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

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An Overview of Zillow Group, Inc. (ZG)

General Summary of Zillow Group, Inc. (ZG)

Zillow Group, Inc. (ZG) was founded in 2006 and has since established itself as a leader in the real estate technology space. The company operates several well-known brands, including Zillow, Trulia, StreetEasy, and HotPads, providing a platform for users to buy, sell, rent, and finance homes. Zillow Group's mission is to reimagine real estate to make it easier for consumers to find and secure their desired homes.

As of 2024, Zillow Group offers a range of products and services, including:

  • Zillow Premier Agent: Connecting home buyers with real estate agents.
  • Zillow Home Loans: A mortgage origination service.
  • Zillow Rentals: A platform for property management and rental listings.
  • Advertising services for real estate professionals.
  • Technological solutions like ShowingTime+, Spruce, and Follow Up Boss.

In 2024, Zillow Group reported total revenue of $1.682 billion for the nine months ending September 30, 2024, an increase of 14% compared to $1.471 billion in the same period of 2023.

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 a total revenue of $581 million, a 17% increase from $496 million in the same period of 2023. Key revenue contributions include:

  • Residential Revenue: Increased by $43 million (12%) to $405 million.
  • Rentals Revenue: Increased by $24 million (24%) to $123 million.
  • Mortgages Revenue: Increased by $15 million (63%) to $39 million.

The gross profit for the three months ended September 30, 2024, was $441 million, up from $386 million in the previous year, marking a 14% increase.

For the nine months ended September 30, 2024, the company's financial performance showed:

  • Gross Profit: Increased to $1.289 billion from $1.165 billion, reflecting an 11% growth.
  • Net Loss: Reduced to $60 million from $85 million year-over-year.
  • Adjusted EBITDA: Increased by 20%, reaching $386 million.

Introduction to Company as a Leader in the Industry

Zillow Group, Inc. stands out as one of the most visited real estate websites in the United States, known for its user-friendly interface and comprehensive real estate listings. The company's strategic focus on integrating technology into real estate transactions has positioned it favorably within the industry. Zillow's ability to adapt to changing market conditions, such as fluctuations in housing inventory and interest rates, has allowed it to maintain its leadership status.

As of September 30, 2024, Zillow Group employed 6,835 individuals, an increase from 6,263 employees at the end of 2023, illustrating its growth and investment in talent. The company continues to innovate and expand, ensuring it remains a critical player in the evolving real estate market.




Mission Statement of Zillow Group, Inc. (ZG)

Mission Statement of Zillow Group, Inc. (ZG)

Zillow Group, Inc. aims to "reimagine real estate to make home a reality for more and more people." This mission statement serves as a guiding principle for the company's long-term objectives, emphasizing its commitment to innovation and customer-centric solutions in the real estate market.

Core Component 1: Reimagine Real Estate

The first core component of Zillow's mission is to "reimagine real estate." This reflects the company's ongoing efforts to transform traditional real estate practices through technology and data-driven solutions. In 2024, Zillow has positioned itself as the most visited real estate website in the U.S., with approximately 2.44 billion visits in the three months ended September 30, 2024, representing a 3% increase from the previous year.

Core Component 2: Making Home a Reality

The second component focuses on "making home a reality." Zillow aims to simplify the home buying, selling, and renting processes for consumers. In the nine months ended September 30, 2024, Zillow generated total revenue of $1.68 billion, an increase of 14% from $1.47 billion in the same period of 2023. This growth is driven by enhanced user engagement and an increasing number of unique users, with 36 million average monthly rentals unique visitors in the three months ended September 30, 2024.

Core Component 3: Commitment to Quality

Zillow's commitment to quality is evident in its diverse revenue streams, which include residential, rental, and mortgage services. For instance, residential revenue increased by $104 million, or 9%, to $1.21 billion for the nine months ended September 30, 2024. Additionally, Zillow's mortgage revenue rose by $30 million, or 41%, primarily due to a 106% increase in total loan origination volume, reaching $2.2 billion. This illustrates Zillow's focus on delivering high-quality products and services that meet the evolving needs of its customers.

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

Zillow's mission statement and its core components highlight its strategic focus on leveraging technology to enhance the real estate experience. Through continuous innovation and a commitment to quality, Zillow aims to provide unparalleled services that make home ownership and renting accessible to a broader audience.




Vision Statement of Zillow Group, Inc. (ZG)

Vision Statement Overview

The vision statement of Zillow Group, Inc. focuses on reimagining real estate to make home a reality for more people. This vision is underpinned by the company's commitment to providing a seamless and integrated digital experience in the real estate market.

Component 1: Digital Transformation

Zillow aims to leverage technology to enhance the home buying, selling, and renting processes. In 2024, Zillow reported total revenue of $1.7 billion for the nine months ended September 30, 2024, which represents a 14% increase from $1.5 billion in the same period in 2023. This growth is attributed to increased engagement and usage of its platforms.

