Guaranteed Results with Rentometer
"I’ve been sharing Rentometer.com for the past five years. I wanted to share why I use it, how I like but there are a few caveats. Rentometer is the most affordable and accurate than other tools. There are a few ways to use it most effectively.
I’m going to show you how to use Rentometer more effectively. Say you’re using Zillow, and you search for a rental property under $100,000. The example property is 4641 Marble Hall Road.
Search this address in Rentometer and select the correct bedroom type, in this case, three bedrooms and select “Analyze.”
This is where the good part comes in. I’ve had 100% results using this.
If you don’t do this part right, this is where all new investors get tripped up. If you only look at the Rentometer numbers, you could think the average in the mile radius is a decent rent.
Depending on the neighborhood, 100 feet can make a difference in rental amounts. You can’t just look at the median and average. To properly analyze, drop the radius to .10 or .20mi. in a sub-class C or D.
Take a look at the condition of the house you’re analyzing. That will be important later.
As you zoom on the street view, you’ll start to see a more accurate income estimate. Take a look at the low, medium, and high rentals houses to develop a better average. These properties will tell you a fuller story. With a better picture, you can assume a closer rental rate. See if you can look at the condition of the lower-priced rental. You are trying to compare apples to apples.
If the property in question is not as nice, you’ll have to start modifying your rent. Do the same with a little higher rent property. This may show you how if you renovate, you might get better rents.
It would be best if you used subtlety and nuance to accurately reflect what you see in the estimated rates and on the map. You can’t just go off the recommended, and you can’t use A-class requirements in a C-class neighborhood. You’ll need to learn how to understand how to tweak Rentometer. It’s worth the investment for the accuracy of the tool."
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