Zillow leads are buyers and sellers who contact an agent through Zillow, and agents pay Zillow to receive them. Whether that is a good deal depends on how you pay, what Zillow expects in return, and how fast you can turn a connection into a closing. This guide explains how Zillow’s agent programs work according to Zillow Group’s own SEC filing, what we could and could not verify about costs, which questions to ask before you commit, and how to compare Zillow leads with your other sources.
A note on sources: we read Zillow Group’s FY2025 annual report and a January 2026 HousingWire article on October 23, 2026. Zillow’s own pricing and FAQ pages would not open for us, so check current terms with Zillow before you rely on anything here.
What Are Zillow Leads for Real Estate Agents?
Zillow leads are consumers who reach out through Zillow’s platform and are connected to an agent partner. The FY2025 annual report from Zillow Group lists the agent offerings as Premier Agent, including Zillow Preferred. That report calls these consumer inquiries connections, and agents often call them leads.
One line from that report sets the tone: Zillow does not promise any minimum or maximum share of connections to customers. In other words, joining a program does not guarantee a set number of leads. You are buying a chance to compete for connections, and the rest depends on your market, your coverage and how well you respond.
How Do Zillow’s Agent Programs Work?
Zillow has described two models in its annual report. One is a market-based offering, described as subscription-based, where connections are distributed to partners in proportion to their share of voice. The other is Zillow Preferred, which the report calls the next chapter for Zillow’s Flex program and describes as an invite-only, pay-when-you-close program for top real estate agent teams. It is offered in certain markets.
| Feature | Market-Based Offering | Zillow Preferred |
|---|---|---|
| How you pay | Subscription-based | A performance advertising fee when a transaction closes with one of the leads |
| How connections are shared | In proportion to a partner’s share of voice | Not described in the report |
| Who can join | Not described in the report | Invite-only, in certain markets |
| Guaranteed share of connections | No | No |
The report uses the phrase generally within two years when it describes how long closings from these leads take. Treat that as a reminder that a fee can arrive long after the lead does, which matters when you compare Zillow leads with sources that pay back faster.
What Do Zillow Leads Cost?
We could not verify a single price, and we would be wary of any article that gives you one. Zillow Group’s annual report describes how the pay-when-you-close model works but does not state the fee percentage. Prices also differ by market, so a number from one agent’s blog may not match yours.
The best public clue we found is secondary. HousingWire’s report on an agent lawsuit, dated January 21, 2026, says the fee varies with the sales price of the home and runs up to 40% of the agent’s commission. The article reports this in the context of the lawsuit, and says Zillow’s response is that its referral fees are consistent with industry practices. Use it as a reason to ask for exact terms, not as a price list.
What you can do is calculate your own result. For each closing, subtract the fee share, your tools and the hours you spent, then divide by closings. The sample below uses made-up numbers to show the shape of the math, not Zillow’s actual terms. Our guide to what a lead really costs for agents walks through the same method.
What Does Zillow Expect From Agents?
Zillow expects performance. The annual report says Zillow requires agent partners in the Zillow Preferred program to achieve certain performance standards, and the passage we read does not list them. A HousingWire article describes a lawsuit alleging that ratings inside a CRM can affect who stays in the program. Those are allegations, and the same article says Zillow denies requiring agents to send clients to Zillow Home Loans.
The practical point is simple. A program that rewards fast replies and good handling will also penalize slow ones, so ask which standards apply, how Zillow measures them and what happens if you miss them. Get the answers in writing before you change how you run your business around them.
What Should You Ask Before You Commit?
Treat the agreement like any vendor contract. Read it with your broker, because the fee comes out of the commission your brokerage may also share. The five questions below cover the points that decide whether Zillow leads pay off for you.
Add two more of your own. How do you leave the program, and what happens to leads in progress? And which of your existing tools connect to it, so that every lead lands in your CRM with its source recorded?
How Fast Do You Need to Reply to Zillow Leads?
Fast enough that the person has not already called another agent. Portal leads are shared, and the first useful reply often wins the conversation. Our article on speed to lead and your CRM explains why, and our guide to real estate lead follow-up automation shows how to set it up.
Infina AI, our own product, is an AI assistant for real estate agents that helps with follow-up and listing questions, so a Zillow lead that arrives while you are at a showing still hears back quickly. Whatever you use, decide who replies, how fast and what happens if nobody answers.
Are Zillow Leads Right for You?
Zillow leads suit agents who answer quickly, close consistently and can live with sharing part of a commission. They suit less well an agent who is new, still building a pipeline and cannot afford a fee on each closing, or one who takes days to reply.
Compare the program with your other options before you commit. Our guide to real estate lead generation companies compares other paid sources, and buyer lead sources and follow-up covers how to qualify them. If budget is tight, start with free real estate leads and add a paid source later. Our broader guide to how agents find leads compares ten sources side by side.
How Do You Track Zillow Leads Against Other Sources?
Record the lead source on every contact and update it when a deal closes. After a quarter, compare each source by cost per closing, including fees, tools and your time. Do not compare on cost per lead alone, because a pay-when-you-close model can look free until the deal closes.
Keep the notes simple: lead date, source, first reply time, appointment, closing date and the fee paid. Review the table every quarter, and keep a source only if it earns its place.
What Rules Apply to Zillow Leads?
This is general information, not legal advice, so ask your broker. Fee arrangements for referrals can fall under settlement service rules, and 12 CFR 1024.14 bars giving or accepting a fee, kickback or other thing of value for referring settlement service business tied to a federally related mortgage loan. Your broker can tell you how that applies to a platform agreement.
Calling a portal lead also has rules. The FTC’s Do Not Call Q&A for telemarketers says a company can call for three months after a consumer’s inquiry, unless the person asks it to stop. Ask your broker whether an inquiry made on a portal counts as an inquiry to you before you rely on that window. For texts, read our guide to TCPA compliance for real estate agents.
Common Mistakes With Zillow Leads
- Signing without exact fee terms. Percentages and markets vary, so get them in writing.
- Judging by cost per lead. A pay-when-you-close fee only shows up at closing.
- Replying slowly. A shared lead goes to whoever answers first.
- Ignoring the performance standards. Know what keeps you in the program.
- Not recording the source. Without it you cannot compare Zillow with your other leads.
- Relying on one source. A program can change terms, so keep other sources running.
Related Reading
These guides cover the other sources and the steps around them.
- Compare paid lead providers and what to sign.
- Qualify buyer leads before you spend time.
- Build a weekly free lead plan.
- Check cost per closing, not cost per lead.
- Reply fast with an automated follow-up system.
Final Thoughts
Zillow leads can be a useful source if you answer fast, close well and understand the terms. What we could verify is that Zillow Preferred is an invite-only, pay-when-you-close program in certain markets and that Zillow promises no minimum share of connections. Still, the fee percentage is the part you must confirm yourself. Ask the questions above, track the result by source for a full quarter, and keep other sources running so one agreement never decides your business.
