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Concessions cool as spring rental season approaches
Property managers' race to woo tenants eases, signaling a tighter market for renters this spring SEATTLE, March 20, 2024 -- After a winter that saw nearly a third of rental listings offering tenants tempting concessions such as free months of rent or free parking, Zillow's latest data reveals the share of rentals offering perks may have hit its peak. The good news for renters is that the market is friendlier than it was a year ago, with the share of rentals offering a concession rising 5.6 percentage points. As spring approaches, February data show 32.2% of rental listings on Zillow offered a concession, down slightly from December and up 5.6 percentage points from a year earlier. That marks the slowest annual growth pace since last June. After seven months of consecutive monthly increases to end 2023, the share of rentals offering concessions fell to 31.9% in January before a slight uptick last month. If past seasonal trends continue to hold, renters looking to secure a new lease in the upcoming spring or summer may encounter fewer incentives and increased competition. "The rental market always ebbs and flows with the seasons, so it's no shock that we're seeing concessions start to level off as we move into the warmer months," said Anushna Prakash, an economic research data scientist at Zillow. "It looks like we're beginning to see the market balance the ongoing high demand from renters with a competitive environment for property managers and landlords. While concessions are beginning to dip, they are more common than they were a year ago, helped by new buildings that have opened their doors." While the expected seasonal shift accounts for the stabilization of concessions, the pace of rent growth and vacancy levels offer deeper insights. Recently, rents haven't been going up as quickly as they did before the pandemic, and it looks like supply and demand are starting to balance out. The share of rental housing units that were vacant was at 6.6% in the fourth quarter of 2023, which is just a bit higher than the nearly forty-year low seen at the end of 2021. This indicates there are enough eager renters, nudging the market toward stability. The Metros Leading the Concession Charge Despite the national trend toward stabilization, certain markets continue to lead with high shares of concessions. These metros exemplify the diversity within the rental market, with strategies varying widely across regions to attract tenants. 10 Metro Areas with the Largest Share of Rental Concessions Source: Zillow data In nine of the ten metros where the share of rental concessions is highest, rents are growing more slowly than the nationwide 3.5% annual rate, and they are outright falling in Austin. This could mean there are more apartments available than there are people looking to rent them. On the other hand, areas where there are fewer of these kinds of deals available, such as Providence, R.I. (12.3% of rentals offered concessions in February), Hartford, Conn. (16.3%), and Cincinnati, Ohio (18.9%), are seeing some of the fastest rent increases. In Providence, typical rents have jumped by 8.1% since last year. Hartford and Cincinnati both saw rents increase by 6.4%. Zillow provides a user-friendly platform for housing providers to share concessions information with prospective renters. Property managers can easily list concessions for their properties, and renters can find all available offers under the "Special Offers" tab on participating building detail pages, enabling them to make well-informed housing decisions. About Zillow Group Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, dedicated partners and agents, and easier buying, selling, financing and renting experiences. Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce® and Follow Up Boss®.
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Matterport Launches Property Intelligence: Transforming Real Estate and Property Management with AI and Automation
Leveraging years of innovation in spatial data and AI, Matterport's new suite of AI-powered features revolutionizes property analytics, enhancing Marketing, Design, Construction, and Facilities Management solutions. SUNNYVALE, Calif. Feb 15 — Matterport, Inc. is today launching Property Intelligence, a collection of AI-powered features that provides customers with access to automated measurements, layouts, editing, and reporting capabilities generated from a Matterport digital twin of their property. The result of years of advancements in spatial data, computer vision, and deep learning, Property Intelligence unlocks information and data about a property that has never been so easily available thanks to the power of automation and AI at Matterport. These new features bolster the company's Property Marketing, Design and Construction, and Facilities Management solutions for automating key elements of home listings, construction projects, and factory floor operations. "Since day one, our mission has been to fundamentally transform how people understand and access the built world. Our 3D digital twin technology set the industry standard for the virtual tour, and now we're delivering unprecedented information and customization capabilities to our customers for any type of property anywhere in the world," said RJ Pittman, Chairman and CEO, Matterport. "Across the globe, Matterport serves nearly one billion virtual tours each year to let people walk through their potential dream home, manage a chain of retail stores, or operate their manufacturing facilities remotely. Our advancements in AI, automation, and property insights save our customers valuable time and help them make smarter decisions for their businesses and better serve their clients." As part of Matterport's Winter 2024 Release: Automating the Future, the company is introducing a series of new Showcase plugins that streamline property navigation and expert connections for users. Compass and Minimap plugins help visitors intuitively navigate large spaces with new visual cues, while the new Business Card and Quick Link plugins provide key contact details and additional property information inside the digital twin experience. Real estate agents can brand virtual tours, while property and facility managers can insert key information in the form of a card anywhere in the virtual space, including operations manuals, restaurant menus, reservation pages, and more. To