Homes.com vs Zillow vs Realtor.com (2025): Traffic, Lead Quality, Costs, and ROI

Last updated: August 16, 2025

If you’re deciding between Zillow vs Realtor.com vs Redfin vs Homes.com in 2025, this guide breaks down traffic, costs, and ROI to help agents choose smarter

The real estate lead generation landscape has transformed dramatically in 2025. When comparing Homes.com vs Zillow vs Realtor.com, agents now face fundamentally different platforms than just two years ago. With Homes.com backed by CoStar’s $1.2 billion investment challenging traditional players, the 2024 NAR settlement reshaping commission structures, and AI revolutionizing lead qualification, agents can no longer rely on outdated strategies to build their businesses.

This comprehensive analysis examines the four major lead generation platforms dominating today’s market: Zillow, Realtor.com, Redfin, and Homes.com. You’ll discover which platform delivers the highest ROI for your specific situation, proven conversion strategies that top agents use to turn leads into closings, and the exact systems needed to compete effectively in 2025’s digital-first environment.

Whether you’re a broker looking to optimize your team’s lead generation strategy or an agent choosing your first platform investment, this guide provides the data-driven insights you need to make profitable decisions.

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2025 Snapshot: Traffic Reality Check

According to recent investor reports, the competitive landscape reveals significant shifts:

• Zillow: 243M average monthly unique users in Q2 2025; 2.6B visits in Q2 2025 Source: investors.zillowgroup.com, s24.q4cdn.com
• Homes.com (CoStar network): ~111M average monthly unique users in Q2 2025 (network total). Note NAD scrutiny of earlier ad claims and the “network vs site” distinction Source: investors.costargroup.com, bbbprograms.org
• Realtor.com: News Corp reported average monthly unique users down ~6% YoY in fiscal Q2 2025; performance varies by metro Source: investors.newscorp.com

Takeaway: Eyeballs matter, but ROI matters more. Use the calculator below to compare cost-per-appointment and cost-per-closing across portals.

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How the 2024 NAR Settlement Changed Lead Generation Forever

The National Association of Realtors settlement fundamentally altered how agents generate and convert leads. The most significant change involves buyer representation agreements, which now require explicit consent before showing properties. This shift created a more competitive environment where agents must demonstrate clear value propositions from the first contact.

The settlement sparked a rise in “pocket listings” – properties sold privately before hitting the MLS. This trend squeezes traditional portal inventory, making paid leads more valuable but also more competitive. Agents who previously relied on organic portal traffic now compete in a smaller pool of available listings, driving up the importance of converting every lead that comes through the door.

For lead generation, this means higher qualification standards and faster response times have become essential. Agents can no longer afford to let leads sit for hours or days. The window for establishing relationships has shortened dramatically, making systematic follow-up processes more critical than ever.

Metric (Q2 2025 unless noted)	2025 reality	Source
Zillow avg. monthly uniques (AMU)	243 M	Zillow IR Q2 2025
Zillow visits (quarter total)	~2.6 B (Q2)	Shareholder letter
Homes.com network avg. monthly uniques	111 M	CoStar press (Q2 2025)
Realtor.com avg. monthly uniques (Move internal)	≈ 66 M (FY Q2)	News Corp FY Q2 2025
Zillow Flex referral fee	Up to 40 %	Zillow Flex pricing
ReadyConnect (Opcity) fee	30–35 % (tiered)	The Close (Apr 2025)
Redfin Partner referral fee	≈ 30–35 % (typ.)	Redfin Partner (Apr 2025)

Note on Homes.com: figure reflects the CoStar residential network, not necessarily single-site Homes.com. NAD scrutinized earlier ad claims in 2024; use network vs. site phrasing for accuracy.

Platform Deep Dive: Zillow’s Traffic Dominance

Cost Structure and Investment Requirements

Zillow operates two distinct lead generation models serving different agent risk tolerances and business stages.

Premier Agent (ZPA) uses traditional upfront subscription pricing. Agents purchase market exposure share within specific ZIP codes, with costs varying dramatically by market competition. Industry sources indicate average lead costs range from $139 in smaller markets to over $500 in highly competitive metropolitan areas. Some agents report costs exceeding $2,000 per lead in premium markets like San Francisco or Manhattan.

