Implementation, Strategic Control and Contingency Plans
Zillow is a company running an online website for buyers, homeowners, and sellers etc. It was found by Lloyd Frink and Rich Barton. It is a settle-based real estate market website that had tremendous growth after moving recently into the public market. It assists users with providing a free approximate value on the property. Zillow covers for over 70 million homes in America with convenient operation easily to estimate rental and market value on a satellite map. As the demand for housing and real estate increases, Zillow has created a platform where traders can find all the information they need for stock investment. As the group’s CEO, Rich Barton manages the organization and holds responsibility for the long-term strategic direction of the group (Lamb, 2009, p. 234).
Implementation Plan
Zillow partners with other organizations to lend its real estate search engine to many websites across the U.S. It also extends its reach into local markets and shares advertising revenue from the co-branded sites. The company owns and operates Zillow.com, a mortgage market place, and a mobile suite of home-related mobile applications.
Zillow has good HR professionals who support sales and product development. The HR generalist is a vital part of the HR department that supports daily operation activities in various locations. Among these operations are; facilitation of performance management activities, on-boarding, employee communications, culture building and training programs. The HR generalist is the trusted advisor to the employees and management who works with management to implement and develop HR plans and solutions to deliver results and achieve strategic business initiatives. In addition, HR generalist is the trusted advisor who travels to offices and reports to the HR director in Seattle. Zillow also has;
- Software development engineer - works on team that owns the billing processes for 34,000 premier agents.
- The Email marketing manager - works across multi-channel marketing group on comprehensive and robust strategies.
- Senior iOS Developer – Works with a team on mobile operations. He is also involved in all stages of application development.
- Field Sales Account Executive (digital advertising) – Prospects and builds strong personal relationships with potential clients.
- System Administrator – The system administrator at Zillow carries out steps for resolution after working with users to determine source of issue (Nicholson, 2010, p. 822).
Zillow is launching a program designed to develop listing data accuracy on its website. This idea will be mutually beneficial to multiple listing services and brokers. It is committed to partner with brokers and MLSs to get timely and reliable information to its 34 million users. Zillow’s common goal is to provide accurate listing for the benefit of consumers and agents. It has hired Phoenix-based broker and other bloggers in an effort to improve its relations with MLSs and other brokers. The Zillow Partnership Platform (ZPP) consists of months of research to study and analyze listing syndication among agents, brokers, consumer destinations and agents. It presents a fair program that enables it display timely and most accurate data available. ZPP initiates these programs with a commitment to completeness, accuracy and timeliness of the listing data that all parties value and want. Zillow has an advertising network ‘Yahoo-Zillow Real Estate Network’. This website is the largest network on the web with 34 million users.
Under ZPP, Zillow makes numerous pledges towards offering MLS and brokers greater control over how it displays and relays listing information. These pledges include;
- All parties should be clearly identified, including; buyer agents, listing agents, property advertisements, and Zillow Premier Agents.
- MLS feeds and broker will override all others
- Zillow will always take to curb misuse and scraping of listing data and monitor traffic to its network
- Zillow will always show the listing brokerage and agent adjacent to their listing and also include links to brokers and contact information.
- Zillow will never redistribute or sublicense listing for display on unrecognized websites without express written consent
- Communication with employees has to be on a regular basis to make them understand the significance and vision of the IPO step.
- Negotiating with the stock exchange; Zillow relinquishes some traditional commemorative maneuvers done by organizations.
In addition, Zillow will resolve discrepancies among a myriad of data sources by deciding the trump order of listing and removing duplicates. Using an IPO, Zillow provides the necessary means to accomplish goals. Zillow’s management spends plenty of time thinking about the significance of the IPO in order to accomplish its objectives.
Functional tactics
Ideally, Zillow uses there buying tips;
- Aim yourself with knowledge
- Shop outside your price range
- Consider foreclosed properties
Aiming you with knowledge is a skill used by Zillow to take full advantage of every information and tool available online. It accesses listing information, views price reduction and days on market information, sees photos and learns what the seller paid for their home. In addition, it instills on owning a reputable real estate agent who will transform move the firm to greater heights.
Shop outside your price range goes with the idea of buying housing that runs about two-and-one-half times one’s annual salary. However, it does not mean that one should not look outside their price range. Seemingly, the majority of sellers have a tendency of entertaining all offers and latter are willing to negotiate.
