Zillow (NASDAQ: ZG) was featured in a recent analysis report that discussed the company’s strong position in the real estate tech services industry amid serious headwinds, including high mortgage rates and home prices. “Pending the mortgage rate path, 2024 is supposed to be a recovery year for the group [Zillow, Redfin and Opendoor]. But financial results are expected to remain well below 2021 levels. So, there must be more to the story,” reads the report, written by LikeFolio Founder Andy Swan. “Industry trailblazer ZG is boldly rolling out new innovations to put itself in a stronger position on the other side of the housing downturn. In January 2023, the company rolled out an AI-powered natural language search tool, the first of its kind in real estate. Home shoppers can enter a specific phrase about what they are seeking instead of having to sift through multiple filters. Last month, it launched an enhanced software package called Appointment Center by ShowingTime+. Sounds like another streaming TV product, but it’s meant to eliminate the monotony of appointment setting for real estate agents. Along with data, reporting tools and 24/7 access to live appointment specialists, customers may find the $15/month investment well worth it. We think these have much to do with ZG’s relative outperformance in website traffic and social media mentions. In addition, ZG is benefiting from its Zillow Rentals business, which grew revenue 21% in Q1. Consumers awaiting cooler home prices may be turning to apartment rentals.”
About Zillow Group Inc.
Zillow is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners and easier buying, selling, financing and renting experiences. Zillow Group’s affiliates, subsidiaries and brands include Zillow(R); Zillow Premier Agent(R); Zillow Home Loans(SM); Trulia(R); Out East(R); StreetEasy(R); HotPads(R); and ShowingTime+(SM), which includes ShowingTime(R), Bridge Interactive(R) and dotloop(R). For more information, visit www.Zillow.com.
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