Zilpy.com Launches a Rental Data Website Built In Partnership with Zillow!!!

By
Property Manager with Gibson Management Group, Ltd.

HOORAY!  This site is AWESOME and the rental amounts are pretty accurate for most areas according to review by the landlords on the MrLandlord Q&A 

Zilpy.com Launches - Rental Data Website Built In Partnership with Zillow

Posted by Bill Quirk on January 29, 2008

Just came across a press release announcing the launch of Zilpy.com. From the release:

Today, Zilpy.com launched its free online service providing instant access to the most comprehensive and accurate data about the rental market nationwide. "Whether it's Rent Heat Maps for any given city or metro area or down-to-spot rent evaluations Comparative Market Analysis (CMA), the newly launched service crunches a huge amount of rental data every day" said Mrs. Drabkin, VP of Marketing.

Just came across this, and will have to dig into it more to develop what I think, but the partnership with Zillow is interesting and the site definitely has a Zillow look & feel. The press release is below:

Ok...after spending some time on the site I first have to say wow. Great mapping, a nice layout, and a great organization of a lot of data. RentalHomePros.com, a yet to be launched website backed by NARPM has a chief goal of collecting and sifting market data to help with analysis and to become an authority on rental trends. So, it appears Zilpy has already collected a ton of data and has possibly beaten RentalHomePros to the punch.

The real question though, is where is the data coming from? There's no way it can be transactional data of what a lease was actually signed for.....centralized sources with that data just aren't that common. So it must be information in regards to advertised prices which could come from GoogleBase or from scraping a site such as Oodle. If that's the case, then I think there must be a ton of flaws in the data.

For example, Rentometer.com is a site that's had this same goal and was recently quoted in a CNN article in which they used advertised prices on their site to gauge what was happening in the rental market. But almost all of the properties on Rentometer are apartment communities listed with a rent range such as $650.00 to $1150.00. There is no indication of how many $650.00 apartments exist at that community or how many of the more expensive units are there. And in an analysis with that data, I'm sure Rentometer just takes an average which could be seriously flawed since the complex might have 10 units at $650.00 and 150 units at much higher prices. As a result, I thought their methodolgy was flawed, and disagreed with their conclusions in the article.

Similarily, one of the chief complaints from Realtors and real estate agents about Zillow is that the Zestimates can be wildly wrong. And that's probably because the data sources they are using are bringing in incorrect information.

So, if Zilpy is somehow able to provide an accurate picture of what's happening in the rental market then it will be an amazing resource. But, they'll need to reveal their data collection methods at some point for credibility. Otherwise, it could just be garbage-in, garbage-out.

This entry was posted on January 29, 2008 at 4:57 pm and is filed under Zilpy.com. Tagged: Zillow, Zilpy, Zilpy.com.

 

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Wallace S. Gibson is a Certified Property Manager with over 50 years of property management experience and expertise.  She maintains a specialized property management business in Central Virginia serving Albemarle, Greene, Fluvanna and Louisa counties  

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Ambassador
592,352
Konnie Mac McCarthy
MacNificent Properties, LLC - Cobb Island, MD
Broker/Owner - VA & MD "Time To Get A Move On!"

THis is cool...I love Zillow...this keeps up real estate agent will not be necessary :)

Jan 30, 2008 12:10 PM #1
Rainer
17,201
Jerry Bangerter
RE/MAX Kai Lani - Honolulu, HI
Wallace, Thanks for the Zilpy.com lead.  I picked up on it from you a couple of days ago and it is really outstanding.   Jerry
Feb 04, 2008 08:33 AM #2
Rainmaker
1,278,094
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer
Frequent contributors on the MrLandlord website indicate the rents for their areas in Zilpy are right on or close...information appears to be coming from Craigslist which is the reason it is current.  As a property manager, I know what rents are in my market for specific areas and types of homes which makes using a Zilpy type site interesting, but not a source for information needed in my business.
Feb 04, 2008 10:24 PM #3
Rainer
17,201
Jerry Bangerter
RE/MAX Kai Lani - Honolulu, HI
That is what I noticed.  As soon as I got the site, I took a trial run thru some of the areas where I am really current and the data was right on the mark.   I was so astounded I about fell off my stool.   The information on the site will be helpful in getting an instant snapshot to start an inquiry running, but I don't ever like to be stuck with just one sorce for information.    Thanks for sharing it.   Jerry
Feb 05, 2008 09:01 AM #4
Rainmaker
254,487
Robert Machado
HomePointe Property Management, CRMC - Sacramento, CA
CPM MPM - Property Manager and Property Management
I tried Zibly on a couple of properties and compared it to the survey my company provides on a quarterly basis for the greater Sacramento area (www.HomePointe.com and click on Owner Services).  I noted that the Zibly estimate was very close to our survey's average prices.  We will use to to cross check our own survey.  It makes sense if it uses Craig's list which has lot of listings posted at any one time. But, keep in mind that Craig's List represents asking prices and may therefore be a bit over the market. 
Feb 16, 2008 03:46 PM #5
Rainer
18,739
New Tampa Property Management
Rent New Tampa, Inc. - Tampa, FL
Interesting, but limited... while this type of tool, like Zillow, has some value, particularly in areas where most properties are "similar enough" in value, the fact still remains when dealing with houses there are generally to many variables to keep it this simple... a proper market analysis, conducted by a professional that can find comparables recently rented and currently on the market, will always be the best way. These tools tend to make a property managers job harder, not easier, particularly in the instances where it spits out a value far greater then the market will bear, specially when their is surplus inventory like the market has not.
Feb 17, 2008 01:55 PM #6
Rainer
5,620
Kealoha Garcia
Smith Valley Realty - Smith, NV
Investment Property and Management, Exchanges

Great Idea!

Flawed or not, at least it leaves insight to those of us expanding to other areas we are not as intimately aware of. Thanks!!!

Feb 20, 2008 10:44 AM #7
Rainmaker
335,293
Leslie Prest
Leslie Prest, Prest Realty, Sales and Rentals in Payson, AZ - Payson, AZ
Owner, Assoc. Broker, Prest Realty, Payson,
Wow! I checked out my town (Payson, AZ) and it isn't anywhere near close! It shows MEDIAN rents over $1000, where that is actually the HIGH end, and the properties up there are not renting quickly AT ALL.
Feb 22, 2008 03:46 AM #8
Anonymous
MIke smith

I AM VERY UNHAPPY WITH WWW. ZILPY.COM.. I HAVE SENT IN MANY REQUEST AND GET NOBODY FROM THE SITE TO EMAIL ME BACK TO ADDRESS MY NEEDS.  IN THAT RESPECT I HAVE TO SAY I DO NOT  RECOMMEND THIS SITE TO ANYONE.  THEY HAVE TERRIBLE ISSUES MAYBE THEY ARE BANKRUPT OR SOMETHING ...  DO NOT USE THIS SITE.                         NO THANK YOU TO  ZILPY THE ZILLOW WITH A DILLOW........

Jun 03, 2009 08:42 AM #9
Rainmaker
1,278,094
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Mike - maybe not posting in CAPS would help get their attention.  Zilpy is just another resource for property managers in establishing rental rates. 

Jun 03, 2009 10:47 PM #10
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