Trulia Launches Rentals- What Does This Mean for the Industry

By
Services for Real Estate Pros with 210 Consulting~ Social Media Advisors

I was really excited this morning to see the big news from Trulia.  In case you missed it, let me give you the highlights.  Today Trulia announced the launch of their Homes For Rent Page.  This opens up an entire new avenue to both buyers and those in the real estate industry.  Landlords, property managers, real estate agents & brokers can all list their homes for rent on Trulia. Millions of homes for rent will be added making it the largest website for consumers for find homes for rent in their area. 

Why is this a big deal? According to the press release that Trulia released stated the following:

  • 30% of consumers consider renting and buying at the same time and need more tools to help make better decisions (Internal Trulia Data)
  • Home ownership levels are now back at the same level as 2000 and hit the peak in 2005
  • Shift in consumer behavior – Hitwise data: Sum of the market share of ’sale’ terms declined slightly from 2.74 percent to 2.53 percent, while the sum of the market share of ‘for rent’ terms increased 46 percent, from 1.96 percent to 2.86 percent.
  • One year ago only 3 rental sites were in the Top 20 for the real estate category and now there are 7 rental sites in the Top 20 according to Hitwise
  • 60% of adults strongly/somewhat agree that renting currently makes better financial sense at this point in their life according to recent survey from Trulia/Harris Interactive

So what are some of the features? 

Rent vs. Buy Calculator- This is a great thing that allows consumers to decide whether buying or renting is going to be a better financial decision at this time in their life.   A consumer can simply input a purchase price, down payment, monthly rent, and a time frame.  They will get instantly a quick summary of what it would cost to purchase a home versus renting during that same time period.  Here is what the results look like:

Rent Vs. Buy

Local Ratings & Information- Renters can also get local information on all types of things from cleanliness, safety, weather, & much more through an integration with Yelp & greatschools.net.  This way when a consumer is thinking of renting a home, they can make better informed decisions on the area.

Advanced Searching- This is something that is really cool to me.  It allows someone looking for a home for rent to search by keywords for a specific type of property.  So if you are looking for a waterfront penthouse, you can do so.  Not only can you search these homes while on the web, but you can also search homes for rent through Trulia's mobile website. 

Rental Alerts- Many times consumers fall in love with a particular area or community that they would love to rent a home in.  Trulia no offers the ability for a consumer to set up alerts to know when a new property comes available for rent instantly to their email. 

I think this is some really great news for consumers who want to know whether or not renting or buying is better in these economical times.  For those in the real estate industry, this is also a huge thing that allows you to publicize your rentals on one of the worlds largest real estate websites for FREE!

So make sure to go over to Trulia and check out their new For Rent Section.  Down at the bottom of Trulia's Announcement, "Trulia Launches Rentals" from this morning is the information on how to submit your rental listings.

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Re-Bloggged 4 times:

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  1. Donald Bradbury 04/07/2010 11:40 AM
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  3. Harry F. D'Elia 04/08/2010 02:10 PM
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Rainmaker
384,190
Catherine "Cathy" Chaudemanche- Edison
Real Estate & Middlesex County in NJ
Metuchen Keller Williams Elite Realty / Middlesex County, NJ

I work a lot with Trulia. I received their email yesterday. I think this is something they were working on for a while...

April 08, 2010 05:32 AM
Anonymous #42
Anonymous
Anonymous

I saw this yesterday, but I don't work with a lot of rentals so didn't get very excited about it -- glad to see some are!

April 08, 2010 06:31 AM
Ambassador
895,064
Missy Caulk
Realtor - Ann Arbor Real Estate
Missy Caulk TEAM

Jeremy I saw it yesterday and didn't have time to explore it.

I have two thoughts:

1) It will be good for the consumers to have this venue to look for rentals on.

2) My team gets lots of rental leads, they are very stressful and more time consuming than sales, we have to pull the credit, go over the credit with our sellords  (Sell Lords)

3) Renters can go back to the hotel at night and pick up a paper and then you lost out on the 500.00 commission you were going to make.

4) Agents removing them when leased.

