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SEATTLE - Zillow (NASDAQ:Z) (NASDAQ:ZG), the $17.37 billion real estate technology company, on Monday launched its real estate application on ChatGPT, becoming the first property platform to integrate with the popular AI service. According to InvestingPro data, the company has demonstrated strong revenue growth of 15.31% over the last twelve months, highlighting its market leadership position.
The new integration allows users to search for properties through conversational queries such as "What can I afford nearby?" or "Show me homes with a big backyard," according to a company press release. The app displays listings with photos, maps, pricing details, and broker information directly within the ChatGPT interface.
Users can then transition to Zillow’s main platform to schedule property tours, connect with real estate agents, or explore financing options. The application supports both rental and for-sale listings, including those listed by agents or owners.
"As people increasingly turn to conversational AI to make their lives easier, Zillow is bringing that same simplicity to the home journey within ChatGPT," said David Beitel, Zillow’s chief technology officer. While currently unprofitable, InvestingPro analysts expect the company to return to profitability this year, with several additional positive indicators available in the comprehensive Pro Research Report.
The company stated it was an early partner in developing applications for ChatGPT, building on what it describes as "decades of Zillow investment in AI." Zillow plans to expand the integration in the future to include new construction listings and 3D tours.
The application maintains Zillow’s familiar design elements while incorporating real-time listings and housing data. All listings displayed include proper broker and MLS attribution as required in real estate listings.
Zillow operates the most visited real estate website and app in the United States, according to the company’s statement.
In other recent news, Zillow is facing a lawsuit from the Federal Trade Commission (FTC) over its $100 million rental market deal with Redfin. The FTC alleges that this agreement effectively eliminates Redfin as a competitor in the rental advertising market, potentially suppressing competition. Keefe, Bruyette & Woods has reiterated its Market Perform rating for Zillow, maintaining a price target of $85, amidst these legal challenges. Meanwhile, JPMorgan has raised its price target for Zillow to $94, citing a solid growth outlook despite the second-quarter results merely meeting the high end of guidance. The firm expects Zillow’s revenue to grow by 14% to 16% year-over-year in the third quarter. Additionally, the FTC is seeking structural remedies that could include asset divestitures or business reconstructions to restore competition. These developments come as Zillow continues to navigate industry shifts and legal overhangs.
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