Consider foreclosed properties; This includes released today and new stats which reveal how banks repossess one million homes every year. However, this brings opportunity for savoir-faire bargain hunters. Notably, foreclosed homes are relatively cheaper compared to non-foreclosures. Additionally, they are intimidating and a lot less complicated than a short sale.
Action items
Zillow’s action items apply to both property details API and home valuation API. Zillow API is a service used by Zillow to allow preapproved licensees to retrieve certain data regarding mortgages and residential real estate in the US. This service consists of multiple application program interfaces for retrieving calls to receive attributes about particular properties, valuation data, and calls to receive information about homes that are posted for sale. License to Zillow API and Data is service used by clients to distribute Zillow data to consumers and implement the Zillow API on their website. License to Zillow API and data is subject to the following restrictions;
- All calls must reference the ZWSID that is issued as an approval
- One must agree that they will provide the Zillow data to users
- A client may present the Zillow Data only on a transactional basis.
- Clients can distribute the Zillow Data on mobile apps and can also implement the Zillow API (White, 2009, p. 561).
Zillow Mortgage Marketplace – This is a service that enables borrowers to get custom loan quotes without necessarily revealing personal information, such as phone numbers and social security. It is only after contacting the leader of their choice that borrowers reveal their identities. It also gives lenders a platform to see competing quotes from other brokers and browse borrower requests. Zillow must verify all identity of lenders, broker, and employment license. All lenders have an email link, a public profile on the site with contact information and ratings submitted by borrowers who get in touch with them.
Zillow mortgage marketplace has improved many operations and made it easy for users to navigate, request loans, and purchase properties. Other improvements of this service are;
- Buyers can remain anonymous at any given time.
- Both online and traditional lenders require extensive information before giving the buyer a rate quote.
However, because many buyers avoid being manipulated by lenders, most of them do not reveal their identity for security reasons. Buyers can remain anonymous until they are ready to contact the lender. In addition, it eliminates the hassle of unwanted phone calls, and e-mails from multiple lenders
Organizational Change Strategies
Long-term viability and financial strength are two of Zillow’s greatest strengths. It continues to advance its operations into mortgage brokerage, advertising and referral business model. It has managed to balance the three models to keep costs low and optimize revenues. In addition, its ability to increase service and website traffic using the three business models has enabled it to reach many clients. However, Zillow requires a competent, dynamic, and organized self starter to join its Human Resource department as its Operations Program Manager. Although it has achieved its goals and made tremendous achievements, several areas are not up-to standard. The role of the Operations Program Manager will be to support its sales and product development teams in various branches. Changes are in management are necessary, for instance, Zillow would need to use an updated database that will run its business to enable it quickly query and store records. In addition, a data mart could be useful in determining the best form of residence, and later use that information to generate mailing list to customers.
Key Success Factors
The breakeven point can be indifferent between renting and buying. When living in a house for a short period compared to the breakeven horizon, buying appears to be disadvantageous compared to renting (Levy, 2009, p. 45).
Conclusion
Zillow assists users with providing a free approximate value on the property. Zillow covers for over 70 million homes in America with convenient operation easily to estimate rental and market value on a satellite map. It continues to advance its operations into mortgage brokerage, advertising and referral business model. It has managed to balance the three models to keep costs low and optimize revenues. In addition, its ability to increase service and website traffic using the three business models has enabled it to reach many clients. However, Zillow requires a competent, dynamic, and organized self starter to join its Human Resource department as its Operations Program Manager. It extends its reach into local markets and shares advertising revenue from the co-branded sites. As the leading mortgage website, Zillow is gradually transforming the housing industry to enable people in all financial groups give them good ideas, and own homes.
References
Lamb, C. W., Hair, J. F., & McDaniel, C. D. (2009). Marketing. Mason, Ohio: South-Western Cengage Learning.
Levy, D. (2009). US underwater mortgages may reach 30%, Zillow says (update 2). 11http://www. bloomberg. com/apps/news.
Nicholson, W., & Snyder, C. (2010). Intermediate microeconomics and its applications. Australia: South-Western Cengage Learning.
White, B. (2010). The Morality of Strategic Default. UCLA Law Review Discourses, Forthcoming, 10-15.