Ok this is more than 2 but we have been dealing with leases in Mi for several years.

AGENTS NEED TO MONITOR THEIR LISTINGS AND TAKE THEM OFF WHEN SOLD OR LEASED.

AGENTS NEED TO MONITOR THEIR LISTINGS AND TAKE THEM OFF WHEN SOLD OR LEASED.

 

I am not blaming Trulia for homes still on their site, but there has to be a way to purge the bad data when things sell. or lease.

 

April 08, 2010 07:25 AM
Ambassador
785,292
Charlie Ragonesi
Homes - Big Canoe, Jasper, North Georgia Pros
AllMountainRealty.com

Hey Jeremy thanks for the post. I tried to talk to you a bit at Re Tech south But when I had some free time I could not find you. Maybe next year

April 08, 2010 07:26 AM
Rainmaker
891,596
Michael Setunsky
Your Commercial Real Estate Link to Northern VA
Michael's Commercial LLC

Jeremy, I can see where the "Rent vs buy calculator" would be very useful in the decision making process. Thanks for the info.

April 08, 2010 08:27 AM
Rainmaker
1,205,368
Richie Alan Naggar Author PEARLS SERIES of books
on LIFE and LOVE plus Real Estate too!
People first then business! Ran Right Realty Riverside, Ca

Jeremy

Well and thoughtfully presented. We are in a renters market and this data is appropriate.

Thank you

April 08, 2010 09:04 AM
Rainmaker
699,063
Sharon Parisi
Dallas Homes
Keller Williams Dallas Premier Realty

Thanks for the information.  This will be a great help to Landlords, Tenants and Realtors!

April 08, 2010 10:29 AM
Rainer
30,528
Peter Di Eduardo
Central Property Realtors

Looks good. I typically only list rentals as exclusives; I have greater success in renting them myself plus I collect both sides of the commssion which is usually 1-month's rent.

April 08, 2010 10:38 AM
Rainmaker
46,626
Rudy Bachraty
Director, Communications & Partner Strategies, WellcomeMat

@Charita - Nice to hear.

@Christianne - Thank you. Having a Rent vs. Buy calculator is a great tool for those on the fence.

@Michelle - Thanks1 I agree. The more places you can get your rentals noticed the better.

@Christopher - You made me chuckle there for a sec :) Seriously, I'm happy you like our Trulia Voices Q&A. Many agents find great value in the free services we offer and do quite well. But then we have others that want to do more...so we based on feedback we try and build products professionals want. Again, they're not for everyone. So use what works best for you.

@Scott - "I like the calculator ... just met a guy last week and he told me that they were prequalified but that the wife threw a fit once she learned how much interest that they would pay over the life of the loan. This calculator would show her the reality of not buying! I asked to sit down with them since the last agent seemingly gave up."

- This is a great example of how an online tool like a our Rent vs. Buy calculator, with the expertise of a local agent, can help consumers make better informed decisions.

@Chris - "Hi Jeremy -- Very useful info, I was not aware of it, so thank you.  Finding rentals (not unlike open houses) seems to be spread out in a decentralized fashion, and I know consumers find it frustrating to find everything."

- Hopefully, this is something that we can help improve.

@Andrew - We don't provide estimates on values. We do show resent sales/comps. Our rentals are coming direct from brokers, MLSs, Landlords and 3rd party rental sites. Any listing data, no matter what site, is only as good as the source who originally provided it. Hence, it's very important for everyone to update the status of each of their properties to make sure they are up to date.

@Aaron - Awesome ;)

@Carla - "I heard about this on NPR this afternoon but this is a great update beyond the headline" 

- That's fantastic to hear.

@Lisa - "This is great news! I'll have to get my newest rental listing on there right away =)  And the increase in rentals is a huge jump!"

- Excellent. Good luck Lisa!

@Lynn - "Got the Trulia email today ~ loaded a rental listing ~ now just need a tenant.  This has got to be a good move for the site."

- Great, Hopefully you'll fill that vacancy soon.

@Dora/Vincent - We do get listings from some MLSs, brokers, agents, landlords and 3rd party rental sites. Submitting Rental listings are free just like we have had for sales listings. And I agree that listings should be updated by the listing agents/brokers as the status changes.

