Hi everyone! I'm curious to understand what is your source of market research (other than local RE agents, which of course is the best source to understand the local market). I know we can get some market research like state-wise from the Realtors association (like this one https://www.njrealtor.com/research/), but if I want to go deeper and understand the market in a county or even in a specific city, where should I go? Just some basic information would be amazing to have, like inventory, average days on market, etc. I'm trying to reach out for information that is out of the MLS, as I still don't have access to it. Thanks!
My town is hard to research in that the is pretty much never a home for rent. They rent in hours. Not Joking. My biggest issue was learning what something should rent for, 7 years later with 11 homes I am kinda the go to guy in this little town for rental rates, at least in my circle.
I went old school. I asked... I talked to everyone I met. I asked them if they were renting and what they paid for in rent. Explained I wanted to get into real estate. Every house I looked at I talked to the current tenant if it was a rental and they were very open about the rent and what they didn't like about the property.
I joined a good local Church, as I am a Christian and started networking. I met other investors and got there feed back.
I joined the local chamber of commerce to meet more people. This really opened doors to a few other investors that were happy to share there experiences.
I ask my tenants. You would be surprised. I have a few that have told me the rent is to low. I left it low in there eyes because they were the dream tenant that pays on time and takes great care of my home. I want them to stay and don't care about $25 a month if they are happy.
It took time... I took some risks... and it all paid off.
I did none of it online as Zillow is a joke when it comes to rental rates in my area. Strangely the local real estate companies did not know much about rental rates as they sold them and didn't rent them. I found more often then not they were to low. I'm pretty close to a few of the firms and they come to me now asking how I get such high rents.
Thanks @Gordon French . That's really helpful!
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