If your willing to teach I’m willing to learn!!

Chicago, Illinois
Buying & Selling Real Estate
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If your willing to teach I’m willing to learn!!

Norman Hiner
New to Real Estate · Hanover Park Illinois · Member since 2023 · 3 posts · 3 votes

I am looking for a mentorship relationship. I’m looking for an investment property in the Chicago suburbs area. More specifically I am looking to figure out much to charge for rent on my properties. I understand it varies on location and size. I need to learn how to set the monthly rental price. Based on my location. Can any one help me out? Please and thank you!

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John Warren
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
3y

@Norman Hiner why not reach out to your real estate agent and have them pull some comps? We do this for clients all the time, and it is part of what we do in the business. Hanover Park should have plenty of rental comps. I also would jump on Hotpads and look at active listings. That isn't 100% accurate as there are always people way high or way low, but you can see how your listing would compare dollar wise to listings within a mile as well. 

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  • John Warren
    Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
    3y

    @Norman Hiner why not reach out to your real estate agent and have them pull some comps? We do this for clients all the time, and it is part of what we do in the business. Hanover Park should have plenty of rental comps. I also would jump on Hotpads and look at active listings. That isn't 100% accurate as there are always people way high or way low, but you can see how your listing would compare dollar wise to listings within a mile as well. 

    2Reply
  • Eudith VacioPro Member
    Real Estate Agent · Chicago & NWI · Member since 2015 · 860 posts · 521 votes
    3y

    Hey @Norman Hiner - I totally agree with @John Warren. I would definitely figure out which neighborhoods you want to invest in and then back into the numbers. When I post a rental ad, I always aim high and then if I don't receive any qualified candidates, then I can lower the rental price BUT I am always super conservative on rental prices when I run the numbers to be on the safe side. Where in the Chicago suburbs are you looking?

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  • Norman Hiner
    OP
    New to Real Estate · Hanover Park Illinois · Member since 2023 · 3 posts · 3 votes
    3y

    Thank you for the advice. I reached out to my realtor and to the bigger pockets platform at the same time lol. I was that frustrated trying to figure things out lbs. He is helping me with the comps now. Thank you for reaching out.

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  • Paul De Luca
    Real Estate Agent · Chicago, IL · Member since 2018 · 1k+ posts · 1k+ votes
    3y
    Quote from @Norman Hiner:

    I am looking for a mentorship relationship. I’m looking for an investment property in the Chicago suburbs area. More specifically I am looking to figure out much to charge for rent on my properties. I understand it varies on location and size. I need to learn how to set the monthly rental price. Based on my location. Can any one help me out? Please and thank you!


     Your agent should be the best resource for estimating rents using comps however for your own research you can analyze rents using the BP Rent Estimator tool, Zillow Rental Manager, and Rentometer.

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  • Michael SmytheBusiness Member
    Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
    3y

    There are several options to assist in determining rent rates:

    Zillow (typically 90% accuracy)

    Rent-O-Meter

    Redfin

    The MLS is often over-valued because it's estimated that less than 50% of rentals are listed there. Many landlords don't hire agents.

    Logical Property Management4.9453 Reviews
    WebsiteView Page
    0Reply
  • Norman Hiner
    OP
    New to Real Estate · Hanover Park Illinois · Member since 2023 · 3 posts · 3 votes
    3y

    What is the MLS?

    0Reply
  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    3y

    Hey there @Norman Hiner - Congrats on getting into real estate... Chicago is an awesome market.  

    If you need help setting rental prices maybe start with www.rentometer.com or biggerpockets actually has a rental calculator here:  https://www.biggerpockets.com/...

    Most importantly make sure the finishes in your unit are the same as the comps you are using.

    MLS = multiple listing service - which is what realtors have access to.

    [email protected]
    Quality Builders4.966 Reviews
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    1Reply
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