Finding renters for your investment property sometimes can be tricky. Can Zumper help solve this issue?
In this article, we will look at what Zumper is. Then, we will discuss if it actually helps real estate investors. We will also take a look at other real estate platforms that may benefit investors.
Table of Contents
- What is Zumper?
- What Can Zumper Do for Real Estate Investors?
- How Can I Use Both Mashvisor and Zumper to Succeed in the Rental Business?
- To Recap
What Is Zumper?
Zumper is a real estate platform that was created for both investors and renters looking for properties to live in. This means investors can list their properties on the website for renters to find, and renters can search through the site for properties that fit their wants and needs. This makes it easy for both parties.
One of the main functions of Zumper is to make it easy for renters after they have found a property they are interested in. Typically, there is a lot of paperwork needed to be done in order to be approved, and the Zumper rentals platform attempts to fix this. Renters are pre-approved before they even start looking.
In terms of landlords, or property investors, Zumper also helps them through the process of leasing their property.
Related: 7 Real Estate Investor Websites to Use
What Does Zumper Do?
There are many features and purposes of the Zumper website. Their main goal is to make leasing a traditional rental property easy for both the renter and the landlord. This is done by pre-approving renters from the start.
Before renters start looking for properties or send in any applications, the site requires them to complete the application process. This includes aspects like a credit check and a background check. Some landlords may require more information before leasing, which they could ask for on the platform. This could include annual or monthly income. These screening charges are paid for either by the renter or the landlord themselves.
The purpose of this pre-qualified screening is so when a landlord receives an application, all of the information is there right away. This saves time for everyone in the end. Renters will hear back about their application much quicker as they already provided the landlord with the essential information. Then, this makes it easier for landlords to approve applications and start making money in real estate.
Other than pre-approving applicants, Zumper rental lets landlords list their rental property on the website. This will help you find tenants quicker and more easily.
Zumper for Renters
As Zumper can be split up into two sections, one for renters and one for landlords, we will take a closer look into what the site can do for each. Even if you only plan to use the website as a landlord, it’s important to know how prospective tenants use the platform. In terms of renters, the platform makes it easy to find Zumper houses for rent. Users can search for different traditional rentals in any city. They can also message the landlords to ask questions about their property.
Once they have found a listing that works for them, renters can apply to rent the property securely through the website itself.
As mentioned before, all users are pre-approved before they apply to rent a property. Zumper saves a “soft” credit score that is used in the application. This gives you an idea of the prospective tenant’s financial health. The site will also ask for other financial information, as well as where they have previously lived and what they do for a living.
Zumper also has a tool available to its users called the Zumper average rent tool. Basically, this tool lets them calculate how much rent they can afford in the location they wish to live in. This makes it easy for renters to know their budget before they begin to browse through available listings.
Zumper attempts to make the entire process of finding and leasing a property easy for the renters. Both by pre-approving them for Zumper listings as well as offering properties right on the site for users to look at.
Zumper for Landlords and Investors
While Zumper is good for renters, it provides benefits to the landlords as well. The most important feature of Zumper for landlords is the fact that all renters are pre-approved before they start applying. This saves you a lot of time and gets your property leased much quicker. Overall, this helps you make money much faster on their investment properties.
When renters are interested in your property, they will send you a message to ask about availability. Then, a credit score is run and sent to you.
Afterward, you can request additional information such as a background check. Keep in mind this may come at an extra fee. Then, you are able to view the renter’s entire application.
After you decide to move ahead with the renter, the site will walk you through the rest of the process including a property walk-through, a meeting with the tenant to review the lease, and for them to sign it.
Overall, the goal of Zumper for landlords is to make the application process easier for you to review and get your property leased more quickly.
Related: 4 Real Estate Marketing Strategies to Find Tenants Quickly
What Can Zumper Do for Real Estate Investors?
Zumper rent helps you make money on your investment properties. You can list your properties right on the website to make them easy for renters to find. Additionally, the website helps you with the entire leasing process.
Though Zumper has its benefits, they don’t really offer any resources to help you find investment properties. Additionally, there is no way offered to see how profitable those potential properties can be. This is why we recommend using Mashvisor in conjunction with Zumper for the best real estate investing experience.
How Can I Use Both Mashvisor and Zumper to Succeed in the Rental Business?