Zillow Flex addresses upfront cost concerns with its pay-at-close model. According to Zillow’s pricing structure, referral fees range from 20-35% of commission, paid only after successful closing. This eliminates financial risk but requires consistent conversion rates to maintain lead flow.

Lead Quality and the “My Agent” Advantage

Zillow’s unique “My Agent” relationship provides participating agents with exclusive access to buyer platform activity after initial contact. This feature offers insights into browsing behavior, saved searches, and price preferences, enabling more personalized service.

However, lead quality remains inconsistent across both programs. Despite Zillow’s claims of providing “motivated buyer leads,” agent reviews consistently mention prospects with unrealistic expectations or those already working with other agents. The platform’s massive traffic volume attracts both serious buyers and casual browsers, requiring agents to develop sophisticated qualification processes.

Winning Strategies for Zillow Success

Master the Speed-to-Lead Game: Zillow leads require immediate response. Research shows conversion rates drop 50% after just 30 minutes. Implement automated alert systems and consider AI-powered tools like Verse.io for initial qualification.

Leverage Video Content: Zillow’s algorithm now prioritizes listings with agent-recorded video tours in search results. Agents investing in video content see 40% higher listing engagement and 25% more qualified inquiries.

Optimize Geographic Strategy: Success requires strategic ZIP code selection. Focus on areas with high buyer activity but lower agent competition. Monitor cost-per-lead metrics continuously and adjust bids based on conversion performance.

Realtor.com: The MLS Authority

Cost Structure and Performance Models

Realtor.com operates two distinct approaches, each serving different agent needs and risk tolerances.

Connections Plus remains the platform’s traditional upfront investment model. Agents purchase market exposure share within specific ZIP codes, with pricing varying dramatically based on local competition and home values. Entry-level packages start around $200 monthly in smaller markets but can reach $1,200+ in competitive metropolitan areas.

ReadyConnect Concierge (formerly Opcity) represents Realtor.com’s evolution toward performance-based pricing. This pay-at-close model requires no upfront investment, with agents paying approximately 30% of commission upon successful closing. The program includes pre-screening by Consumer Success Representatives who qualify leads for purchase intent and financial capability.

The MLS Advantage and Quality Considerations

Realtor.com’s direct connection to over 580 MLS databases provides its strongest competitive advantage. Listings update every 15 minutes, ensuring agents work with current market information. This real-time accuracy attracts serious buyers who value reliable data, typically resulting in higher-intent leads compared to user-generated platforms.

However, lead exclusivity remains a challenge unless agents purchase premium exclusivity rights. Buyer inquiries often reach multiple agents simultaneously, creating intense competition and potentially frustrating clients who receive numerous calls for the same inquiry.

Maximizing Realtor.com Performance

Implement the Five-Minute Rule: Research consistently shows that contacting leads within five minutes increases conversion probability by 900%. Set up automated alert systems for instant notifications.

Leverage MLS Data: Use real-time MLS information to provide prospects with market insights unavailable on other platforms. Create custom market reports showing recent sales and price trends to demonstrate expertise from first contact.

Optimize Your Profile: Your Realtor.com profile acts as a 24/7 lead generator. Include professional photos, detailed service descriptions, and client testimonials. Regular updates with recent sales maintain visibility in search results.

Redfin: The Tech-Forward Brokerage Model

Performance-Based Partnership Structure

Redfin’s Partner Agent Program operates exclusively on a pay-at-close model, eliminating upfront costs while requiring commission splits ranging from 25-40% of gross commission. This structure appeals to agents avoiding initial investment but demands high conversion rates to maintain profitability.

The program’s performance-based nature means Redfin actively monitors agent metrics including response time, client satisfaction scores, and closing rates. Agents must maintain minimum performance standards including a 55% request acceptance rate and average connection time under 5 minutes.

Lead Quality Through Pre-Screening

Redfin’s identity as a full-service brokerage creates quality advantages over pure lead generation platforms. The company’s revenue depends on successful transactions, incentivizing them to provide qualified prospects rather than high volumes of unqualified leads.

