Zillow to charge for loans


Zillow CEO Rich Barton (illustration by The Real Deal)

Zillow CEO Rich Barton (illustration by The Real Deal)

Against the background of a booming housing market, Zillow is raising fees for agents and will charge them for the first time for publishing loans.

As of January 12, the Seattle-based giant has been syndicating listings from multiple listing systems. According to an email sent to agents, agents will instead be charged $ 9.99 per week for publishing loans.

“This encourages our landlords and rental managers to immediately remove listings when they are unavailable or obsolete, which helps us ensure a better experience for tenants,” Zillow said in the FAQ section of her website.

He will borrow the move from Zillow’s book in New York, where StreetEasy began charging agents $ 3 a day to publish statements in 2017. But it also comes at a time of increased competition for loan lists from companies including Zumper and CoStar.

“They have a gazillion consumers who are looking for rent on their site and want to monetize it,” said Victor Lund, a partner at WAV Group, a real estate consulting firm. “It’s certainly good for Zillow’s shareholders.”

Zillow said in a statement that paid statements bring benefits to consumers who get more accurate statement information. Listings “usually spend fewer days on the market than free listings due to more leads and better leads,” Zillow said.

In addition to “Zillow Rental Manager”, which costs $ 9.99 per week per listing, Zillow offers “Zillow Feed Connect” for corporate clients, which will cost from $ 1 to $ 3 per listing per day.

The giant list has recently implemented other changes. In September, she said she would start employing paid agents to streamline her time home purchase operations. Starting this month, Zillow agents will work with sellers in Atlanta, Phoenix and Tucson who want immediate offers for their homes.

In connection with this announcement, Zillow said it would switch its back-end statement system to an IDX source, instead of obtaining statements from thousands of brokerage firms and MLS. (At the time, Zillow stated that the offset was set to reduce its data channels to approximately 600 out of 10,000).

But it is a daily fee for rental statements that risks theft of agents. This happened when StreetEasy introduced a rental fee in New York and then again when he tried highlight price at $ 6 per day for enrollment.

The increase in fees has not yet happened. After the outbreak of the MarchEasy pandemic in March discounted his fees for publishing loans and participating in the Premier Agent.

During the third quarter of 2020, there was a sharp increase in the overall housing market in the Zillow rental area.

“The influx is so high that there is only greater demand for shopping around the world, and that includes rents,” CEO Rich Barton said during a call for payments on November 6.

For the quarter, Zillow reported a profit of $ 40 million sales of $ 656.6 million.

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