REALTOR.com® and Airbnb Seek to Redefine Rent-to-Own
In the June 24, 2015 edition of USA TODAY, Nancy Trejos reported a partnership between REALTOR.com® and Airbnb that encourages potential home buyers to “test drive” a neighborhood before investing.
Rent-to-own is not a new concept, but shorter experiences in a variety of locations and sized homes is unique.
“As an agent who has worked with many relocation clients over the years, I really like this concept” said Joseph Maggiore, designated broker at Desert Dimensions Properties in Scottsdale. “While a buyer moving from city-to-city in the same metro area might not see as much value, those coming from another part of the country would.”
Ryan O’Hara, CEO of Move, the parent company of REALTOR.com®, agrees. “Our relationship with Airbnb allows us to reduce some of the unknown factors associated with relocating to a new community.” These factors include cost-of-living, spouse employment opportunities, proximity to schools, as well as the housing market.
“It can be tough to get a feel for a neighborhood or community from a computer screen,” Maggiore continued. “This ‘Try Before You Buy’ option allows potential buyers to experience commute times, traffic noise, dining, shopping, entertainment…but there can be some potential risks for the sellers and even buyer-agents involved.”
Rent first, buy later is a double-edged sword that can cut both ways. Sellers may discover that showings drop off because of a potential buyer’s negative experience.
“The more that hard facts give way to opinion and impression, the greater the risk for agents.” cautioned Maggione. “Managing perceptions can be extremely difficult to do while maintaining professionalism and one’s fiduciary responsibility.”
Now through August 25, REALTOR.com® is running a “Try Before You Buy Sweepstakes” that gives new or existing Airbnb members weekly chances-to-win a $500 stayover.
Related story:
Airbnb-branded apartment building to open near Walt Disney World – CNN.com (Oct. 12, 2017)