Online Real Estate Marketplace App Development | Business Model Of Zillow

What Is An Online Real Estate Marketplace | Zillow App

So, Zillow is actually a simple app that offers services to the users for the following:

1. Buying property
2 Buying a house on rent
3. Offering services to the landlords, mortgage professionals, and property managers.

Zillow has a massive database of 110 million US properties with the help of a real estate search engine. This includes homes for rent, sales, etc.

Zillow real estate app also helps users to connect with real estate agents, home inspectors, and property managers.  It provides a piece of detailed information about properties and their respective owners. Which makes this app so user-friendly and convenient. 

The Zillow app is a subsidiary of the Zillow group that involves details and information of all the largest and important real estate properties and home-related brands. There are other subsidiaries of Zillow, some of the popular subsidiaries are Trulia, Hot pads, streets, Naked Apartments, RealEstate.com, and Outkast. 

Users can easily access Zillow through the website or directly through the app. All these features make Zillow real estate app one of the best online real estate marketplace worldwide. If you want to know more about this app and what else requires for the development of this amazing real estate app. Then you can get in touch with us today for a better discussion.  

A Little History Of Zillow App

Now, if you are planning or want to know about the Zillow app in detail then we believe you must know about it’s history too. When you start any business it is very important to do full research about that market or business so that you are ready to face any type of situation. Therefore we provide you with the history of the Zillow app to make things more convenient for you. 

Here we go:

Zillow was founded in 2005 by Rich Barton and Lloyd Frink.

The headquarter is located in Seattle, Washington.

The Zillow app is considered to be one of the leading real estate marketplace apps in the US. This data is released by Statista in 2021. 

How Does an App Like Zillow Work

Zillow helps users to make the right decisions regarding buying a home, selling, renting, leasing, remodeling, and financing. To make their decision even more easy Zillow categorized their services into three segments:

For Sale:

Zillow allows users to make their property search easier by providing them with filters. With the help of filters, users can directly get in touch with the properties listed by the owners, agents, property under construction, coming soon, and foreclosure. 

Potential Listing

This includes the list of properties which will be launched or available for sale in the coming future. The properties that come under this are:

Foreclosed: the type of property where the house owner is unable to pay the mortgage and later the property has gone to foreclosure auction or process.

Pre-foreclosure: Houses or properties that are in the early stage of being repossessed because their owners are not able to pay the amount.

Make-me Move: Properties that are enlisted by the owners to check the market and interest of the buyers without officially putting the property for sale. 

For Rent

Under this they list all the properties or houses (building, apartments) that are available for rent across the US. Zillow allows free services for landlords but the renters have to pay $29 for availing the services.  

Well this is how zillow works and this is the working model that they follow. You can also categorise your real estate marketplace app into these four categories or further if you have more to discuss or provide. Then you can discuss your plan with our market experts and developers to provide you the best possible design and layout for your real estate app like Zillow. 

How To Generate Revenue from the Real Estate Marketplace App Like Zillow

It will amaze you to know that, Zillow offers absolutely free services to their customers still this real estate marketplace app manages to generate revenue of $1.1 billion. Let us check what marketing strategy they have:

• Ad sales to property management companies

Zillow provides their rental services to property management companies for advertisement. Zillow, Trulia, StreetEasy and Hotpads, these rental networks, increase the visibility of the property to the renters. 

Later Zillow sends leads to the advertiser to contact the respective renter. This rental service helps in generating great revenues for the company because rental property managers spend $3.5 billion per year on advertising to get the new rentals. 

• Premium services for real estate agents

Zillow’s this program helps real estate agents to avail the maximum of the app. Through this premium service agents get the chance to list their properties on all the property listing sites. Zillow charges $10 for their premium services.

• Ad Sales To Mortgage Lenders

Zillow provides space for advertisement to the mortgage lenders and interior designers, general contractors, etc. here they (Zillow) charge on the basis of CPC ( cost per click) or CPM ( cost per thousand impressions).

• IMT segment

Zillow generates revenues from sales and marketing and the other medium from which they generate revenue is IMT (internet, media, technology). 

• Mortgages Segment

Zillow has become the licensed lender in the US since they acquired mortgage lenders in 2018. The service was later introduced as Zillow home loans. Under this segment users or borrowers can take loans or can refinance their homes or property. 

Summary

Well this was all about how you can earn from your real estate marketplace app like Zillow. If you are planning to develop an app like Zillow then we believe this is the first thing you must consider “How to earn from an app like Zillow”. If you haven’t done enough market research yet then you can contact us for more details and information.