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

An Overview of Zillow Group, Inc. (ZG)

General Summary of Zillow Group, Inc. (ZG)

Zillow Group, Inc. was founded in 2006 and has evolved into a leading technology-driven real estate marketplace. The company's platform provides a wide array of services, including home buying, selling, renting, and financing. Zillow operates several brands, including Zillow, Trulia, and StreetEasy, catering to different segments of the real estate market.

As of 2024, Zillow Group reported total revenue of $1.1 billion for the first half of the year, marking a 13% increase compared to the prior year. The company's main product lines include:

• Residential Revenue: $802 million, an increase of 8%.
• Rentals Revenue: $214 million, up 30%.
• Mortgages Revenue: $65 million, a 30% increase.
• Other Revenue: $20 million, a 5% increase.

Zillow continues to innovate through acquisitions, such as Follow Up Boss in December 2023, which enhances their customer relationship management offerings for real estate professionals.

Company's Financial Performance in the Latest Financial Reports

In the second quarter of 2024, Zillow Group achieved a total revenue of $572 million, representing a 13% increase from $506 million in the same quarter of 2023. Key highlights from the financial performance include:

• Residential Revenue: Increased by $29 million or 8% to $409 million.
• Rentals Revenue: Rose by $26 million or 29% to $117 million.
• Mortgages Revenue: Grew by $10 million or 42% to $34 million.

The gross profit for the quarter was $442 million, up from $402 million year-over-year, indicating a 10% increase. However, the total gross margin decreased from 79% to 77%.

For the first six months of 2024, Zillow reported a net loss of $40 million, an improvement from a net loss of $57 million during the same period in 2023. Adjusted EBITDA increased by 20% to $259 million.

Introduction to Company as a Leader in the Industry

Zillow Group, Inc. is recognized as a leader in the real estate technology sector, leveraging its advanced technology platform to provide comprehensive solutions for home buyers, sellers, renters, and real estate professionals. The company's strategic focus on innovation, including the integration of its services through acquisitions, positions it well for continued growth in the competitive real estate market.

As of June 30, 2024, Zillow had approximately 6,682 employees, an increase from 6,263 employees at the end of 2023, reflecting its commitment to expanding its workforce to support its growth initiatives.

With a focus on enhancing user experience and increasing engagement, Zillow aims to sustain its leadership position within the industry. The company reported a total of 2.5 billion visits to its platform in the second quarter of 2024, indicating a 4% increase compared to the previous year.

Mission Statement of Zillow Group, Inc. (ZG)

Mission Statement of Zillow Group, Inc. (ZG)

Zillow Group, Inc.'s mission statement is focused on "reimagining real estate to make home a reality for more and more people." This mission serves as a guiding principle that shapes the strategic direction and operational priorities of the company. It emphasizes the importance of connecting consumers with the services and solutions they need to navigate the real estate market effectively.

Core Components of the Mission Statement

1. Reimagining Real Estate

The first core component, "reimagining real estate," reflects Zillow's commitment to innovation and transformation within the real estate sector. The company leverages technology to redefine how individuals buy, sell, rent, and finance homes. As of June 30, 2024, Zillow's platforms, including Zillow, Trulia, and StreetEasy, had a combined total of approximately 2.5 billion visits, showcasing significant consumer engagement with their services.

2. Making Home a Reality

The phrase "making home a reality" underscores Zillow's dedication to helping consumers achieve their housing goals. This commitment is evident in their diverse service offerings, including Zillow Home Loans, which reported a 127% increase in total loan origination volume, rising from $602 million in the first half of 2023 to $1.4 billion in the first half of 2024. Additionally, Zillow's Premier Agent program connects buyers and sellers with trusted real estate professionals, facilitating smoother transactions.

3. More and More People

The final component, "more and more people," highlights Zillow's mission to expand its reach and impact within the housing market. By continually enhancing its platform and services, Zillow aims to serve an increasing number of consumers. The company reported a 13% increase in total revenue for the first half of 2024, amounting to $1.1 billion, compared to $975 million in the same period of 2023. This growth is driven by an increase in residential revenue, which rose by 8% to $802 million.