While Zumper lets you list your properties and find renters, there isn’t much on the website to help you find investment properties. Mashvisor is a real estate investing platform that offers plenty of tools and resources for every step of the investing process. This is why we recommend using both websites.
Mashvisor uses data from reliable sources to help investors make complicated real estate decisions. This data is taken from sites such as Airbnb and the MLS. Then, it is run through our unique algorithm to produce the most accurate data for your real estate decisions.
We offer tools to help you find great investment opportunities. After using Mashvisor to find investment properties that you know will be profitable, you can create a Zumper listing and get that property leased. Below are some of the most useful tools we offer to find investment properties.
Related: Top 30 Locations for Traditional Cash on Cash Return in 2022
The Real Estate Heatmap
If you need help finding a profitable location for a traditional rental property, use our Real Estate Heatmap tool. Here, you can conduct a neighborhood analysis to zero in on areas that will produce the highest return on investment.
To determine which neighborhoods will be profitable, we focus on real estate metrics. This data helps to prove a location will generate profit. Some key data we provide to make this prediction is median property price, cash on cash return, average rental income, and traditional occupancy rate.
Once you have found a location that you think will be successful, you need to find a property.
The Property Finder
After you know which city you are going to invest in, you can start looking to buy investment properties. To find available listings in any US city, use our Property Finder tool. Instead of going back and forth from different websites or going through the local newspapers, our tool offers all of this information in one spot.
It is extremely easy to use this tool. We offer filters you can alter to locate properties that match your wants and needs. This makes finding your perfect property quick, rather than spending hours searching through the housing market.
Once you put in your specific requirements for a property, we will show you the top producing listings in that area. Below are some of the filters you can use to find an investment property:
- Location (you can search multiple places in a single search)
- Rental strategy (in this case, Traditional rental)
- Number of bedrooms
- Number of bathrooms
All of these filters are run through our algorithms to produce an available listing with the highest rate of return.
Investment Property Calculator
Once you have found both a property and a location that you are happy with, it is a good idea to ensure that the property will be successful in that location’s housing market. Mashvisor offers the Investment Property Calculator tool to give you data on your specific property.
Though you think your location and property could be successful, there are always additional aspects to keep in mind. For example, even though a certain city has extremely successful Airbnb rentals, it might have different results from traditional rentals. Or, different types of properties may perform contrastingly. For example, apartments could be successful in the same location that single-family houses constantly fail in.
Our traditional property calculator takes all of this information into consideration. First, we provide income and cost estimates that you can fine-tune. This is essential when trying to generate a passive income from your investment property. Using your specific property information, we provide pre-calculated data such as interest rate, property tax, and intended maintenance and repair fees.
Additionally, this tool offers a comprehensive rental strategy. Basically, this compares how your property will perform as a traditional rental vs an Airbnb. This helps you determine the best strategy for your rental property. To determine which will perform better, we compare the data for both strategies. Below are some key metrics offered for this comparison:
- Cap rate
- Cash on cash return
- Cash flow
- Rental income
- Occupancy rate
Real Estate Agent Directory
After you have determined that the investment property of your interest has potential for success, it is time to purchase that property. We always suggest using an agent when purchasing any property as they can help not only get the best deal but also with any additional questions you may have. To find an agent in any location in the US, use our Real Estate Agent Directory.
Here, you can search through the profiles of agents in the location of your investment property. You can read through their bios to see where they are licensed as well as find contact information. We also provide the following information on agents:
- Specialty areas
- Their available listings
- Off-market listings
After you have used Mashvisor’s tools to find your perfect traditional rental property, then you can list it on Zumper. On Zumper, you will be able to find renters for your property and get it leased quickly.
As mentioned before, landlords benefit from Zumper as all of their applicants are pre-qualified. This means finding a renter will be easy and quick. There is no need to determine how qualified a renter is on your own time. Zumper can help save you time and money.
Zumper is a real estate platform used by investors and renters to find and list traditional rental properties. Landlords can upload their properties and find people to lease their listings. As all users are pre-qualified, they can save a lot of time finding reliable renters.
Renters can use Zumper to search for rental properties as well as send in their applications to the landlords. All users are pre-qualified before they apply for leases.
Though Zumper is great for those services, we recommend landlords to use Mashvisor before Zumper to find their investment properties. Our tools and services make finding a successful property easy.
To get access to our real estate investment tools, click here to sign up for a 7-day free trial of Mashvisor today, followed by 15% off for life.