Fort Lauderdale, FL · Member since 2014 · 11 posts · 2 votes
Hey guys, wanted to hear what tools are you guys using to calculated expected rental rates for a property ?
I'm using a combination of :
- Zillow estimates : these seem to fluctuate quite a bit, so not sure how much to trust the "ZEstimate" - Craigslist : just look for postings in the area and use photos to get an estimate - Rentometer : usually seem to be pretty good, but does seem to lag a bit
Any other good tools you guys have found ? Ideally would love to be able to do a geographical + historical search on craigslist + postlets - but haven't found something like that yet..
Investor · Madison, WI · Member since 2012 · 242 posts · 61 votes
10y
I'd suggest creating a spreadsheet, put columns such as:
-Address -Rent Amount -Sq Footage Features: -Bedrooms -Bathrooms -1/2 Bathrooms -Kitchen Size -Garage Stalls -Any other factors that are material in your area (ie: Pool, parking,yard,fence)
Next go look for comparable properties on craigslist, or any large property management companies in your area. Start plugging in the numbers and fill in your spreadsheet, you can then start to do basic math at the end on certain items like price per square footage, price per bedroom, etc. Make adjustments based on extra features like garage stalls.
Finally, there are templates out there - but I'd suggest making your own spreadsheet so you fully understand it. When you use someones you may not understand the logic they were thinking - but when you use your own thought process you can explain it to others (ie: Bankers).