Leads undergo initial screening by Redfin’s internal team, who verify contact information, assess purchase timeline, and confirm financial capability. This pre-qualification process typically results in higher-intent prospects compared to raw portal inquiries.

Success Strategies for Redfin Agents

Excel at Customer Service: Redfin’s performance metrics prioritize client satisfaction above all else. Develop systems for immediate response, consistent communication, and proactive problem-solving. Customer surveys directly impact lead allocation.

Master the Technology Stack: Fully utilize Redfin’s CRM capabilities including automated follow-up sequences and performance analytics. The platform provides tools most agents pay hundreds monthly to access elsewhere.

Build Systematic Processes: The high-volume nature requires systematic approaches to lead management. Develop standardized scripts for initial calls and efficient showing processes to handle increased lead volume effectively.

Homes.com: The Emerging Market Disruptor

The CoStar Investment Advantage

Homes.com’s backing by CoStar Group brings commercial real estate expertise and massive financial resources to the residential market. The platform’s unique value proposition centers on providing agents with more control over their listings and client relationships, addressing long-standing frustrations with traditional portals.

CoStar’s commercial database provides unprecedented market insights, allowing Homes.com to offer agents richer lead context including employment data, demographic trends, and economic indicators. This information enables more sophisticated lead qualification and personalized service approaches.

Pay-Per-Performance with Geographic Exclusivity

Homes.com’s fee structure typically ranges 25-35% of commission, comparable to other pay-at-close programs. However, the platform’s exclusivity model provides agents with protected territories, eliminating the multi-agent competition common on other platforms.

This approach creates a more professional environment for both agents and prospects, reducing the “call race” dynamic that frustrates potential clients. Early adopters report higher conversion rates due to reduced competition and more qualified leads.

Early Adopter Opportunities

Agents joining Homes.com in its growth phase benefit from reduced competition and higher-quality leads. The platform’s selective agent onboarding process means fewer professionals compete for each prospect, improving individual conversion rates.

However, the platform’s smaller traffic volume compared to Zillow or Realtor.com means fewer total leads. Agents must balance lead quality against volume when considering Homes.com as a primary or supplementary lead source.

AI-Powered Lead Qualification: The Modern Advantage

Automated Lead Scoring Systems

Modern AI tools analyze prospect behavior, response patterns, and demographic data to assign lead scores indicating conversion probability. Systems like FollowUpBoss Autopilot and Verse.io process initial inquiries, ask qualifying questions, and schedule appointments with high-probability prospects.

These tools optimize human interaction rather than replace it. Agents using AI qualification report 40-60% higher contact rates because they focus time on prospects most likely to convert. The technology provides 24/7 availability, ensuring no lead goes unanswered regardless of timing.

Conversation Intelligence and Predictive Analytics

Advanced AI systems now analyze call recordings to identify successful conversation patterns, objection handling techniques, and closing strategies. Platforms like Gong.io provide insights into which approaches work best for different prospect types, enabling continuous improvement in conversion techniques.

Predictive analytics identify which prospects are most likely to buy, sell, or refer others based on engagement patterns, response timing, and demographic factors. This intelligence allows agents to prioritize follow-up efforts and customize approaches for maximum effectiveness.

Homes.com vs Zillow vs Realtor.com: 2025 Performance Analysis

Traffic and Lead Volume Analysis

Based on Q2 2025 data:

Zillow: 243M monthly unique users, generating the highest lead volume potential across all platforms. Primary lead types include both buyers and sellers, with buyer inquiries dominating.

Realtor.com: Approximately 130M monthly visits with strong buyer focus (70% buyers, 30% sellers). Direct MLS connection attracts higher-intent prospects.

Homes.com: 111M network-wide monthly users with rapid growth trajectory. Balanced buyer and seller lead distribution with increasing market penetration.

Redfin: 12.8 million monthly visits primarily generating buyer leads (85% buyers, 15% sellers). Smaller volume but higher pre-qualification standards.

