The pressure to prove what works

Princeton Properties had long measured success by lead volume, but as their portfolio grew, low-intent renter activity began consuming their resources. The team needed a smarter way to drive consistent conversions, yet provide measurable proof behind every marketing dollar spent.

As President and Chief Marketing Officer, Sarah Greenough carries this accountability to the board, where advertising is weighed alongside other major operating costs. As she explained, “We have to look at the top 10 or 15 expenses on the line items and justify them and their worth.”

That pressure is compounded by the data and integration demands behind each property. As APIs and systems have become more interconnected, onboarding and offboarding require far more effort.“Five years ago, it was a lot easier to onboard a property,” Greenough noted. “Now it takes time and a lot of staff members.”

Under these conditions, lead volume alone becomes a burden. Activity is only valuable when it converts and supports internal operations rather than straining them. “I am focusing on the percentage of demand that demonstrates a high conversion potential into signed leases,” said Greenough. “Some partners bring in so much white noise, it’s just wasting my team’s time.

Letting results guide the spend

Since 2008, Zillow has been Greenough’s top source for lead volume. However, at the time, neither Princeton nor Zillow had a reliable way to connect a renter’s click to a signed lease, so performance could only be judged by traffic. 

As Princeton’s analytics matured and Zillow introduced deeper integrations, lead-to-lease visibility became possible. Portfolio-wide analyses now showed Zillow was not only delivering the most leads, but also the highest conversions and the lowest cost per lease. That insight led Princeton to change how they evaluated an ILS, moving beyond activity-based metrics to consistent, full-funnel results that would hold as volume grows.

With this new standard in place, Princeton deepened their nearly 20-year relationship with Zillow through customized package upgrades and a renewed MSA across 33 communities.

At the property level, Zillow's tiered packages give Princeton the flexibility to adjust their reach based on demand, leasing pace, and occupancy needs without losing cost discipline. And a steady flow of high-intent renters gives Princeton confidence that conversions will continue regardless of market conditions.

Greenough also works closely with a dedicated Zillow Rentals advisor, whose insights and competitive analyses go beyond static reporting to help identify opportunities and address struggling assets.

“Zillow’s availability to deep dive certain problem properties for us is very helpful,” Greenough said. “It feels much more collaborative, like we’re in this together.”

Focused partnerships, stronger returns

In 2025, Zillow helped Princeton achieve 27% more signed leases than the closest ILS competitor at less than half the monthly cost. In total, the partnership accounted for one-third of Princeton’s lead volume (19,041 of 54,000).¹

Those results confirmed the team’s primary driver of leases and clarified their investment approach. They pivoted from multi-partner testing to a focused Zillow strategy, cutting underperforming sources and securing executive buy-in through more predictable, defensible ROI. 

The change also simplified daily operations. Having deeper relationships with fewer vendors streamlined communications, stabilized outcomes, and improved the reliability of attribution and reporting. Marketing became easier to manage and more predictable, allowing teams to stay focused on leasing execution.

As Princeton’s business expands, their partnership with Zillow grows with it, supporting new assets and larger communities without friction. As Greenough put it, “Zillow is always an ‘absolutely’ when we add a new property. Any other ILS is just a ‘maybe.’”