Zillow Rental Manager - Premium Listings Feature | Landlord Walkthrough
In this video I will walk through what are the benefits of using premium listing feature for Zillow rental manager.
Ariel Herrera 0:00
In this video I will walk through what are the benefits of using premium listing feature for Zillow rental manager. If you're looking to post your rental property for free on a site that a lot of tenants potential tenants come to that I highly suggest to use Zillow rental manager. I've been using it for my own properties for a bit of time, and a lot of the features have improved since I recommend to watch previous videos that I have on getting started. Now what do you get if you pay for a premium listing?
When you pay for premium listing, it's an additional $30 to the free listing that you post for your rental. Your listing will have an increased exposure and appear in front of even more renters by being positioned higher in the search list. For example, if potential tenants or applicants are looking for a rental in your area, and there's 20 inventory available of three bedroom, two bath homes that are similar to yours, yours is going to come on the top of the list versus being towards the bottom. You will also get customized insights on pricing, your listings performance and the leads you are receiving. There's also availability for priority support from Zelos team. There's more information down below on how to actually upgrade your rental listing to premium. As a reminder, it is free to list your rental and this is an added feature to zils rental manager. What's also included in free and premium include online tenant screenings, digital lease signing tools, which I absolutely love, and online rental payments, which I use to be able to electronically collect rent. This is the public view of my listing. It's a property in Riverview Tampa, and we could see that I just posted it. So I have zero days listed zero contacts and zero applications, I'm able to put my phone number to get directly contacted by potential tenants. Zillow actually provides you this phone number so that you don't have direct messages on your actual number. I had a description on the property and information on whether I allow pets or not. Now to push my listing to the top I want to check out the premium listing feature. This is the dashboard. If you do premium listing, the first thing we're met with is a snapshot. And it discusses whether our listing is considered outstanding or not. Are there missing data fields that we should add that rental applicants would care about? Some of the suggestions that Zillow has, is to add a 3d tour says 10% of listings have a 3d tour and it can be added in add an edge for us against competitors also says that I am showing fewer amenities and similar listings. So I can go to learn more and edit my listing. Here I can see my amenities that are listed our air conditioning, garage, parking, backyard, Lanai and laundry in unit. But this is less amenities than what stated against competitors. And if I scroll down here, I can actually see what competitors are listing as their amenities down below at what features are most common in your market. I could see what's most common is air conditioning, dishwasher and pool. I am not listing dishwasher currently. And I'm not listing pool, which in the community that the property is in it does have a pool, I don't have a balcony or deck so that should be removed. But I now know that I can add these two features and maybe it will stand out more in my listing when potential rental applicants are looking at it. Let's look at some more of these analytics stats back towards the top we can compare our listing directly with other listings. Here we see the median of comparable listings is about 2300 for a three bed two bath and Riverview I have mine listed at 2600. For various reasons, I believe that my listing is fairly priced at 2600. But we could always dive deeper and explore the pricing tool to get a deeper dive on our rent estimate low to high and also compare the property that we have in comparison to other properties. I love the pricing tool that Zillow has, and you could use that for free so it's not exclusive to the premium listings. Next, once we start to get some inquiries, we could look at our popularity of our listing in comparison to other cops. Right now I just listed this so we're not going to see much movement here. But check back in my channel in a few weeks and I'll have an updated view of what the stats look like after a few weeks. Next, we could also see how likely are renters to contact you after viewing our listing. We see here that based against comparables, they usually receive two inquiries from potential rental applicants for every 100 views. That means if we want to get 10 inquiries or potentially 10 people applying for the rental property We'll need to get about 500 views. Right now this listing is new so it has zero views. We could also get advice on vetting applicants and see our listing recommendations. We can look at our listing view percentage in comparison to comparable listings. Then we have another graph detailing our particular market, which is the Riverview rental market. In the last 14 days, the inventory has increased, there's going to be more competition for us of other rental properties in the area, we can dive deeper to understand river views rental market, and here Zillow has resources per market, we could see the median rent, it looks like this median rent is dropping. So if I can't run out my property for 2600, I may need to bring it down. Because there's more inventory coming on the market. We see a number of available rentals and your your change of rental price. We could see medium price over time. And there was a huge jump between May of 2021 into September of 2021. And now this current year 2022. There's still been an increase, but now it's starting to decrease a bit says that our market temperature is cool. And another comparison against other markets. So another market that's close to Riverview is Brandon, Florida. So if I search random Florida, I could see that this is even less of a median rental price. Once I have some rental applications. I'll be able to screen tenants with Zillow. I can also sign a rental lease and create it directly with Zillow, collect rent payments. And as we said, you can list this rental property for free. But all these added bonuses from premium listing is an extra $30. We covered already what features are most common in our market. And the last graph here that I thought was really interesting is how well do you know renters and Riverview in your market? In this case, 70% of renters in your area are searching for rental less expensive than yours. So my listing is within 2.5 to 3k. But in the searches, potential applicants are searching under 2.5k. So the way that I think about this now with this data is that I should be aiming if I go back up top here to have at least 2.2% of potential tenants that look at the property online that are actually inquiring. If I start to see inquiries really dip and be below comparable listings, then I need to bring my price down to be under 2.5k. So I could be within where the search criteria is for rental applicants. as well. We can also see renters annual income. This can help us to determine what type of tenant we're targeting, and what our rental price should be. Great. This has been a quick overview of Zillow premium listing feature, we saw that we were able to get analytics based on comps in the area. what needed to be added for features within our listing whether our market was cooling down or not, and the search criteria that potential applicants have for rental price. This gives us a lot of information to see if we need to assess on lowering or increasing our rent. If you haven't already then please subscribe so that you could see the follow up video once I have some more collected data on how well this feature actually works for my property. Thanks
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