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.
Highlights:
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
See More:
Rent or Buy? Zillow adds Rental Listings
Zillow Launches Rental Listings and Search Service
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Mitch Mitchell is a consultant who writes and participates in many different fields, including real estate finance issues. 
Anything to help homeowners move their homes is a good thing. Personally, I have found Craigslist to be the most effcient method to move rentals.
Folks who are all aghast at this change have got to be kidding! $10 for 6 months…something like 5 cents a day per property to get some portion of 5M+ unique visitors monthly? Folks will cry and whine but they’ll adapt and accept and realize the value here, still. It’s classic change management cycle at work.
Sure. I’d like it to be free forever. But Zillow isn’t running a charity. Professionals have been making money off them for years for almost nothing and they know it.
The outcry is ridiculous!!
I’m glad to see Zillow get into rentals. Not sure how many people will pay the $10 though. Craigslist is free….but cumbersome for searching a specific area.
Brad Officer – Jacksonville real estate´s last blog ..Short Sales speed up for Jacksonville home owners
I think this is an excellent move. Even though the market has improved there are still sellers that can not sell. This will give sellers that want to rent more visibility. This combined with the $6,500 tax credit for move and and move down buyers is a win-win for sellers.
Chapel Hill Real Estate´s last blog ..Chapel Hill Makes Two Best Places Lists
Truthfully, it’s surprising they waited this long before adding the feature. I’m really surprised more local real estate companies don’t do the same thing; I know they do in the Los Angeles area.
Mitch´s last blog ..Black, Hispanic Home Buyers Offered Higher Mortgage Rates
I think it’s a great idea and could be a great marketing tool for landlords and property managers. A site with that much traffic makes the $9.95 for 180 days a no brainer.
Tony Sena´s last blog ..Single Story Home for Rent in Sun City Anthem
Zillow should have no problem making a killing from this service. They could even charge up to 25 or 30 and still I think people would pay. I’m not sure why this would be even a question in my head. If I needed to rent out a property I’d pay the 10 bucks.
Looks like an easy decision. $10 for maximum exposure. Zillow provides great research tools along with the rental/sales info. I’m in…
Augusta GA Homes´s last blog ..Country Living on a Lake