Cost Structure Comparison

Upfront Investment Models:

• Realtor.com Connections Plus: $200-$1,200+ monthly
• Zillow Premier Agent: $139-$2,500+ per lead depending on market

Pay-at-Close Models:

• Realtor.com ReadyConnect: ~30% commission split
• Zillow Flex: 20-35% commission split
• Redfin Partner Agent: 25-40% commission split
• Homes.com: 25-35% commission split with geographic exclusivity

Lead Quality Metrics and Benchmarks

Industry conversion rate benchmarks:

• General portal leads: 1-3.5%
• High-performing portal agents: 7-9%
• AI-qualified leads: 10-15%

Response time impact on conversions:

• Within 5 minutes: 9x more likely to convert
• Within 30 minutes: 3x more likely to convert
• After 2 hours: Conversion rate drops 50%

Advanced Conversion Strategies That Drive Results

The 7-Touch Follow-Up System

Touch 1: Immediate Response (Within 5 minutes) Phone script: “Hi [Name], this is [Agent] with [Brokerage]. I saw you were interested in [Property Address]. I’m actually in the area and could show you this property today if you’re available. What’s the best number to reach you?”

Touch 2: Two Hours Later Text message: “Hi [Name], [Agent] here. I left you a voicemail about [Property Address]. I found 3 similar properties that just came on market. Here’s the link: [Custom property search]. When’s a good time to chat?”

Touch 3: Next Day Email with market analysis: “Hi [Name], I’ve prepared a custom market report for [Neighborhood]. This shows why properties like [Original Property] are selling quickly. I’d love to discuss your timeline and help you stay ahead of the competition.”

Touch 4: Day 3 One-minute personalized video: Record a Loom video walking through the original property’s neighborhood, highlighting amenities, schools, and value proposition specific to their inquiry.

Touch 5: One Week Later Handwritten note: “Hi [Name], I know you’re busy, but I wanted to follow up on your interest in [Neighborhood]. The market is moving quickly, and I’d hate for you to miss out on the perfect property. Call me at [Number] when you’re ready.”

Touch 6: One Month Later Quarterly market update: “Hi [Name], here’s what’s happened in [Neighborhood] since we last spoke. [Include specific statistics and new listings]. I’m still here when you’re ready to make a move.”

Touch 7: Quarter 1 Holiday card with referral request: “Hi [Name], I hope you’re doing well. I’m still helping buyers find great properties in [Area]. If you know anyone looking to buy or sell, I’d appreciate the referral.”

Geographic Arbitrage Strategy

Case Study: Sara’s Phoenix Success Sara, a Phoenix agent, discovered that Scottsdale ZIP codes had 3x higher lead costs than neighboring Paradise Valley areas. By targeting adjacent ZIP codes with overlapping buyer interest, she reduced cost-per-lead from $400 to $150 while maintaining lead quality. Her strategy involved bidding on Paradise Valley ZIP codes while specializing in Scottsdale properties, capturing buyers with flexible location preferences.

Implementation Steps:

1. Analyze adjacent ZIP codes for cost disparities
2. Identify areas with overlapping buyer interest
3. Create content demonstrating expertise in higher-value areas
4. Bid strategically on lower-cost ZIP codes
5. Monitor conversion rates and adjust targeting

Technology Stack for Maximum Efficiency

Essential Tools (Under $200/month):

• CRM: FollowUpBoss ($69/month) for advanced automation
• Text Messaging: SimpleTexting ($29/month) for bulk messaging
• Video Creation: Loom ($12.50/month) for personalized videos
• Email Marketing: Mailchimp ($13/month) for automation
• Social Media: Hootsuite ($49/month) for management

Advanced Add-ons:

• AI Lead Qualification: Verse.io ($150/month)
• Virtual Staging: Virtual Staging Solutions ($39/month)
• Market Analytics: Cloud CMA ($29/month)

Common Mistakes That Kill Lead Conversion

The Spray-and-Pray Approach

Mistake: Trying to be active on all platforms simultaneously without mastering any single one.

Solution: Choose one primary platform and one secondary platform. Master the primary platform’s features, lead types, and conversion strategies before expanding to others.

Underestimating Follow-Up Requirements

Mistake: Assuming 2-3 contacts are sufficient for lead conversion.

Solution: Implement systematic follow-up sequences extending 90+ days. Research shows most prospects don’t convert until the 7th contact, yet most agents stop after 2 attempts.

