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Rainmaker
787,492
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Apps? Noooooo. For these things, you need a human. 

You get a hold of a property manager local to that area . . . ask them what market rents are for a 3/2/2 or whatever in that area. 

Feb 27, 2018 02:42 PM
Rainmaker
1,395,477
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Julie Trivers The best resource for home rentals is the MLS.

Feb 27, 2018 02:08 PM
Rainmaker
5,676,764
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

You need to know your local rental market.

Feb 27, 2018 02:07 PM
Rainmaker
5,267,234
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Candice A. Donofrio gave you the right direction.....follow her guidance....

Feb 27, 2018 06:00 PM
Rainmaker
3,367,227
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

What Michael Setunsky said... but you need to be working with an agent who can provide the numbers.

Feb 27, 2018 02:22 PM
Rainmaker
3,062,918
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Candice A. Donofrio nailed this one!

Feb 28, 2018 04:29 AM
Rainmaker
1,873,808
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

One key ingredient to building a profitable Investment portfolio is a full service Property Manager ! It is not a DIY  !!!

Feb 28, 2018 03:50 AM
Ambassador
4,550,180
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Get to know the rental market, look at plenty of them and learn what they are worth.

Zillow is also a good method, if you are looking for entertainment and an empty rental.

Feb 27, 2018 09:52 PM
Rainmaker
1,433,150
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

It's all about knowing local supply and demand and current market rates. No apps. 

Feb 27, 2018 05:52 PM
Rainmaker
344,577
Sally Lawrence
Advantage Real Estate - Tehachapi, CA
Broker, CHS, e-Pro, SFR, REALTOR®

I work with a number of investor buyers from all over the country but I don't do any property management.  That said, through experience, I have developed excellent relationships with several of our local property managers.

 

When we've narrowed it down to a couple properties, I'll send my first choice Property Manager a short list and ask him to provide rental values for me as well as a guess as to which of the possible properties is most likely to get the highest quality tenant.

 

Then I crunch the numbers based on acquisition, repairs, vacancy, etc.  I took a course that lasted several days to learn how to calculate the ROI over time.  If you're not confident, you may want to refer it out and look over the agent's shoulder to learn along the way.

I'm closing on one tomorrow where I represent both sides.  The seller's have only had the property for 21 months, with almost 3 months vacant.  Between the rental income, repairs and the sale of the property, they have made over 37% ROI in that time.

BTW, my advice was not to sell!  Fortunately I represent the buyer too, so I may get to sell this one for the 4th time in a few years.

Just curious, what area are you in?

Feb 27, 2018 04:59 PM
Rainmaker
2,857,008
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

What Candice A. Donofrio said.  There are also numerous online sources for this as well. But, that too will take a humanoid to do the research. We ain't got no apps to replace humans ... yet. 

Feb 27, 2018 04:18 PM
Ambassador
2,412,823
Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

   Talk to local property managers.   Or, talk to an appraiser. 

Feb 27, 2018 04:05 PM
Rainmaker
549,469
Francine Viola
Coldwell Banker Evergreen Olympic Realty, Olympia WA - Olympia, WA
REALTOR®, In Tune with your Real Estate Needs

As others have commented, look at the rental comps just like you would look at sold comps when preparing your listing presentation.  I don't work with rentals at all and neither does my brokerage, so I have no idea on rents.  I look on the MLS for rental listings as well as our top property management sites and even Zillow and other sites that list rentals.  It's a good question for your buyer to ask, and just use the data that is already out there to give them a range of what current rents are doing.

Feb 27, 2018 04:03 PM
Rainmaker
4,732,996
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Julie,

Candice A. Donofrio is right.  There is great value in communicating with humans in the know.  Most know more than the Apps world. A

Feb 27, 2018 03:46 PM
Rainmaker
4,798,170
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Check with a local Realtor.

Feb 28, 2018 06:04 AM
Rainmaker
577,089
Gloria Valvasori, Accredited Senior Agent
BETTER HOMES AND GARDENS REAL ESTATE SIGNATURE SERVICE - Mississauga, ON
REAL Experience | REAL Commitment | REAL Results!

No app for this.. you would do it the same as you would price a home for sale. .... look for properties that have leased recently in the area similar to yours.

Feb 28, 2018 04:48 AM
Rainmaker
1,526,744
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty - Kalispell, MT
The House Kat

Here, there are enough rental properties in our MLS to come up with our own data. I typically just pull up all the most recent rented units in a specific area and figure it out myself.

