Introduction
We partnered with one of our clients, a leading provider of well-kept single-family rental homes nationwide, to measure the impact of using a Zillow 3D Tour for rental property marketing.
Challenge
The client wanted to understand if there was a return on investment if they adopted Zillow 3D Tours when marketing their properties nationwide. They wanted to measure ROI on lead generation, submitted applications, and days on market.
Solution
The data showed that using a Zillow 3D Tour to market a property online has a significantly positive impact on leasing activity, specifically looking at lead generation and time until an application is submitted.
Details
ROI
The data showed a positive impact on leasing activity:
- Leads per property within the first 14 days of listing increased by 48% in Atlanta, GA when a Zillow 3D Tour was used to market the property, compared with properties that only had photos and floor plans
- Leads per property within the first 14 days of listing increased by 49% in Dallas, TX for properties above the median price per square foot when a Zillow 3D Tour was used to market the property, compared with properties that only had photos and floor plans
- Days until the first submitted application decreased by 36% (about 7 days) in Atlanta, GA when a Zillow 3D Tour was used to market the property, compared with properties that only had photos and floor plans
Method
We tracked 243 properties across 3 markets: Atlanta, GA, Dallas, TX, and Tampa, FL. We created a test group in each market by adding a Zillow 3D Tour on approximately half the properties in each market, and compared that to a control group (the other half) that received the normal marketing services from the client’s existing solution (Photos + Floor Plans). We created this test group and tracked the properties from September 13, 2022, to October 31, 2022.