Zillow, the online real estate tracker that’s been determining how much homes are worth across the United States, has announced that they’re adding something new to their listings that they believe will help some homeowners tap into a new group of buyers.
For the first time, they’re going allow rental property listings. The idea is to allow anyone to list properties with 4 housing units or less, regardless if the property is for rent or sale. From Spencer Rascoff, Zillow Chief Operating Officer.
“With the launch of rental listings and search, we are arming our more than 8 million monthly users with information, tools and options to make the right housing decisions for them today.”
There are a couple of reasons for doing this.
One, Zillow states that homeowners who have been unable to sell their homes need another solution, something that might appeal to people who aren’t ready to buy, but are looking for a home rather than an apartment.
Two, Zillow believes that some potential sellers believe they would have problems selling their homes in a tough market, yet want to “move-up” into better homes, and by listing their homes for rent, they might be able to have the best of both worlds for awhile until market conditions improve and they can then sell their home for what they believe it’s worth.
Either way, it’s an interesting premise. Some analysts aren’t sure landlords will pony up the $9.95 fee for a 180 day listing, but I’m not so sure. With the high cost of everything else, that amount seems relatively small, and being able to have a national source to display your house seems to be a smart move, considering that many people do relocate every year, and if they’re unsure about an area they don’t always want to buy, and some people abhor apartment living, so knowing there’s one more place where they can go to search for houses for rent might be quite appealing.
It certainly can’t hurt.
Zillow announces its Rental Listing Service
$9.95 for 180 days
Users can search rentals by monthly payment
Zillow is the United State’s 2nd largest real estate website