This mission statement, paired with its core components, not only defines Zillow's operational ethos but also serves as a framework for its strategic initiatives and market positioning as of 2024. The emphasis on technology, customer service, and market expansion reflects the company's aspirations to lead in the real estate industry while delivering value to its users.

Vision Statement of Zillow Group, Inc. (ZG)

Vision Statement Overview

The vision statement of Zillow Group, Inc. (ZG) emphasizes the company’s commitment to transforming the real estate experience through technology and innovation. As of 2024, Zillow aims to be the most trusted and powerful platform for real estate, helping consumers make informed decisions.

Empowering Consumers

Zillow's vision focuses on empowering consumers by providing transparent and accessible real estate information. In 2024, Zillow reported an average of 32 million unique monthly visitors to its rental listings, reflecting its status as a leading platform in the real estate market.

Innovative Technology

At the heart of Zillow's vision is the use of cutting-edge technology to enhance the user experience. In 2024, Zillow's revenue from technology solutions increased by 9% year-over-year, driven by the integration of new software innovations and acquisitions.

Commitment to Sustainability

Zillow Group is also committed to sustainability within its operational framework. As of 2024, the company has implemented energy-efficient practices across its offices, contributing to a 15% reduction in carbon footprint compared to the previous year.

Financial Performance

In terms of financial performance, Zillow reported total revenue of $1.1 billion for the six months ended June 30, 2024, marking a 13% increase compared to the same period in 2023. This growth is indicative of Zillow's successful execution of its vision-driven strategies.

Market Position and Growth

As of June 30, 2024, Zillow's market position remains strong, with a total of 6,682 employees, an increase from 6,263 employees at the end of 2023, showcasing its growth trajectory.

Table: Key Financial Metrics (2024)

Future Outlook

Zillow’s vision for the future includes continuing to leverage technology and data analytics to improve the real estate experience. The ongoing investment in innovative solutions is expected to drive further growth and enhance consumer engagement in the coming years.

Core Values of Zillow Group, Inc. (ZG)

Customer Obsession

The core value of customer obsession reflects Zillow Group's commitment to prioritize customer satisfaction and experience in all aspects of their business operations.

In 2024, Zillow Group has enhanced its customer-centric approach through the introduction of new features on its platforms, such as personalized property recommendations and improved user interface design. The acquisition of Follow Up Boss for $399 million in December 2023 has enabled Zillow to provide a more integrated customer relationship management experience for real estate professionals, further streamlining the buying and selling processes for customers.

Innovation

Innovation is a key value that drives Zillow Group's strategic initiatives and technological advancements. The company invests heavily in technology to evolve its services and maintain a competitive edge.

In the first half of 2024, Zillow reported a 30% increase in Rentals revenue, amounting to $214 million, partly due to innovative features that enhance the rental experience. Additionally, the launch of ShowingTime+, a software solution for real estate agents, has contributed to a 4% increase in the number of visits across Zillow platforms, indicating successful innovation in service delivery.

Integrity

Integrity is fundamental to Zillow Group's operations, emphasizing transparency and ethical conduct in all business dealings.

The company maintains high standards of integrity by adhering to strict compliance measures. As of June 30, 2024, Zillow Group has demonstrated its commitment to ethical practices by achieving compliance with all debt covenants related to its financial agreements. This adherence not only fosters trust with stakeholders but also supports long-term business sustainability.

Collaboration

Collaboration is essential for Zillow Group to leverage diverse talents and perspectives within the organization.

As of mid-2024, Zillow Group has expanded its workforce to 6,682 employees, up from 6,263 at the end of 2023. This growth reflects the company’s commitment to fostering a collaborative environment that encourages teamwork and innovation across various departments. Initiatives such as cross-departmental projects and regular team-building activities are designed to enhance cooperation among employees, ultimately improving service delivery and customer satisfaction.

Respect

Respect is a core value that underpins Zillow Group's corporate culture and interactions with clients and partners.

The company actively promotes a respectful workplace through diversity and inclusion initiatives. In 2024, Zillow Group has reported a commitment to increasing the representation of underrepresented groups within its workforce, aligning with industry benchmarks for diversity. This focus on respect not only enhances employee morale but also enriches the company's cultural fabric, fostering a positive work environment conducive to innovation and growth.