The data behind the Zestimate is stored in a database that’s 20TB in size, according to this presentation by Zillow’s Senior Data Scientist Nick McClure. How does Zillow handle all these data sources to come up with the Zestimate? Earlier this year, members of Zillow’s data science team shared some of the secrets behind the Zestimate. The company lets homeowners submit additional information that is not available through public sources, such as the existence of remodels or major upgrades. Nationally, the median error rate is 8.3 percent, the company says. The Zestimates are usually accurate to within 10 percent in most American metro areas, Zillow claims. The more data Zillow has on a given home, the more accurate the Zestimate, the company says. The company has also gone back in time to create historical Zestimates, which help it to track how property values have changed over time and improve the current Zestimate. Three times per week, Zillow updates its Zetimate for 110 million homes in the U.S., as well as the Rental Zestimate for 100 million homes. Historical data like real-estate transfers and tax information is also factored in, as are sales of comparable houses in a neighborhood. The figure is an estimated market value that’s based on a number of public and user-submitted data, including physical attributes, like location, lot size, square footage, and number of bedrooms and bathrooms. The Zestimate is a core part of Zillow’s offering, and is critical for the company’s business model. Getting a Zestimate is very easy and straightforward for users, but behind the scenes, there’s a hefty amount of data science that goes into the equation.
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Zillow used Qualtrics XM to navigate a turbulent period of growth while improving the impact of their employee research and zeroing in on key drivers of engagement and satisfaction pertaining to the employee experience lifecycle.If you’re like most homeowners, you probably sneak a peek at your ‘Zestimate’ from time to time to see how your home’s value might have changed. When your workforce scales rapidly, it can be a scary proposition.
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As a result of this initiative, Zillow has seen measurable improvement to their favorability scores for career development-a key driver of employees’ willingness to stay.
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With this insight in hand, Zillow rolled out a comprehensive playbook for leadership that informed managers about their employees’ needs and how to fulfill those needs on a daily basis. They found that career development was an important driver.
Zillow’s team used automated key driver analysis within Qualtrics to identify and rank the aspects of the employee experience that would be most likely to influence employees’ decision to stay with Zillow long-term. One of the first company-wide employee experience gaps Zillow found via research conducted on Qualtrics XM was that while their employee engagement was high, their employees’ intent to stay was noticeably lower.
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