What Zillow’s ‘Playbook’ Reveals About Listings
The mix of elements that's most lkely to snag renters.
Most surveys that poll a thousand or so renters may be statistically correct, but they are still somewhat suspect because so few people are covered. So when research stemming from thousands and thousands of renters nationwide comes across your desk, you take notice.
The Listing Optimization Playbook from Zillow is a case in point. Based largely on a survey of 24,000 renters, it offers landlords, property managers and marketing teams a comprehensive look at what renters value today—from budgets and affordability to their decisions about where and how to live.
“Every element of your listing can impact your ROI, and when leasing season heats up, the stakes are even higher,” the concise, 11-page report notes.
The Playbook covers renters’ mindsets, from their first impressions to their final choice. Would-be renters tend to stop scrolling through listings, for example, when their eyes latch on to strong visuals. That means professional photography, not cell-phone shots, are a must as are video and possibly even drone pictures from above, three-dimensional tours and virtual floor plans.
“Mobile-friendly tools turn renter curiosity into confidence, helping to prompt excitements and immediate action.” the report says. “Prioritizing high-quality media can help drive renters to tour.”
The research found that 59 percent more leads come from listings with photos. At the same time, 15 times as many “saves” and 22 times as many “shares” with others are recorded. And 28 percent more page views come from listings with 3D tours, which tend to present renters with a more accurate sense of space.
When they can explore layouts on their own time, the Playbook advises, they arrive more informed, more emotionally connected and that much closer to signing.
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Sparking interest
The report also maintains listings that include more elements gain “stronger engagement.” Some 60 percent more shares come from listings with descriptions running 300 characters or more, it says.
In that regard, the research suggests emphasizing convenience features. And since more than four out of five renters prioritize neighborhood and location, details like nearby restaurants, transit and parks also should be stressed to “help spark interest.”Above all else, perhaps, renters prize transparency, especially when it comes to cost. “Clear, upfront pricing eliminates a renter’s doubt, filters for serious prospects and reduces drop-off during the decision process,” the report says. “When costs are easy to understand, renters are more likely to stay motivated.”
Nearly every renter wants to know every cost in advance. And three out of four prefer that the fees are shown with the rent. Moreover, some 10 percent more leads even come from listings that include income requirements. “Well-defined requirements, including minimum income-to-rent ratios and credit scores, can help renters self-qualify … saving time on both sides,” the report points out.
Of course, a strong listing is only the beginning, but it is a start. On-line tour scheduling is another key element, and one that makes it easier for a would-be occupant to move forward. It’s also a good idea to monitor performance, track trends to remain competitive and adjust quickly based on the elements that are driving results.
