Welcome back, I’m so glad to see you again.
For those just joining us, feel free to check out part #1 of this 3-part series where we explore other PropTech tools that can elevate your real estate investing game.
A bit of an orderly? Rest assured, any order you read them is fine (but if you still prefer to read part #1 first, I support you!).
Now, let’s show you around.
PropTech Tool #2: Zillow 3D Tour
Is there anything that makes you look more like a real estate pro to prospective tenants than having a 3D Tour? There’s a reason for that, 3D Tours are usually expensive!
However, I would like to warn you this is not really free. While Zillow promotes it as a “free” feature, it’s only free with your first listing because Zillow now charges your listings after your first post.
If you’re debating whether this is worth it, I’m happy to share a few reasons why I’ve chosen to use Zillow and this feature:
- Depending on your area, it may make sense. I get a ton of leads from Zillow so, by renting it faster, it ends up saving me money through a short vacancy period. As Jordan mentions, vacancies have a big impact on your investment.
- But then, why not just use a broker? When starting out or entering a new area, I prefer to actively participate in renting out the property. This allows me to gain intimate knowledge of who my clientele turned out to be (vs. who I thought it would be) and what they like/don’t like, so I may determine what costs are truly worth the expense in my market.
- However, I don’t want to waste time either. 3D tours help prescreen so I only get serious leads, which is what matters for my market research anyways.
- It may be worth it for certain asset classes. If you’re in an expensive rental market trying to attract high-end clientele, this helps you compete with the big buck investors for a bargain price.
Otherwise, here’s some brief info on it:
You don’t need special equipment; you can use an iPhone. Don’t have an iPhone? Well, then you need special equipment. Currently, Zillow 3D is only available using an iPhone or a 360 Camera. Although they are considering ways to use Android devices as well.
I know you’re a savvy bunch, but just in case the idea of creating a 3D tour terrifies you, I’d like to assure you, it’s actually pretty easy. Zillow has a step-by-step guide of the process and a slew of FAQs that should cover it all. TLDR? There’s always support.
Zillow may also be a great marketing resource, depending on how much it’s used in your area. Here are a few features that may interest you as well:
- Rental Comparison Tool – prices out what your rental may go for.
- It tracks your views and compares them with other similar listings in your area so you can see where you stand in your market.
- Helps pre-screen by giving any leads the option to fill out some standard preliminary questions with their inquiry.
- Also offer other features like Applications, Leases, and Payments, but I haven’t personally used these through Zillow so I cannot speak to how well it works.
However, I wouldn’t leave you out in the cold; I have you covered there as well! You’ll just have to continue reading on to part #3, the grand finale of these great PropTech tools. See you soon.