Metric 2024 (9 months) 2023 (9 months) % Change
Total Revenue $1.7 billion $1.5 billion 14%
Residential Revenue $1.207 billion $1.103 billion 9%
Rentals Revenue $337 million $264 million 28%
Mortgages Revenue $104 million $74 million 41%

Component 2: Customer-Centric Approach

Zillow's vision emphasizes a customer-first approach, ensuring that users have access to comprehensive and transparent information. The average monthly rentals unique visitors increased by 20% to 36 million for the three months ended September 30, 2024, compared to 30 million in the prior year.

Metric 2024 (Q3) 2023 (Q3) % Change
Average Monthly Rentals Unique Visitors 36 million 30 million 20%
Quarterly Revenue per Average Monthly Rentals Unique Visitor $3.42 $3.30 4%

Component 3: Integration of Services

In 2024, Zillow continues to integrate its various services to create a cohesive experience for users. The acquisition of Follow Up Boss for $399 million in December 2023 is part of this strategy, enhancing the company's CRM capabilities for real estate professionals.

Acquisition Cost Purpose
Follow Up Boss $399 million Enhance CRM for real estate

Component 4: Sustainable Growth

Zillow's vision includes a focus on sustainable growth through strategic investments in technology and human capital. As of September 30, 2024, Zillow had 6,835 employees, a significant increase from 6,263 as of December 31, 2023, reflecting ongoing investment in talent to support growth initiatives.

Year Employees
2024 6,835
2023 6,263

Component 5: Market Leadership

Zillow aims to maintain its position as the most visited real estate website in the U.S. The number of visits increased by 3% to 2.44 billion in Q3 2024 from 2.366 billion in Q3 2023, demonstrating strong user engagement and market presence.

Metric 2024 (Q3) 2023 (Q3) % Change
Visits 2.44 billion 2.366 billion 3%



Core Values of Zillow Group, Inc. (ZG)

Core Value: Customer Obsession

The core value of customer obsession emphasizes the importance of prioritizing customer needs and experiences in all aspects of Zillow Group, Inc.'s operations. As of 2024, Zillow has demonstrated this commitment through various initiatives aimed at enhancing user experiences and satisfaction.

For instance, Zillow Home Loans reported a significant increase in mortgage originations revenue, rising 63% to $39 million for the three months ended September 30, 2024, driven by a 79% increase in total loan origination volume to $819 million during the same period. This growth reflects Zillow's focus on providing accessible financing options to its customers.

Additionally, Zillow's Premier Agent program has seen an increase in engagement, as evidenced by a 12% rise in Residential revenue to $405 million for the three months ended September 30, 2024. This growth is attributed to improved customer connections and a more seamless transaction process for users.

Core Value: Innovation

Innovation is a cornerstone of Zillow's strategy, driving the development of new tools and services to meet evolving market demands. In 2024, Zillow's acquisition of Follow Up Boss for $399 million exemplifies its commitment to integrating advanced technology solutions for real estate professionals.

Furthermore, Zillow has invested significantly in technology development, with capitalized website development costs amounting to $46 million for the three months ended September 30, 2024. This investment supports the ongoing enhancement of its digital platforms, ensuring that users have access to cutting-edge tools for home buying and selling.

Core Value: Integrity

Integrity is fundamental to Zillow's operations, ensuring transparency and ethical behavior in all dealings. Zillow's financial reporting reflects this commitment, with a focus on accurate and honest disclosures. For example, the company's total revenue increased by $211 million, or 14%, to $1.7 billion for the nine months ended September 30, 2024, demonstrating its accountability to stakeholders.

Moreover, Zillow's robust compliance with financial covenants and reporting standards further underscores its dedication to maintaining integrity within its operations.

Core Value: Collaboration

Collaboration is essential to Zillow's culture, fostering teamwork both internally and with external partners. As of 2024, Zillow's workforce has expanded to 6,835 employees, up from 6,263 at the end of 2023. This growth reflects Zillow's commitment to building a diverse team that can effectively collaborate to drive business success.

The company's partnerships with real estate agents and brokers through the Premier Agent program demonstrate this collaborative spirit, as Zillow provides tools and resources to help partners succeed.

Core Value: Community

Zillow's commitment to community is evident in its efforts to create positive impacts in the real estate market and support local initiatives. The increase in Rentals revenue by 28% to $337 million for the nine months ended September 30, 2024, illustrates its focus on providing housing solutions that benefit various communities.

Additionally, Zillow's ongoing efforts to improve accessibility in housing and support for local economies further highlight its dedication to community engagement and development.

Core Value Description Key Metrics
Customer Obsession Prioritizing customer needs and experiences. 63% increase in mortgage originations revenue.
Innovation Driving the development of new tools and services. $46 million capitalized in website development costs.
Integrity Ensuring transparency and ethical behavior. Total revenue increased by $211 million.
Collaboration Fostering teamwork internally and with partners. Employee growth to 6,835.
Community Creating positive impacts in the real estate market. 28% increase in Rentals revenue to $337 million.

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Resources:

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