Feb 28, 2018 03:21 AM
Rainmaker
4,432,589
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Local stats.

Feb 28, 2018 03:01 AM
Rainmaker
562,362
Eve Alexander
Buyers Broker of Florida - Orlando, FL
Exclusively Representing ONLY Orlando Home Buyers

Look up the rentals in that community...just like you look up comps for a sale.

Check what they are asking and what they are renting for.

Eve

Feb 27, 2018 03:05 PM
Rainmaker
1,286,782
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

It's called look in the MLS, zillow and craigslist to see what things are actually being offered at and what they rented at (in the MLS).  The zestimated rents are useless as they don't take seasonal factors, natural disasters or inventory levels into account.

Feb 28, 2018 09:08 AM
Rainer
69,338
Shawn and Angela Miller
Berkshire Hathaway HomeServices Amabassador Real Estate - Lincoln, NE
Lincoln and Omaha, NE REALTORS®

Depends on area, as around here, most landlords advertise themselves and not with an agent. We don't have rentals listed on our local MLS in Lincoln, but I believe our Omaha MLS does, but not sure how many homes are listed on there.  Again, depends on area where you live.  Things are run differently all over the country.  Even between Lincoln and Omaha, it's two different beasts.  For Lincoln, which is in a housing shortage right now, rentals are in high demand.  New apartment complexes are being built over night it seems.  This is also coupled with Nebraska's low unemployment rate too.   So your local economics should be your first clue as to rental price.

For our area, one way to research rental price is on Craigslist.  Lots of landlords list on craigslist in our area.  You could also check Zillow, which may not be that accurate, or even fair to tennant, but consumers around here swear by Zillow and seem to think their zestimates are correct, so might as well use that to your advantage. lol... just kidding.

Anyways, I found another site a while back called rentometer.com.  Enter the address, sq footage and # beds and it brings up rental comps.  It's free for basic info, but they have a paid section that dives into more details.  Thier mapping is pretty good and it shows the address of the rental comp and price rented or advertised.  As long as you have the address, you can do research on that property's specs on the county assessor and compare it to your rental.

Remember, all real estate is LOCAL.

Feb 28, 2018 08:02 AM
Rainmaker
3,284,134
Richard Weeks
Dallas, TX
REALTOR®, Broker

Just do a rental cma.

Feb 28, 2018 05:03 AM
Ambassador
1,702,055
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Find a really great property manager, pay them what they deserve, and don't leave this up to rank amateurs.

Feb 28, 2018 04:52 AM
Ambassador
4,304,822
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Julie Trivers the apps can't do what the personal analysis can do! Not yet that intelligent, I believe.

Feb 27, 2018 08:32 PM
Rainmaker
3,985,224
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

You just have to do the leg work...no short cuts

Feb 27, 2018 04:40 PM
Ambassador
3,984,686
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

You need a real estate expert to guide you. Finding the right one can be the difference between making a big mistake and making a great investment.

Feb 27, 2018 04:03 PM
Rainmaker
2,531,895
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Anywhere they advertise for your area is a comp source. Also, visit with prop mgmt firms and or renters themselves and conduct a poll...

Feb 27, 2018 03:39 PM
Rainmaker
3,484,085
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Study the local market and sdjust accordingly. It is not an exact science, but experience will make you better.

Feb 27, 2018 02:59 PM
Rainmaker
1,717,951
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

Agree with all answers

Oct 14, 2018 03:53 PM
Rainmaker
1,273,458
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Great answsers are here.

Oct 14, 2018 03:50 PM
Rainmaker
4,265,252
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I do not do rentals, so have potential clients call my property manager.

Mar 02, 2018 02:03 PM
Ambassador
3,602,465
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

My first suggestion would be to use an agent who invests in real estate - there's nothing like having skin in that game and understanding rental rates.

Different areas bring different rates and those different areas can be one block from one another. So, not only do you have to know the rates but, you have to know your local geography like the back of your hand!

Sounds hokey but, I work with a serious investor who is also an agent and I can consult with him about rental rates or anything tenancy and he'll get me down to the penny and know the fine print of lease agreements & tenancy law like no 'normal' buyers agent.

Seek someone who KNOWS what they are talking about - and it's not every buyers agent who claims to be able to do it all either!

Feb 28, 2018 08:22 PM
Ambassador
3,189,754
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

Refer to your managing broker...

Feb 28, 2018 03:57 PM
Rainmaker
760,947
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Best way is to do your own rental CMA for the area.

Feb 28, 2018 08:35 AM