How do you test the market value of your property?

Question

I have never rented out my condo but may need to. is it bad form to post my listing on zillow or other platforms just to gauge the response and reaction to how desirable my unit is and what the rent expectations should be?

Jake Andronico · Answer

@Trevor Martin

Try Rentcast.com

Shows you rental comps nearby your condo and is very clean and intuitive.

Zachary Ware · Answer

Hey Trevor,

I do not think this is the worst idea and can provide a range of rents you can get but seems like too much work when there are better options. If you post and get a lot of responses then you know its too cheap. If you post and get no responses, you know it is too expensive. Then will need to try and find a sweet spot in between. I would echo others that looking at comps and getting rent reports from third-party sites will be much quicker and likely more accurate.

Best of luck!

Darryl David · Answer

I can get you an accurate valuation report free of charge. Im also an active local broker in the area SF.

Colleen F. · Answer

@Trevor Martin  it is a condo, what do similar units in the area rent for?  Start following rentals on zillow and apartments.com.   On zillow you can see the inquiry number on properties when they are active.  You can of course post yours as a test too but you have to list a price so do some research first.

Michael Smythe · Answer

And what will any responses actually tell you?

We get hundreds of inquiries off Zillow, but do you know what percentage actually are serious enough to schedule a showing?

You're better off calling an agent and asking them what they think the rent would be and more importantly, what's the average days on market for a rental like yours.

Eliott Elias · Answer

You can gauge this by seeing what similar units to yours are on the market for and renting for. You don’t have to put yours up for rent.

Nathan Gesner · Answer

Yes, you will be fine. If anyone inquires, tell them you already have someone lined up. Just don't leave it up for more than a couple days. You can even take it down for a few days or a week, then try it again.

Trevor Martin · Answer

Thanks

I was going to advertise the condo to see if I get any responses. That is OK, right as long as I don't follow up and waste their time showing it etc?

Bjorn Ahlblad · Answer

@Trevor Martin welcome to BP! You can get a fair idea from Zillow or rentometer.com by doing comps on other rentals, or talk to a property manager.

How do you test the market value of your property?

Most Popular Reply