Zillow's New Tools Tackle Pain Points for Renters and Landlords

New features make the entire rental process faster and more efficient -- from applying to checking backgrounds to collecting rent.

News provided by

Zillow

Jul 31, 2018, 08:00 ET

SEATTLE, July 31, 2018 /PRNewswire/ -- Today, Zillow, part of the largest rental network on the web, introduced new tools that give time-strapped renters a competitive edge and save landlords the hassle and time of screening prospective tenants, performing background checks, and collecting rent.

Now, renters can apply for multiple rentals with one application – including background and credit reports -- and pay their rent through new features on Zillow.

The 35 million renters who visit Zillow Group's rental sites and mobile apps each month want the rental process to be as easy and seamless as other transactions in their life, like ordering groceries or booking a ride. According to the upcoming 2018 Zillow Group Consumer Housing Trends Reportⁱ, the majority of renters want to send applications (59 percent) and pay their rent (57 percent) online.

Many renters live in highly competitive markets and are on tight timelines – half of renters have less than three months' notice to find a place to liveⁱⁱ -- so speed is also important. In a typical search, renters fill out three applicationsⁱⁱⁱ with an average cost of $40 each, so a feature like online applications will streamline the process and help renters secure their next home quickly, efficiently, while saving money.

New features on Zillow include:

Online applications. For a $29 fee, renters can submit one application as many times as necessary during their search within 30 days. The online application includes a credit report provided by Experian®, and an eviction history and background check powered by Checkr®. Renters also can offer any additional context and explanation on their rental and credit history.
Online payment. Renters can choose the payment type -- debit or credit -- that best fits their needs. Renters can also set up automatic payments. Property managers no longer need to collect payments, instead having them delivered directly by Zillow Group.

"Renters tell us they want the entire rental process to happen online, from search to application to payment," said Zillow president Jeremy Wacksman. "However, most landlords don't have the resources to offer these services. We're excited to provide the technology to help renters and landlords have a better experience."

For landlords and property managers, not only do these new features remove the hassle and time commitment of managing additional vendors for background checks and collecting rental payments, but they also can request and collect applications and process rent payments within Zillow Rental Manager, the same platform where they manage their rental listings on Zillow. To start accepting applications and payments, users simply need to enable them within their Zillow Rental Manager account.

Zillow
Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with great real estate professionals. Zillow serves the full lifecycle of owning and living in a home: buying, selling, renting, financing, remodeling and more. Zillow Offers provides homeowners in some metropolitan areas with the opportunity to receive offers from Zillow. When Zillow buys a home, it will make necessary updates and list the home for resale on the open market.

In addition to Zillow.com, Zillow operates the most popular suite of mobile real estate apps, with more than two dozen apps across all major platforms. Launched in 2006, Zillow is owned and operated by Zillow Group (NASDAQ:Z and ZG) and headquartered in Seattle.

Zillow is a registered trademark of Zillow, Inc. Zillow Offers is a trademark of Zillow, Inc.

Experian is a registered trademark of Experian Information Solutions, Inc.

Checkr is a registered trademark of Checkr, Inc.

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ⁱThe 2018 Zillow Group Consumer Housing Trends Report, releasing in its entirety this fall, is the largest-ever survey of U.S. home buyers, sellers, owners and renters. The survey asked more than 13,000 U.S. residents aged 18 to 75 about their homes – how they search for them, pay for them, maintain and improve them, and what frustrations and aspirations color their decisions.

ⁱⁱAccording to the 2018 Zillow Group Consumer Housing Trend Report, of renters that rented their previous home, 52 percent had less than 3 months notice when they realized they would not renew their lease or would need to move out.

ⁱⁱⁱ According to the 2018 Zillow Group Consumer Housing Trend Report, on average renters submit 3.3 applications when searching for a new rental.

SOURCE Zillow