Neglecting Lead Scoring

Mistake: Treating all leads equally instead of prioritizing high-probability prospects.

Solution: Implement a lead scoring system based on response time, engagement level, price range, and timeline. Focus best efforts on A-grade leads while maintaining automated nurturing for B and C prospects.

Platform Selection Decision Framework

For New Agents (Less than 2 years experience)

Recommended: Zillow Flex or Redfin Partner Agent

Reasoning: No upfront costs, built-in training, and performance-based fees align with limited budgets and developing skills.

Strategy: Focus on one platform initially, master its systems and requirements, then expand after achieving consistent monthly closings.

For Experienced Agents (2-5 years experience)

Recommended: Realtor.com ReadyConnect + Zillow Premier Agent

Reasoning: Combination of pre-qualified leads and high-volume traffic, with budget flexibility for upfront investments.

Strategy: Use ReadyConnect for consistent, qualified leads while testing Premier Agent in specific ZIP codes to optimize cost-per-lead.

For High-Volume Teams (5+ years experience)

Recommended: Multi-platform approach with Zillow Premier Agent as primary, Realtor.com Connections Plus for exclusive territories, and Homes.com for emerging opportunities.

Strategy: Leverage team members for rapid response across multiple platforms, with sophisticated CRM systems for lead management and conversion tracking.

For Luxury Market Specialists

Recommended: Realtor.com Connections Plus with exclusivity + Homes.com

Reasoning: Higher-end buyers prefer accurate MLS data and exclusive agent relationships. Lower competition on emerging platforms.

Strategy: Invest in premium exclusivity rights and personalized service approaches that justify higher commission rates.

Performance Metrics and KPIs That Matter

Essential Metrics to Track

Lead Quality Metrics:

• Response rate (% of leads who respond to initial contact)
• Appointment rate (% of responded leads who schedule meetings)
• Conversion rate (% of leads who become clients)
• Average days to conversion
• Lead-to-close ratio

Financial Metrics:

• Cost per lead by platform
• Cost per appointment
• Cost per closing
• Average commission per lead source
• Return on investment (ROI) by platform

Operational Metrics:

• Average response time
• Number of touches per conversion
• Pipeline velocity
• Client satisfaction scores
• Referral rate from converted leads

Performance Benchmarks

Excellent Performance:

• Response rate: 40%+
• Appointment rate: 25%+
• Conversion rate: 8%+
• Average response time: Under 3 minutes
• Cost per closing: Under 15% of commission

Good Performance:

• Response rate: 25-39%
• Appointment rate: 15-24%
• Conversion rate: 4-7%
• Average response time: 3-10 minutes
• Cost per closing: 15-25% of commission

Needs Improvement:

• Response rate: Under 25%
• Appointment rate: Under 15%
• Conversion rate: Under 4%
• Average response time: Over 10 minutes
• Cost per closing: Over 25% of commission

Future-Proofing Your Lead Generation Strategy

The Rise of AI-First Agents

By 2025, AI-powered lead qualification and nurturing have become standard practice. Agents who embrace these technologies gain significant advantages over those who resist automation. The key is finding the right balance between AI efficiency and human relationship building.

Video-First Communication

Text-based communication is rapidly giving way to video messages, virtual tours, and live streaming. Agents who master video creation and virtual presentation capture more leads and convert them at higher rates.

Commission Compression Response

Continued pressure on commission rates drives agents toward higher-volume, more efficient business models. Lead generation platforms that offer better conversion rates and lower costs become increasingly valuable for maintaining profitability.

Frequently Asked Questions

Which platform gives the best return on investment?

There’s no universal answer, but patterns emerge based on market conditions and agent characteristics. Zillow Flex and Redfin Partner Agent programs offer the lowest risk due to pay-at-close models, making them ideal for newer agents or those with limited capital. Agents who master Realtor.com’s ReadyConnect often see the highest quality leads, while Homes.com provides early adopter advantages with lower competition. Track cost per closed transaction, not cost per lead, for accurate comparison.

How much should I budget for online leads monthly?