better serve real estate agents and property marketers, Matterport has upgraded its RICS-standard schematic floor plans with options such as color floor plans, branding, multiple languages, and the ability to add or remove furniture. These new floor plans help agents attract qualified buyers while saving time by reducing site visits. Announced in beta last December, the Matterport CAD file add-on is now available, which converts Matterport digital twin point clouds into editable CAD drawings for any space in several formats, including DWG and DXF files. This add-on introduces a powerful CAD file export feature, offering construction and design teams a seamless solution to the traditionally labor-intensive tasks of documenting existing conditions and manually tracing files. The CAD file add-on streamlines the process of as-built documentation and speeds up project timelines. Matterport is also sharing a preview of Project Genesis, the company's upcoming generative AI release that leverages the organization's experience in machine learning and AI to automatically reimagine and redesign a space within the digital twin. Initially, customers will be able to de-furnish an entire space, remove items from the property, or clean out the clutter. Next, customers will be able to reimagine an entire property with AI-generated interior design styles and furnishings. Project Genesis, leading the transformation of the digital twin and built world itself, is slated to enter its first beta with select customers later this year. To learn more about the new capabilities and features, explore the 2024 Winter Release and read our blog. About Matterport Matterport, Inc. (Nasdaq: MTTR) is the World's #1 Digital Twin Platform* leading the digital transformation of the built world. Our groundbreaking platform turns buildings into data to make every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse a gallery of digital twins.
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Matterport Signs Multi-Year Partnership with Vacasa to Provide Digital Twins for International Portfolio of Vacation Homes
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Renters Can Now Instantly Book Apartment Tours on Zillow
Zillow is improving the challenging tour-scheduling process by enabling renters to automatically schedule tours in the same way they book restaurant reservations SEATTLE, Jan. 23, 2023 -- Zillow today announced a convenient feature which enables renters to book an apartment tour online, making the once-cumbersome process as simple as booking a restaurant reservation. More than two-thirds (71%) of recent renters reported taking up to four in-person tours, according to Zillow's 2022 Consumer Housing Trends Report. In 2021, 58% of recent renters said they preferred to schedule in-person tours online. Zillow is now allowing apartment shoppers to do just that – scheduling tours instantly, online, without the hassle and delay of having to get in touch with someone directly. With automated tour scheduling, renters are assured that they will see the apartment they're interested in at a time that works in their busy schedule, without needing to wait for a response from a property manager. Renters also receive automated email and text reminders for their appointment time. "Touring is a major milestone in the journey of finding a rental, and it's due for innovation," says Michael Sherman, vice president of Zillow Rentals. "Allowing renters to instantly book a tour removes barriers and delivers a more seamless and convenient experience for renters and property managers. Freeing up the time it takes to coordinate schedules allows renters to focus on finding their perfect place without worrying about when they'll get a chance to see it, and gives property managers valuable time back for other important tasks." Renters can now directly book tours for listings at more than 2,600 apartment buildings on Zillow, and more properties are continually adopting the technology. This functionality is made possible through Zillow's integrations with Knock® CRM and Funnel Leasing®, two leading leasing and customer relationship management platforms used by multifamily properties across the country. And soon, renters will be able to specify the type of tour they want to take (in-person, self-guided or a live virtual tour) when booking. Along with the ability to instantly book apartment tours on Zillow Rentals, the No. 1 most-visited rental network[1], renters can take advantage of other free features available now to help streamline the process. By creating a Zillow Renter Profile, renters can more quickly put their best foot forward and potentially expedite the screening process. And even before they schedule the in-person tour, renters can take an immersive virtual tour of a property using Zillow 3D Home tours to help them make a decision about which properties are worth touring in-person, and get them into their next home faster and more confidently. About Zillow Group Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. Zillow Group's affiliates and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠, which houses ShowingTime®, Bridge Interactive®, dotloop® and interactive floor plans. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). About Knock Knock®, a RealPage Company, offers an integrated suite of front office technology that provides multifamily owners and operators with the levers they need to more profitably acquire and retain high-value, long-term residents. Knock CRM empowers leasing teams with tools to accelerate successful leasing and renewal outcomes, provides marketers the data to optimize spend, and ensures executives have the business intelligence and insights needed to outperform their competitors. Learn more at www.knockcrm.com. About Funnel Funnel exists so multifamily operators don't have to pick between antiquated monopolies or single solution challengers. After decades of the status quo, operators are no more efficient, and renters still dread the process of leasing an apartment. We fixed that with an independently-owned platform that turns the entire business model on its head. Renter Management Software is a new category of connected tools built around the renter. The software delivers a consistent, connected experience from the initial inquiry through years of renewals. All this while simultaneously saving operators quantifiable money through the smaller, and happier teams that only a renter-centric platform can enable.
