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A new study from a University of Pennsylvania Wharton professor is raising fresh questions about how Zillow connects homebuyers with agents, claiming many users do not realize who they are actually being matched with when they click "Contact an agent" or "Request a tour."

The research, led by professor Jerry Wind, found that only about 0.3% of users understood they were not contacting the home's listing agent.

Instead, the study says users are routed to agents who work within Zillow's network—agents who may have financial incentives tied to Zillow services, including its mortgage business.

"Consumers are not contacting the listing agent. They are being routed to agents who pay Zillow for access to their information," the study stated, arguing that this structure can influence how homebuyers are guided through the purchasing process.

Wind's paper also claims some agents may be encouraged to promote Zillow's mortgage products as part of their relationship with the platform.

According to FoxBusiness, he suggested that agents who do not meet certain expectations could risk losing access to buyer leads, raising concerns about fairness and transparency.

Zillow strongly rejected those claims. A spokesperson said the platform connects users with local buyer's agents whose job is to represent the buyer's interests, not the company's.

The company also said buyers are free to choose any lender they want and are not required to use Zillow Home Loans.

"This significantly flawed paper does a lot of gymnastics trying to turn Zillow's pro-consumer feature into a buy," the company said in response, defending its "Contact Agent" tool as a standard way to match users with professionals.

Experts Warn Zillow Model Antitrust Concerns

The debate has drawn attention across the real estate industry, especially as Zillow continues to play a major role in home searches.

The company's own report shows that about 68% of homebuyers use its platform during their search process.

Wind, however, argues the issue goes beyond user confusion and may raise antitrust concerns by linking home search, agent selection, and mortgage offers in one system. He has called for greater consumer education and possible regulatory review.

"Consumer education is really key here," Wind said, urging buyers to compare multiple mortgage options instead of accepting the first one offered.

Adding to the broader industry tension, brokerage firm Compass recently dropped its lawsuit against Zillow over how homes are listed and marketed online.

The case had focused on Zillow's rules requiring publicly marketed homes to be listed on its platform quickly, a policy Compass had called the "Zillow ban."

Compass argued the rules limited how agents could market "coming soon" listings, while Zillow said such practices reduced transparency for buyers, CNN reported.

The dispute ended after Zillow updated its listing rules and Compass moved forward with new partnerships, including one with competitor Redfin.