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Zillow Group, Inc., a digital real estate company, operates real estate brands on mobile applications and Websites in the United States. The company operates through three segments: Homes; Internet, Media & Technology; and Mortgages. The Homes segment is involved in resale of homes; and title and escrow services to home buyers and sellers, including title search procedures for title insurance policies, escrow, and other closing services. The IMT segment offers premier agent, rentals, and new construction marketplaces, as well as dotloop, display, and other advertising, as well as business software solutions. The Mortgage segment provides home loans; and marketing products including custom quote and connect services. Its portfolio of brands includes Zillow Rentals, Trulia, StreetEasy, Zillow Closing Services, HotPads, and Out East. The company was incorporated in 2004 and is headquartered in Seattle, Washington.
Barton got the inspiration for funding Zillow when he was working at Microsoft and he realized that the real-estate industry would be transformed. In December 2004, Zillow was incorporated; Zillow's website was launched in February 2006. In 2010, Spencer Rascoff was named CEO of the company. Barton stayed as executive chairman. In April 2018, Zillow entered the on-demand home-buying market with Zillow Offers. In February 2019, Barton returned as CEO to lead the transition.In 2018, Zillow signed a partnership with Century 21 Canada to begin listing Canadian properties on the site, marking the first country outside the United States to be covered by the company.In February 2020, Zillow's stock was up 18% after going down for four years. In March of the same year, the CEO of Zillow announced a cut in expenses by 25%, and stopped hiring due to the COVID-19 pandemic. In March 2021, Zillow announced plans to increase the workforce by 40% by hiring more than 2,000 employees nationwide by the end of 2021. Zillow began purchasing homes in 2018/2019 with the goal of becoming a market maker with a per-unit target of within +/? 200 basis points of breakeven. In November 2021, Zillow CEO Rich Barton announced the company would shutter the i-buying part of the business, sell its existing inventory, and lay off 25% of its employees. When Barton announced the company would cease purchasing homes, Zillow owned about 7,000 houses. The division responsible for acquiring and selling homes, Zillow Offers, resulted in the company losing $420 million in the third quarter of 2021 and the share price plummeted from a high of $200 in 2021 to $30 in 2022.
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More than a dozen years ago, the Zestimate changed the way people made decisions about where to live. Today, we’re using integrated technologies to create a truly seamless experience for our customers and help more people move forward.