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Benefits of Advertising on Homes.com for You and Your Clients
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Realtor.com® Introduces "My Home" to Help Homeowners Manage Their Home Like an Investment
New home management dashboard brings the benefits of realtor.com® to homeownership SANTA CLARA, Calif., Aug. 23, 2017 -- Realtor.com®, a leading online real estate destination operated by News Corp subsidiary Move, Inc., today announced the release of My Home, a new feature available on realtor.com®'s desktop and mobile site which empowers homeowners to manage their home as an investment. The feature puts a stake in the ground to expand realtor.com® beyond search and become an indispensable resource to homeowners throughout their ownership journey. With My Home, realtor.com® provides homeowners with easily accessible tools and information needed to have a complete, all-in-one view of their home value, equity, financing options, neighborhood activity and trends, as well as home improvement projects that add value to their home. "At realtor.com®, we help people with one of the most basic and most important needs – their homes – which is often the biggest investment most people will ever make," said Ryan O'Hara, chief executive officer of Move. "Yet, the time they spend managing this asset once they are in the home is really limited. We're changing that with My Home. Now with personalized data at their fingertips, homeowners have more insight into their investment and are better equipped to make decisions such as when to sell or when to invest in upgrading their home to their dream home." As part of My Home, realtor.com® is introducing an enhanced home value estimate for homeowners that utilizes lender-grade valuation models to provide a better estimate of what a home is worth today and in the future. When an owner first enters My Home the dashboard provides an estimate of mortgage payments and equity, assuming a 20 percent down at the time of purchase. An owner can then update My Home with their current mortgage information to track payments and outstanding principal. It also shows financial savings options based on current mortgage rates and equity options. My Home taps into a growing generational trend of people staying in their homes longer. In 1985, about 10 percent of all homeowners were recent movers and in 2015, that figure dropped to five percent. As people stay in their homes longer, they have more equity in their property making it even more imperative to manage their home as an investment. For those looking to embark on a renovation, My Home leverages Remodelista, Move's design inspiration website, to inspire homeowners with a one-stop sourcebook for curated remodeling guides, daily design inspiration, and ideas for every room in the home. My Home is available today at realtor.com/myhome. This initial launch will provide an opportunity to tailor the experience for homeowners, while introducing additional home management tools over time. My Home is not a replacement for the value gained from speaking to a local real estate professional about the value of a home. It is a helpful feature for homeowners who want to manage their home as an asset and track the estimated value of their home. For more information, please visit: http://www.realtor.com/homemade/my-home/ About realtor.com® Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS.® For more information, visit realtor.com.
