All Forum Posts by: Brandon Elliott-Pandey

I start with the MLS-I'm an agent and have access to all MLS info. I search for closed comps in the exact subdivision to see if there are any. From there I expand my search.

I also check zillow to see what's active at the moment. 

Based on closed comps and active inventory is when I start to determine where to price my rental. 

@Matthew Morrow do they use any data on rentals besides what is listed in the MLS? Tor sales I get it, but for rentals very few are listed in MLS these days.

Similar reasons to appraisers only using MLS data. This information is essentially peer reviewed and verified to remove any bad info. Zestimates can be wildly off and you don't want to base your entire business model on some computer algorithm that may have a metric wrong.

I use rentometer to get a basic number then Zillow to see what's actually available and its condition. Zillow also shows how many people contacted or applied which can help. MLS if u have access! Hope it helps.

@Michael Dumler why would the MLS be better at rental comps then rentometer, zillow or similar?

@Brandon Elliott-Pandey, why not pull lease comps from the MLS since you already have access? This is the most accurate method to set rents in my opinion. Hope this helps!

We use Rentometer, Rentcast/Dealcheck, Zillow and, to the degree we can, finding our own comps when we’re preparing to list. Best wishes to you.

Like Nathan said, use the data aggregate sites first to get a sense of the overall market inventory + price. But neighborhoods, streets, asset types, etc all have nuances that effect rental prices and can turn an OK deal into one that you should pass on. And vice versa, this knowledge also can help create opportunities in areas that other investors dont look.

@Brandon Elliott-Pandey Those sites are great for an idea of rents in the area, the best way to be accurate is to pull your own comps or get an agent to do it for you.

Those platforms use computer algorithms based on raw data (zip code, square feet, # of beds/baths, etc.) but they cannot account for qualify of build, what the neighbor's house looks like, and other factors. I like those sites to get a general understanding of a market, but really narrowing down the data requires studying the market personally and for longer periods of time.