Zillow operates the most visited real estate marketplace in the U.S., connecting consumers with homes for sale and rent, real estate agents, and mortgage lenders. The platform's core asset is a database of roughly 173 million U.S. homes, anchored by the Zestimate automated valuation model. About 80% of Zillow's traffic comes directly, without paid acquisition. Zillow reports revenue in two segments: For Sale (~74% of revenue) and Rentals (~26%). The For Sale segment is primarily an advertising and lead generation business — agents pay Zillow to receive buyer and seller leads through either a pay-at-closing referral model (Zillow Preferred) or a subscription model based on zip code ad spend. For Sale also includes software tools for agents (Follow Up Boss CRM, ShowingTime tour scheduling, dotloop transaction management) and Zillow Home Loans (ZHL), Zillow's own mortgage origination business that originates purchase loans and sells them into the secondary market. The Rentals segment monetizes through subscription advertising fees paid by multifamily property managers and smaller landlords, plus property management software. Zillow's growth strategy centers on three levers: expanding its "Enhanced Markets" model — where buyers, agents, and ZHL loan officers operate in an integrated workflow — from 44% of connections today toward a 75%+ target; scaling Rentals toward $1B+ in revenue; and benefiting from a normalization of housing market transaction volumes, which Zillow estimates are currently well below mid-cycle levels.