Zillow Group, Inc., or simply Zillow, is an American online real estate marketplace company that was founded in 2006, and was created by Rich Barton and Lloyd Frink, former Microsoft executives and founders of Microsoft spin-off Expedia; Spencer Rascoff, a co-founder of Hotwire.com; David Beitel, Zillow’s current Chief Technology Officer; and Kristin Acker, Zillow’s current Senior Vice President of Experience Design.
In February 2011, Zillow and Yahoo! Real Estate launched an exclusive partnership creating the largest real-estate advertising network on the web, according to comScore Media Metrix.
Zillow now allows renters to pay rent online to their landlords for properties on the Zillow Rental Manager tool. Zillow charges renters a transaction fee when using Debit or Credit Cards to pay their landlord. However, Renters also have a no-fee option to pay their rent by using ACH.
In 2018, Zillow Group began operations as a blanket referral fee network without an upfront cost called Zillow Flex. Once a broker closes a home transaction with a client, they pay a referral fee out of escrow to Zillow. In areas where Flex partner brokers operate alongside brokers who pay for Zillow Premier Agent upfront, leads and connections flow through the same system and are allocated randomly to partner brokers. Blanket referral fees paid to Zillow Group are not disclosed to consumers, but likely range anywhere between 30–40% of the entire broker’s commission. The main qualification for real estate brokers who participate with Zillow Flex Program is their willingness to pay a blanket referral fee once the transaction is complete.
As the most-visited real estate website in the United States, Zillow and its affiliates offer customers an on-demand experience for selling, buying, renting and financing with transparency and nearly seamless end-to-end service. Zillow Offers buys and sells homes directly in dozens of markets across the country, allowing sellers control over their timeline. Zillow Home Loans, the company’s affiliate lender, provides customers with an easy option to get pre-approved and secure financing for their next home purchase. Zillow recently launched Zillow Homes, Inc., a licensed brokerage entity, to streamline Zillow Offers transactions.
According to en.wikipedia; statista; zillow.com. Source of photo: internet