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A University of Pennsylvania Wharton professor published a paper that claims Zillow users don’t know who they’re being connected with when they select an agent, alleging that Zillow-affiliated agents drive users to Zillow’s home mortgages.
Professor Jerry Wind’s study showed only 0.3% of users understood they would not be connected with the listing agent when selecting the tabs “Contact an agent” or “Request a tour.”
“This study provides empirical evidence that Zillow’s interface design systematically deceives consumers about a fundamental aspect of the homebuying process,” the conclusion of Wind’s paper reads. “[Consumers] are not contacting the listing agent. They are being routed to agents who pay Zillow for access to their information—agents who are therefore financially incentivized to steer them toward Zillow’s mortgage products.”
FOX Business sat down with Wind to discuss his findings and what he believes are the biggest takeaways from his study.
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“My understanding is that the incentive is, one major incentive is that they get the name, and once they get their name, and they succeed in selling the house, they have to pay Zillow up to 40% of their commission,” the professor told Fox News Digital. “So that’s what Zillow gets out of this. The agent, obviously, gets a lead.”
“And if the agent does not… recommend Zillow’s mortgage to the customers, Zillow, I understand, may basically stop giving them leads,” Wind continued. “So there is a real carrot and stick here in terms of encouraging the agents to [encourage] their customers to use Zillow’s mortgage.”
Wind joined the Wharton faculty in 1967, nearly six decades ago, and is the Lauder Professor Emeritus and a professor of marketing.
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“According to recent class action lawsuits filed in federal court, these agents may be required to meet quotas for referring buyers to Zillow Home Loans in order to maintain access to leads,” Wind’s study reads. “Agents who fail to meet these quotas risk losing their primary source of business.”
Zillow was quick to deny the professor’s claims that such quotas exist in a statement to FOX Business, discrediting the study and the allegations that they force Zillow-affiliated buyers to recommend Zillow Home Loans (ZHL).
“This significantly flawed paper does a lot of gymnastics trying to turn Zillow’s pro-consumer feature into a buy,” a Zillow spokesperson told FOX Business. “When a buyer requests a tour or clicks ‘contact agent,’ Zillow connects them with a local buyer’s agent – someone whose job it is to represent the buyer’s interests and drive the best outcomes for them. A listing agent represents the seller.”
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Reports and U.S. national data estimate that total home sales in 2025 were approximately 4.74 million units when combining existing and new-home sales.
Zillow’s 2025 Consumer Housing Trends Report showed that roughly 68% of home buyers use Zillow during their search to purchase a home.
Wind alleged that Zillow’s popularity has created an antitrust issue, with the platform attempting to create a closed loop between searching, purchasing and selecting a mortgage provider for payment, telling FOX Business that “the situation really requires some type of legal intervention here” or “some regulatory involvement.”
Zillow said the claims of a closed loop are false, and that they do not steer customers to ZHL.
“Claims that buyers are steered to Zillow Home Loans or any specific mortgage provider are false,” the Zillow spokesperson explained. “We offer choice, not requirements, and buyers are free to work with any lender. Agents are encouraged to help clients evaluate all available financing options.”
“We remain confident that our platform delivers transparency, competition and meaningful choice to millions of buyers and sellers,” the spokesperson added.
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As for what Wind hopes to see come out of his study, he told FOX Business that he believes consumer awareness and education is important for those looking to make their next home purchase.
“I think the important aspect here is for consumers to try to be more aware and make sure to look for alternative mortgages, not just buy the first one,” Wind explained. “So consumer education is really key here. Second, I would hope that Zillow will change their incentive systems and business model basically, and realize they have an amazing platform.”
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