How do you figure out how much to charge for rent? Is this something a realtor is suppose to help with? Or is there a way I can figure this out on my own?
@Brandon Cooper it varies with your area. Here Craig's List is strong so I watch it carefully. Learn to do searches on CL so you don't have to comb through tons of posts that aren't relevant. Rentometer is ok too here too. You can drive the area where your property is and call on the for rent signs. Here Realtors (I am one BTW) are useless for rents unless they are a property manager or active investor. Newspapers are dead but in some rural areas that's all you have.
You could ask a local PM to provide you with what they think your place would rent for.
pardon me zillow haters, but in Atlanta at least in the places where I rent I get a real good idea of what the lease amount should be from Zillow. I always verify it later with the mls but zillow has very rarely been significantly incorrect.
Jermaine here I like to say do the leg work you should visit rental in your market, that will help you know what your computation is doing and will let you know where your property need to be to command top rents
Posing as a renter at other available units is probably the best way
Also just ask around. Stop neighbors on street and ask them. Go to grocery store and ask. I did all this to get to know my market.
Of course craigslist, realtor.com, zillow too.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!