New agents should start with $500-1,000 monthly for upfront models, or focus exclusively on pay-at-close programs to minimize risk. Experienced agents typically invest 10-15% of gross commission income in lead generation. If you’re spending more than 20% of your commission on lead generation, reassess your conversion processes before increasing budget.

What’s the realistic conversion rate I should expect?

Expect 2-4% for most agents, 7-9% for top performers. If you’re converting less than 2%, focus on improving your systems and scripts before buying more leads. If you’re above 5%, you’re performing well and should consider scaling efforts. Conversion rates vary significantly by platform, lead type, and market conditions.

How quickly do I need to respond to leads?

Within 5 minutes for maximum conversion rates. Studies show leads contacted within 5 minutes are 9 times more likely to convert. After 30 minutes, conversion rates drop by 50%. After 24 hours, you’re competing for scraps. Speed isn’t everything, but it’s the single biggest factor in conversion success.

Are shared leads worth buying?

Shared leads can work if you have superior systems and response speed. However, exclusive leads convert at 2-3 times higher rates. If budget allows, exclusivity is worth the premium. Success with shared leads requires exceptional follow-up systems and value proposition.

What’s the biggest mistake agents make with online leads?

Giving up too quickly. Most agents make 1-2 contact attempts and move on. The money is in systematic follow-up over 14+ days. Research shows most prospects don’t convert until the 7th contact. Second biggest mistake: not pre-qualifying leads, which wastes time on unserious prospects.

What technology do I absolutely need to succeed?

Essential stack includes CRM with immediate notifications, text messaging capability, video communication tool, and analytics dashboard. Budget around $150-200 monthly for professional-grade tools. Free options exist but typically lack integration and automation features that drive conversion success.

How important is AI lead qualification?

Increasingly critical. AI tools like FollowUpBoss Autopilot and Verse.io can respond to leads within seconds, qualifying them before human interaction. This technology is becoming standard expectation, not optional enhancement. Agents using AI qualification report 40-60% higher conversion rates.

How do I know if a lead platform is working?

Track these metrics consistently: cost per lead, conversion percentage, average commission per lead source, and total ROI. If you’re not generating at least 3x your investment within 6 months, reassess your approach or platform choice. Focus on trends over individual lead performance.

Should new agents use online leads?

Yes, but with realistic expectations and proper preparation. New agents should focus on pay-at-close models to minimize financial risk. Build systems and conversion skills before investing in expensive upfront programs. Consider starting with one platform and mastering it completely.

Can I use multiple platforms simultaneously?

Yes, but only after mastering one platform completely. Managing multiple lead sources requires sophisticated systems and significant time investment. Most successful agents dominate one platform before expanding. When you do expand, ensure each platform generates positive ROI independently.

How do I handle lead quality complaints with platforms?

Document everything. Track conversion rates, response times, and lead characteristics. Present data-driven feedback to platform representatives. Many platforms will adjust targeting or provide credits for documented quality issues. However, first ensure your systems and processes aren’t the limiting factor.

Your Path to Lead Generation Mastery

The real estate lead generation landscape in 2025 has evolved far beyond simply buying contacts and making calls. Success requires understanding each platform’s unique dynamics, implementing sophisticated systems, and maintaining realistic expectations about conversion rates and timelines.

Your success depends more on your systems and follow-up consistency than the platform itself. The best agents use online leads as one component of a diversified lead generation strategy, not their sole source of business.

The commission structure changes and market dynamics of 2025 have created both challenges and opportunities. Agents who adapt their lead generation strategies to these new realities, focusing on value demonstration and systematic follow-up, will thrive.

Remember: you’re not just buying leads; you’re buying the opportunity to demonstrate your value to potential clients. Make that opportunity count with professional systems, rapid response, and genuine value delivery. Choose your platform wisely, implement proper systems, and commit to consistent execution.

What to read next:

• The Ultimate Guide to Earning $100K as a NYC Real Estate Agent
• The Real Estate AI Stack Every 6-Figure Agent Is Using in 2025
• The Real Estate Agent’s Bible: Where Your Next Million-Dollar Deal Is Hiding (Based on 500+ Agent Success Stories)

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Ready to dominate your market with online leads? Start with one platform, master it completely, then expand strategically. The foundation you build today determines your market position tomorrow.