January 23, 2023
https://www.costargroup.com/costar-news/details/apartments.com-announces-new-listing-of-the-future
Catching up with Rental Industry announcements and this caught my eye. The ability to see apartment unit level details has been talked about for years, but not executed against. Prospective renters could check their views, understand where their unit is in the overall property and see what the unit looks like from the inside without ever touring the property. This is available when buying a house. Why not a rental? I remember renting my first apartment sight unseen when we moved from Cleveland to Chicago. We got into the unit and looked out the window. It was overlooking the garbage dumpster. Wasn’t a good experience, but they did let us move to a different apartment. It would be fantastic to see apartment marketplaces and property websites adopt unit listings. There are many other implications to unit level listings that the Rental Industry should be thinking about…
1) Renting out units Airbnb style – The more unit content created the easier it is to rent out your unit to someone else.
2) Paid spend – Advertising/buying keywords for both entire properties and now apartment units. Spend can get more tactical.
3) Search engine optimization – Both organic unit results and property results.
4) Industry pricing and changes to rental marketplace business models – There are significant implications based on unit level listings.
This is great news for consumers, for digital marketplaces, but for owners and managers of properties these changes will likely impact their advertising costs.
If you would like to learn more, please contact me at rsternot@steadvisors.com.
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STE Advisors helps companies prioritize organic and inorganic value creation opportunities and then executes against these activities. Frequently, organizations are too busy managing the day to day to take a step back, put together/confirm the big picture, and have the bandwidth to execute against the initiatives that could drive the most value. STE Advisors partners with companies to:
1) Develop/confirm the strategic plan, the execution plan and related KPIs.
2) Quarterback the execution with team members inside your organization pushing key initiatives forward.
3) Work with you to continuously enhance the value of your business.
STE has provided these services to family-owned, founder-led, public, and private equity/venture-backed organizations primarily with less than $300M in revenue.
STE has helped in sprints to capital raising, company transactions, growth initiatives and organizational transformations.
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