Finding Renters Before Buying Property?
How does anyone scope out the rent capabilities of a property on limited info without buying a prop? Which is the best way to see what your rents would be at for the condition of the prop, etc? I've asked people in the area and got a range of 325-700 for a similar prop. I'm new, please help. Please email brokeasajoke15301 at www.yahoo.com because I'm not able to jump on this site often enough. Thanks. Any other suggestions would be great too. Grin. :-D
I looking for that answer too!
I am not clear what you mean by limited info w/out buying a property. Are you planning to buy the property? The condition of the property matters, so you will need to know and communicate (or adjust accordingly) that info. That said, here is what I do:
1. I call ads of rentals to know what my competition is charging for what.
2. I look at the local papers for apt rents and ads.
3. I talk to Property Managers to see what they would charge me and what they think the rent would be. Listen carefully.
4. I place my ads early and I 'test the market' by listing it higher than I think I can get. I talk to people, listen to people, and start my list for either renting it, or adjusting my ad for next week. If I get no calls, I make my adjustments.
Talk to tenants in that area, call for rent signs, call property mgmt companies, talk to investors, talk to realtors, sometimes they know the rents but not always.
Area and nbr of bedrooms and bathrooms are the biggest indicators
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