#Japan #Tokyo #rental listings #LIFULL #Leopalace21

LIFULL and Leopalace21 Unite Against Phantom Rental Listings

LIFULL, a leading real estate information service in Japan, has initiated a collaboration with Leopalace21 to combat the pervasive issue of phantom rental listings. These deceptive advertisements often feature properties that have already been leased, leading to frustration and wasted time for prospective tenants.

The Importance of Accurate Listings

In the competitive rental market, reliable information is crucial for users. Unfortunately, many rental portals contain listings for properties that are no longer available, causing unnecessary inquiries and viewings. LIFULL HOME'S aims to enhance the user experience by ensuring that only current, accurate property listings are displayed.

With this collaboration, LIFULL will be able to automatically remove listings for properties that have finished their recruitment cycle. Previously, managing and updating such listings was a manual process susceptible to delays and mistakes. By working with Leopalace21, which oversees about 540,000 rental units, LIFULL significantly expands its data sharing capabilities, now covering approximately 2.78 million units nationally.

Steps Taken by LIFULL

This initiative is part of LIFULL's broader strategy to advance the accuracy of real estate information. Since its inception, LIFULL HOME'S has focused on enhancing property freshness in the rental sector. Here are key milestones in their journey to rid the market of phantom listings:

• - 2019: Initiated collaboration with property management companies to improve data accuracy.
• - 2021: Partnered with Daito Trust Construction to further enhance listing integrity.
• - 2023: Added five new property management firms to the collaboration to further tackle void listings.

The company has been proactive in implementing solutions that ensure users have the most current and legitimate property listings available during their search.

The Role of Leopalace21

Leopalace21 is a key player in this fight against phantom listings, contributing a significant share to the rental market. With an estimated 9.2% of all sub-29 square meter rental homes in Japan under their management, their involvement adds considerable weight to this initiative. The collaboration allows for systematic detection and removal of outdated listings, ensuring users have access to precise information.

Challenges in the Current Real Estate Landscape

Despite various measures, the presence of phantom listings persists in the real estate market. The responsibility for updating listings rests with advertising firms, which can falter due to operational delays or errors. Therefore, reliance solely on property management companies for updates is insufficient. The entire industry—including management companies, brokers, and listing platforms—must work collaboratively to address this ongoing issue.

LIFULL's commitment to partnership extends beyond the cooperation with Leopalace21. The firm actively engages in diverse measures to combat phantom listings, including:

• - Collaborating with Itanji and Misawa Home Real Estate to address user trust issues.
• - Initiating joint research with Waseda University to explore solutions to phantom listing problems.
• - Implementing an internal AI system to improve detection rates of fraudulent listings to 87%.

LIFULL's Vision for the Future

Yuko Miyasako, the head of property information precision at LIFULL HOME'S, highlights the critical importance of reliable real estate information. She stresses that maintaining accuracy not only fosters user trust but also contributes to the healthy evolution of the entire industry.

LIFULL wants to ensure users can search for homes without encountering phantom listings, which cause both time and financial loss. It is clear that to map a path forward, LIFULL must continue collaborating with real estate firms and industry organizations to cultivate an environment of transparency and reliability.

In summary, the partnership between LIFULL and Leopalace21 represents a significant leap forward in the battle against phantom listings in Japan's rental market. With focused efforts and strategic alliances, LIFULL aims not just for immediate results but also for lasting change in how property information is managed and communicated.

For more information about LIFULL HOME'S, visit their website at LIFULL HOME'S.