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Move, Inc. and Cozy Align to Make Rental Process Easier for Renters and Property Managers
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Homes.com® Grows Rental Inventory with Four New Partners
  Norfolk, VA, October 15, 2014 – Homes.com®, leading online real estate destination, has announced its partnership with four new rental property management companies — Free Rental Site, Rentec Direct, Real Property Management and ShowMojo. These partnerships will add more than 168,000 single-family rental listings, growing Homes.com's single-family database by over 30 percent and providing more choices for consumers looking for their next rental home. With these new relationships, Homes.com will offer expanded coverage of partner listings to the 12 million unique visitors who come to Homes.com on a monthly basis. More than a third of these visitors search for information in the rentals section of Homes.com, with leads sent directly to property managers. "Homes.com is excited to add quality partners like Free RentalSite, Real Property Management, Rentec Direct and ShowMojo to provide a more robust inventory of rental listings on Homes.com," said Dave Mele, president of Homes.com. "These partnerships not only provide residential property companies with more traffic and leads, but also give consumers looking for rental homes more options." "Homes.com has been a great partner to ShowMojo and our customers," said Peter Schuh, founder and chief executive officer of ShowMojo. "Their clean and intuitive presentation makes it easy for prospective renters to find our customers' rentals, then schedule a showing to see the place." Timothy Sedgwick, senior manager of strategic partnerships at Real Property Management, said, "Real Property Management is excited about our relationship with Homes.com. It will enhance our ability to cut down vacancies by placing residents faster than ever, thus making the home owner's return on investment higher." Property management professionals interested in learning more about advertising on Homes.com or its suite of marketing products for rental professionals can find more information at http://connect.homes.com/advertise/property-managers/. About Homes.com Homes.com is a leading provider of real estate marketing and media services, including brand advertising, property listing exposure and syndication, search engine marketing and instant response lead generation. Homes Connect by Homes.com offers the real estate industry's first-ever, all-inclusive marketing platform for agents and brokers featuring single-login convenience, and the new Homes.com Social offers innovative tools and resources to help real estate professionals save time and simplify social media marketing. Over 12 million consumers visit Homes.com each month to search nearly 3 million properties for sale or rent, to locate real estate agents in their area, and to find useful home buying tips. For more information, visit Homes.com. About ShowMojo ShowMojo helps property managers across the United States grow their business, control costs, and delight prospective renters. ShowMojo's scheduling platform automatically screens incoming phone calls, emails and web inquiries, and converts them to scheduled showings. ShowMojo reduces (by up to 80 percent) the time residential rental professionals spend booking showings, coordinating the schedules of multiple parties, and diligently nurturing prospective renters. Based in Chicago, IL, ShowMojo schedules showings across North America — from Ottawa, Canada, to Honolulu, Hawaii. For more information, please visit: http://showmojo.com. About Real Property Management Real Property Management is a privately held, Utah based corporation with over 25 years of experience providing full-service residential property management for investors and homeowners from more than 250 offices throughout the United States and Canada. For more information about Real Property Management, property management services or franchising opportunities, visit www.realpropertymgt.com. About Rentec Direct Management Rentec Direct provides cloud based property management solutions for property managers and landlords. Other popular solutions offered by Rentec include tenant ACH payment processing, tenant screening, and automated online syndication of vacancies through syndication partners like Homes.com. For more information about Rentec direct, visit https://www.rentecdirect.com. About Free Rental Site Free Rental Site is an international rental search platform that provides marketing and rental distribution tools to property managers around the world.
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CoreLogic Launches Online Leasing Solution
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Zillow to Bring RealPage Services to Rental Companies
SEATTLE, WA, July 21, 2014 -- Zillow, Inc., the leading real estate and home-related marketplace, today announced a new partnership with RealPage, a leading provider of on-demand property management software, to help connect multifamily companies with new residents. This partnership will broaden the marketing exposure for multifamily rental companies that choose to market their rental listings on Zillow®, while providing new tools and services to help them manage their listings and find their new residents more quickly. As part of the agreement, MyNewPlace, RealPage's rental website, will join the Zillow Rental Network, comprised of Zillow.com, Yahoo!