In 2018, Zillow Group entered the iBuying market through its Zillow Offers program. The decision aimed to revolutionize real estate transactions with the use of AI. The company was targeting US$20 billion in annual revenue by 2025. However, the Zillow Offers program faltered due to inaccurate home appraisals derived from the Zestimate algorithm, exacerbated by market unpredictability during the COVID-19 pandemic. The result was a considerable loss of revenue for the company. The failed business venture presented Zillow Group with various questions about its future. Should the company restructure its AI governance frameworks to anticipate market trends more effectively and mitigate risks? Should the company adopt a stronger AI-based approach during volatile periods? The company had to determine the right balance between leveraging AI and maintaining sufficient human oversight to prevent future failures.
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