September 30, 2024, marking a 106% increase compared to the same period in 2023. This growth is indicative of Zillow's commitment to providing financial solutions that facilitate home ownership.

Additionally, Zillow's rental services have seen a significant uptick, with revenue from rentals increasing by 28% to $337 million for the nine months ended September 30, 2024. This growth is supported by a 20% increase in average monthly unique visitors to rental listings.

Core Component 3: Connecting People with Digital Solutions

Zillow's mission emphasizes the importance of digital connectivity in the real estate market. The company offers a range of technology solutions to both consumers and real estate professionals. In 2024, Zillow Group's acquisition of Follow Up Boss for $399 million is a prime example of its strategy to integrate technology that enhances user experience.

The integration of technology extends to Zillow Home Loans, which has experienced substantial growth, with mortgage revenues increasing by 63% to $39 million for the three months ended September 30, 2024. This reflects Zillow's commitment to providing seamless digital experiences that connect users with essential services in real estate.

Metric 2024 Q3 2023 Q3 % Change
Total Revenue $581 million $496 million 17%
Visits 2.44 billion 2.37 billion 3%
Mortgage Origination Volume $2.18 billion $1.06 billion 106%
Rentals Revenue $337 million $264 million 28%
Mortgage Revenue $39 million $24 million 63%



Vision Statement of Zillow Group, Inc. (Z)

Vision Statement of Zillow Group, Inc. (Z)

The vision of Zillow Group, Inc. is to reimagine real estate to make home a reality for more people. This vision emphasizes the importance of digital solutions and a seamless experience in home buying, selling, renting, and financing.

Core Components of the Vision Statement

1. Reimagining Real Estate

Zillow aims to transform how individuals interact with the real estate market. This transformation is reflected in their extensive digital platform, which integrates various services to simplify the real estate process.

2. Making Home a Reality

The focus on accessibility underscores Zillow's commitment to helping more individuals achieve their homeownership goals. As of September 30, 2024, Zillow Home Loans originated $2.2 billion in loans, which represents a 106% increase year-over-year.

3. Digital Solutions

Zillow continues to innovate by integrating technology into real estate transactions. Their acquisition of Follow Up Boss for $399 million in December 2023 signifies a strategic move towards enhancing their software solutions for real estate professionals.

4. Dedicated Partners and Agents

Zillow's platform connects consumers with real estate professionals, ensuring they have the support needed throughout the buying or renting process. As of September 30, 2024, Zillow had 6,835 employees, reflecting their expanded operational capacity to support this vision.

5. Seamless Experiences

By streamlining the processes of buying, selling, financing, and renting, Zillow aims to provide a more efficient experience for users. Their revenue from residential services increased by 9% to $1.207 billion for the nine months ended September 30, 2024.

Key Metrics Supporting the Vision

Metric Q3 2024 Q3 2023 Change (%)
Total Revenue $581 million $496 million 17%
Residential Revenue $405 million $362 million 12%
Rentals Revenue $123 million $99 million 24%
Mortgages Revenue $39 million $24 million 63%
Visits to Platform 2,440 million 2,366 million 3%

Zillow's strong revenue growth across various segments indicates the effectiveness of its vision in engaging users and facilitating transactions. The increase in visits to their platforms demonstrates heightened consumer interest and engagement, aligning with their vision of making real estate more accessible.

Conclusion

Through its vision statement, Zillow Group, Inc. seeks to redefine the real estate landscape by leveraging technology and dedicated partnerships, ultimately making homeownership and renting more attainable for a broader audience.




Core Values of Zillow Group, Inc. (Z)

Core Value: Customer Commitment

The core value of customer commitment is fundamental to Zillow Group, Inc.'s operations. This value emphasizes the importance of understanding and meeting the needs of customers, ensuring a positive experience across all platforms.

In 2024, Zillow demonstrated its commitment to customers through the acquisition of Follow Up Boss for $399 million. This customer relationship management system enhances the service offerings for real estate professionals, illustrating Zillow's dedication to providing tools that improve customer interaction and satisfaction.

Additionally, Zillow's investment in ShowingTime+ as part of its software solutions has led to significant growth in service offerings, which helps streamline the home buying and selling process for users.

Core Value: Innovation

Innovation is a key core value for Zillow Group, driving the development of new technologies and services to enhance user experience. The company continues to invest heavily in technology, with $152 million allocated to website development costs in the first nine months of 2024.

Moreover, Zillow's focus on expanding its mobile applications and platforms has resulted in a 4% increase in unique users, reaching 7.25 billion visits across its platforms in 2024. This growth indicates the successful implementation of innovative solutions that attract and retain users.

Core Value: Integrity

Integrity remains a cornerstone of Zillow's operations, establishing trust with customers, partners, and stakeholders. The company adheres to strict ethical standards in its business practices, ensuring transparency in its transactions and communications.

As part of its commitment to integrity, Zillow has reported a net loss of $20 million for the third quarter of 2024, down from $28 million in the previous year, reflecting prudent financial management and a focus on sustainable growth. This demonstrates a responsible approach to handling financial setbacks while maintaining open communication with stakeholders about its challenges and strategies for recovery.

Core Value: Collaboration

Collaboration is essential for Zillow Group, fostering teamwork internally and partnerships externally to drive success. The company has expanded its workforce to 6,835 employees as of September 30, 2024, a significant increase from 6,263 at the end of 2023. This growth reflects Zillow's commitment to building a collaborative environment that leverages diverse talents to enhance service delivery.

Furthermore, Zillow's partnerships with real estate agents through its Premier Agent program exemplify this core value, enabling agents to access leads and resources that enhance their business operations.

Core Value: Community Engagement

Engagement with the community is a core value that Zillow Group prioritizes, as it recognizes the importance of giving back to the communities it serves. Zillow participates in various community initiatives and supports local housing markets through its services and tools.

In 2024, Zillow's revenue from residential services reached $1.207 billion, a 9% increase from the previous year, indicating its role in supporting housing markets and providing valuable resources to communities. This financial commitment underlines Zillow's dedication to fostering community well-being and economic stability.

Core Value Key Initiatives Financial Impact
Customer Commitment Acquisition of Follow Up Boss $399 million
Innovation Investment in website development $152 million
Integrity Transparent financial reporting Net loss reduced to $20 million
Collaboration Expansion of workforce 6,835 employees
Community Engagement Residential services revenue $1.207 billion

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Resources:

  1. Zillow Group, Inc. (Z) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Zillow Group, Inc. (Z)' financial performance, including balance sheets, income statements, and cash flow statements.
  2. SEC Filings – View Zillow Group, Inc. (Z)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.