® and HotPads™. Under the agreement, multifamily rental companies that market their listings on Zillow will have the option to have their listings appear on MyNewPlace. Zillow will also begin offering RealPage's near real-time pricing and availability information to multifamily companies who also use RealPage products and services. Additionally, all multifamily companies will soon be able to take advantage of RealPage Live Agent Service, which leverages the RealPage Contact Center solution, to help manage incoming contacts. "RealPage's tools and service will bring great value to our multifamily rental customers," said Greg Schwartz, Zillow chief revenue officer. "In addition to bringing more consumers to their listings, property managers will have new tools at their disposal to manage their properties more easily. In turn, this will provide the 15 million rental shoppers who come to Zillow a better experience." "We are very pleased to be partnering with Zillow as this relationship will benefit both RealPage and Zillow users alike," said Steve Winn, CEO of RealPage. "We will continue to market the MyNewPlace Premium service, which compliments the Zillow listings and gives owners and managers even more contacts. By adding pricing, unit availability and, most importantly, a live agent on the other end of each phone and email contact, we are confident that Zillow users will realize increased lead-to-lease conversion rates." About Zillow, Inc. Zillow, Inc. (NASDAQ:Z) operates the leading real estate and home-related information marketplaces on mobile and the Web, with a complementary portfolio of brands and products that help people find vital information about homes, and connect with the best local professionals. Zillow's brands serve the full lifecycle of owning and living in a home: buying, selling, renting, financing, remodeling and more. In addition, Zillow offers a suite of tools and services to help local real estate, mortgage, rental and home improvement professionals manage and market their businesses. Welcoming 83 million unique users in June 2014, the Zillow, Inc. portfolio includes Zillow.com®, Zillow Mobile, Zillow Mortgage Marketplace, Zillow Rentals, Zillow Digs®, Postlets®, Diverse Solutions®, Agentfolio®, Mortech®, HotPads™, StreetEasy® and Retsly™. The company is headquartered in Seattle.
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Old Dominion Realty's Property Management Division Launches New Website With Delta Media Group
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a la mode and iHomefinder Partner
ORLANDO, FL, Nov. 5 /PRNewswire/ -- From the floor of the National Association of REALTORS® (NAR) Conference here, a la mode, a leading developer of desktop, mobile, and Web tools for real estate professionals, and iHomefinder, a leading developer of Web-based tools to enhance productivity and increase sales for real estate agents, announced that users of a la mode's Agent XSites will be able to implement iHomefinder's customized solution for displaying MLS active listings on their personal websites. By using iHomefinder's IDX solution, agents can provide their clients with robust features for conducting home searches. Clients can not only search for current active listings but can also request email notification when new listings meeting their custom search settings are available. Listing search results include property details, maps, school information, mortgag calculators and lead generation forms. Agent XSites users will be able to automatically display their personal listings as "featured listings" and large Broker/Agent offices can create individual agent bios for each company agent. Agents' personal listings are displayed and agents can monitor their own clients' search activities. "As we roll out a more vibrant, robust Agent XSites version here at the NAR show, we're very excited to be able to offer iHomefinder's customized IDX/MLS search capabilities and marketing tools for XSites users at a discounted rate from standard retail pricing," said Rusty Lindquist, Product Manager for a la mode. Flyers including the agents contact information can be printed for any listing and clients can request a showing for any property. Agents can create an "Open Homes" page that will display their open homes for the week. The iHomefinder IDX solution includes features not available to agents accessing their local MLS data directly. "Agents who have invested in an Agent XSite know the value of online marketing, and how to attract Internet-savvy home buyers and sellers," said Jim Humphrey, Sales Director of iHomefinder. "We are delighted to be able to offer significant enhancements in that area to Agent XSites users at special pricing. The partnership between a la mode and iHomefinder is natural," he said. About iHomefinder: iHomefinder's suite of website tools and services empowers local real estate offices and agents to increase sales, improve productivity, enhance customer service, and compete in the online real estate marketplace. All iHomefinder programs operate on a client's website using the client's branding and website design. iHomefinder uses Internet Data Exchange (IDX) as its core MLS search engine, tailored to the location of each client, and offers several other website tools to enable clients to capture leads. To learn more about iHomefinder's services, call 1.866.700.8855, or go to www.iHomefinder.com. About a la mode: a la mode, founded in 1985, develops desktop, mobile, and Web tools for real estate appraisers, agents, inspectors and mortgage lenders. Each year, over half of the nation's home appraisals are created with a la mode's WinTOTAL software and delivered electronically through its server network, which handles nearly a million and a half paperless mortgage transactions a month. a la mode XSites allow real estate professionals to deploy a professional Web presence that manages transactions and communications with their clients and provide an integrated platform for their own day-to-day processes. Learn more at www.alamode.com. Contact: Brett DeSchepperiHomefinder(866) [email protected] Matt Barra la mode(330) [email protected]
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