New Zillow tools aim to help buyers, improve agent workflows 

Zillow is rolling out five new features it says will not only improve the homebuying experience for consumers, but can give agents a leg up when working with clients.

Calling it Zillow's Summer Launch, the products aim to address a variety of the issues that come into play when buying a home, including how to determine what a buyer can afford and the chances of a particular offer being accepted.

The new features highlight the pace of innovation taking place in the real estate industry, said Cynthia Taylor, Zillow's senior vice president of agent software and advertising. They are also the result of "a considerable amount of time" spent with agents — who will both use the products and share them with clients — "so that we can better understand the workflows," Taylor said.

"We always ask what we call the magic wand question…. If you had a magic wand, what would you change? We take what our agent customers tell us they wish for and we look for themes and opportunities to emerge."

Getting a birds-eye view

Zillow's most visually eye-popping new product is called SkyTour, which it describes as a "first-of-its-kind" feature that allows shoppers to maneuver above and around a home's exterior like they are piloting a drone. 

Using their phone or computer, potential buyers can view the property and the area surrounding it from multiple perspectives, giving them a better understanding of the layout and lot placement.

Zillow expects it to be popular with potential buyers, but Taylor noted that it could also be a clincher for agents doing listing presentations.

"Agents have told us before… that they're looking for ways to stand out, not only for themselves but also to help their sellers," Taylor said. "It's just a really great consumer experience that serves the agent, the seller, the buyer — all of the parties involved."

It is available on eligible Showcase listings, the company said.

Simplifying tour scheduling

Organizing multiple tours with different buyers can be a challenge for agents — an issue Zillow hopes to address with its Tour Itineraries feature.

The tool allows buyers to add homes to a shared tour list, coordinating timing and other logistical details through Zillow's app and website. If the homebuyer needs to make changes, they can go back into the tool, and Tour Itineraries then organizes those updates for the agent.

"So if an agent is trying to line up the perfect day for their buyer client on the weekend and the buyer client would like to make adjustments…, the agent is prepared in advance," Taylor said. 

"The agents can then very quickly and easily make sure that tours are requested and lined up," something that "cuts down on that back-and-forth that happens naturally."

Offer Insights goes national

Zillow soft launched Offer Insights earlier this year and has now rolled it out nationwide. The feature shows home shoppers different offer scenarios to help them understand how strong an offer might be and the likelihood that it would be accepted.

Taylor said the tool, which incorporates the Zestimate, comparable home sales and local market data, can also provide value for agents by giving them a reference point when explaining how an offer is prepared and their price recommendation.

That context gives the client more information, which in turn allows the agent to "drive the transaction outcomes that they're looking for."

"So better informed, better equipped to get going faster," Taylor said.

Affordability tool gets an upgrade

Zillow's BuyAbility feature was introduced last November, but the updated version will give buyers a list of homes that fit both their target price and their maximum budget, allowing them to compare those figures for each home.

"It just provides a much better range for buyers that are actively and deeply engaged in the transaction process," Taylor said.

Zillow said the BuyAbility tool — which also tells buyers how likely they are to qualify for a loan — is already popular, with more than 1.5 million home shoppers signing up for it since launch.

More transparency on rental costs

On the rentals front, apartments and other rental listings now include detailed cost breakdowns that clearly spell out pet fees, deposits and related move-in expenses. 

Hidden fees are a common frustration among renters, according to Taylor, and a new custom calculator on rental listings is intended to provide more transparency.

"Property managers are also interested in making sure that prospective renters coming in through the door are well informed," Taylor said.