Zillow New Construction Launches Builder Ratings and Reviews

Rhea-AI Summary

Zillow has introduced Builder Ratings and Reviews, a new feature that allows buyers to rate their home builders based on their move-in experience. This initiative aims to enhance transparency for shoppers interested in new construction homes, as 76% of buyers prioritize builder reputation. The feature is available at no cost to builders using Zillow's Promoted Communities product, helping them manage their reputation and drive sales. Zillow reported a 34% year-over-year increase in page views for paid new construction listings, indicating a growing market interest.

Positive

• The Builder Ratings and Reviews feature enhances transparency and assists buyers in making informed decisions.
• 76% of new construction buyers value builder reputation, which this feature aims to address.
• Page views for paid new construction listings have increased by over 34% year-over-year, showing heightened consumer interest.

Negative

• None.

SEATTLE, Aug. 19, 2020 /PRNewswire/ -- Zillow today announced the availability of Builder Ratings and Reviews. This rich, buyer-generated content will be displayed on builder profiles, community pages and paid new construction listings on Zillow. New homeowners will be surveyed at move-in and asked to rate their overall experience, the quality of their home, builder responsiveness, the confidence they have in a builder and whether or not they would recommend that builder to other home buyers.

The new feature addresses a common desire among new construction home shoppers interested in learning more about the company building their home. According to the Zillow Consumer Housing Trends Report, 76% of new construction buyers say that reputation is very or extremely important¹.

"Zillow was founded on the core value of 'turning on the lights,' arming consumers with the information they need to make what will likely be the biggest purchase decision of their life," said Lucy Wohltman, Vice President of Zillow New Construction. "Builder Ratings and Reviews provides our customers with the confidence to pursue the home of their dreams, and gives our partners the tools they need to manage their reputation."

The new feature is free to builders already partnering with Zillow through its Promoted Communities listing product, and provides builders the opportunity to enhance their reputation, and influence customer decisions during a critical time in the home shopping journey.

"The feedback we collect from our new buyer surveys provides us with insightful data, helping us work toward delivering the best possible homebuyer experience," said Ashely Hoyt Director of Market and Consumer Research at Stanley Martin Homes. "Through our partnership with Zillow, we are able to promote our brand to a broader homebuyer audience and show our commitment to quality and service."

The Builder Ratings and Reviews program will be facilitated by Avid Ratings, who already work with more than 25% of the top home builders in the U.S. and Canada. While Builder Reviews and Ratings cannot be edited or deleted, builders are encouraged to respond publicly to any reviews and those responses are displayed directly below a corresponding review on Zillow. All reviews are verified and closely monitored by Avid for inappropriate and discriminatory content.

"We are always looking for better ways to help our customers improve homebuyer loyalty and increase company profitability. The Zillow partnership enables new and existing customers to increase their brand, strengthen their reputation, and increase sales by reaching millions of shoppers visiting Zillow websites each month. Surveying homeowners and displaying those reviews on Zillow is complimentary for Avid and Zillow customers," said Aaron Everson, CEO, Avid Ratings.

Page views for paid new construction listings increased dramatically during the spring and summer, with greater than 34% year-over-year growth over the last for 4 months, and were up 81% in July, as shoppers continue to show an interest in designing a new home. Builder Ratings and Reviews are available on all participating builders' paid new construction listings on Zillow.

About Zillow Group

Zillow Group, Inc. (NASDAQ: Z) (NASDAQ: ZG), the largest portfolio of real estate brands on mobile and the web, is building a safe, on-demand real estate experience. Whether selling, buying, renting or financing, customers can turn to Zillow's businesses to find and get into their next home with speed, certainty and ease.

In addition to Zillow's for-sale and rental listings, Zillow Offers buys and sells homes directly in dozens of markets across the country, allowing sellers control over their timeline. Zillow Closing Services offers customers title and escrow services to support a more seamless transaction experience. Zillow Home Loans, our affiliate lender, provides our customers with an easy option to get pre-approved and secure financing for their next home purchase.

Millions of people visit Zillow Group sites every month to start their home search, and now they can rely on Zillow to help them finish it — with the same confidence, ease and empowerment they've come to expect from real estate's most trusted brand.

Zillow Home Loans, LLC is an Equal Housing Lender; NMLS 10287, www.nmlsconsumeraccess.org.

¹ Zillow New Construction Consumer Housing Trends Report 2019

 

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SOURCE Zillow

FAQ

What is Zillow's Builder Ratings and Reviews feature?

Zillow's Builder Ratings and Reviews allows buyers to rate and review their home builders based on their experiences.

How does the Builder Ratings and Reviews feature impact home buyers?

It provides critical insight into builder reputation, helping buyers make informed decisions when purchasing new homes.

What percentage of new construction buyers care about builder reputation?

According to Zillow, 76% of new construction buyers consider builder reputation to be very or extremely important.

Is there a cost for builders to participate in Zillow's new feature?

No, the Builder Ratings and Reviews feature is free for builders already using Zillow's Promoted Communities listing product.

What recent growth has Zillow seen in new construction listings?

Zillow reported a 34% year-over-year increase in page views for paid new construction listings over the last four months.