@Missy - Hi :) "AGENTS NEED TO MONITOR THEIR LISTINGS AND TAKE THEM OFF WHEN SOLD OR LEASED."

- I agree. Our system automatically does this when the feed source is updated. That's the key, updating the feed source.

@Charlie - I was at RETECHSOUTH too. Did you enjoy it?

Thanks all!

Rudy from Trulia


 

 

 

 


 


 

April 08, 2010 05:08 PM
Rainmaker
525,227
Jeremy Blanton
210 Consulting~ Social Media Advisors

I think I just got hijacked by Rudy...it's ok, I like the guy.

April 08, 2010 09:05 PM
Rainmaker
525,227
Jeremy Blanton
210 Consulting~ Social Media Advisors

Charlie- You were at RETSO?  Man, I missed ya! You should've stopped me or interrupted me from whatever I was doing!

April 08, 2010 09:05 PM
Rainer
61,385
Mary Jo Quay
Remax Advantage Plus

If anyone is looking for rentals for clients, they know it is grab bag of web sites to search and many of the listings are dated.  When individual investors list their properties they forget to remove them, and leave them us for months.  Hope this helps. 

April 08, 2010 10:44 PM
Rainmaker
259,343
Bill Travis
Broker/Owner
Captain Bill Realty, LLC

Very interesting and thanks for sharing. I agree with Mary Jo Quay that many of the listings are outdated. It's the same with homes for sale that people find on the itnernet. I would with relocating buyers and send them automatic daily updates from their criteria direct from my MLS. Yet they go and search on other sites, and send me mls numbers to check out and I find they're been sold for awhile.

 

April 09, 2010 07:33 AM
Rainmaker
129,282
MeLisa Minter
Broker, SFR, Kaufman County Short Sale Specialist
Carl Thomas and Associates Real Estate - 972-962-2500

This is good info to know.  Leases are outperforming Solds in many areas of the US.

I can advertise a lease and get overwhelming response.  But when I advertise a new listing, the response is only minimal.  This is a great indicator of where we are in the market.

However, I totally have to agree with Missy, that working with tenants is very time-consuming and they can jump ship faster than potential buyers. 

I have tried to implement a system that's more productive for me, because the good thing about leases is that they can close in days and some money is better than no money.

April 09, 2010 08:41 AM
Rainer
56,501
Rose Marinaccio
Coldwell Banker Residential Properties

Now people doing a search can rely on practically one website for all of their information. Go Trulia!

April 09, 2010 08:55 AM
Rainer
127,321
Dan Quinn
Dan Quinn
Prudential PenFed Realty

No surprise to me that rentals are up.  With all the short sales and foreclosures that have occurred, these former homeowners are now looking to rent.

April 09, 2010 08:58 AM
Rainmaker
294,842
Ray Saenz
Homes for Sale in Aurora, Colorado - Aurora, CO
United Property Brokers, Inc

Jeremy,
It means for the industry that it's another website competition for Zillow and also means that more people who can not a home will search on zillow and trulia of course I'm a little bit sarcastic but that's what will happen :)  great blog !

 

April 12, 2010 11:38 PM
Rainmaker
684,977
Steve and Jan Bachman
Realtors - Northern Virginia
RE/MAX Gateway, Reston, Herndon, Ashburn, Sterling, Fairfax

Ditto Missy Caulk,

we spend so much time saying "no that Realtor.com listing went under contract weeks ago. Please use our website which does not send you sold, or under contract properties" Current data is king...if it ain't available no more get it off!!!!

April 13, 2010 10:52 AM
Rainmaker
808,389
Lyn Sims
Schaumburg Homes
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago

Can't find a reason to care about rentals??

April 14, 2010 08:47 AM
Ambassador
497,668
Mirela Monte
Myrtle Beach Real Estat
Buyers' Choice Realty

Jeremy:  Thank you for posting this!

Now featured on the Optimist Group.

April 18, 2010 04:05 PM
Anonymous
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Rainmaker
525,227

Jeremy Blanton

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