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Real Estate Rookie

138: Rookie Reply: How Do I Find Rental Comps for My Property?

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.81.7K Ratings

🗓️ 11 December 2021

⏱️ 14 minutes

🧾️ Download transcript

Summary

This week’s question comes from Daniel, who reached out directly to Ashley through her Instagram (@wealthfromrentals). Aside from giving Ashley some more movie quotes to use, Daniel is also asking: How do I gather local rent numbers for my rental property? Landlords can struggle when trying to price a rental appropriately, that’s why rental comparable (comps) research can be so important when looking into a new area or when shopping for properties. Both Ashley and Tony use rental comps daily, so they can calculate the right rent price in their sleep! Here are some suggestions: Look at comparable homes in your area and see what they’re renting for on top rental sites Focus on a zip code and property type, as these will be two important factors when comparing rents Use the BiggerPockets Rent Estimator to automatically find a comparable rent price Call a local property manager and ask them what your property would rent for Start an excel spreadsheet where you can easily track days-on-market and price for rentals And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel Zillow Redfin Craigslist Facebook Market Place BiggerPockets Rental Estimator Check the full show notes here: https://www.biggerpockets.com/rookie138 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

This is real estate rookie episode 138.

0:08.3

Welcome to the real estate rookie podcast where every single week, two times a week,

0:12.8

you get Ashley and I breaking down the basics of becoming a real estate investor and we do that by

0:17.6

going deep into the topics and to the questions that you know you want to ask, but sometimes

0:21.9

we're too embarrassed to ask. So that's what we're going to get into today is some questions

0:25.0

if folks might have. I'm here with my lovely co-host Ashley Care. Ashley, what's going on?

0:30.3

Hello, Tony Robinson. Before we do any small talk today getting into the episode,

0:36.5

I want to read the question that I have chosen for this rookie reply because I feel like you will

0:41.9

have some comments of based off of this person's message to me. So this message is from Daniel

0:48.0

O'Neill. He sent it to me on Instagram and he says episode 126 movie quotes. Princess bride is

0:56.0

always good. Emperor is new groove. Wrong lever, not much of a movie person, but growing up,

1:02.5

quoting Tommy boy. So you always make me laugh when he's throwing in there. For your brother,

1:07.2

I'd recommend civil or architectural engineer. I work in civil and electric, but civil is really

1:12.8

handy for anything outside the building. Water, sewer, grading, soil, composition. Okay, so before

1:19.2

we get to part two of his question, we had asked, said on an episode that maybe I'd need to start

1:25.7

quoting new movies. So those are his recommendations. Tony, have you seen any of those movies?

1:32.0

Well, I just had to google the Princess bride. I've definitely never seen this movie came out like

1:36.6

in 87. So I was, I don't know, not born yet. And then the other one was Emperor's new groove,

1:43.5

right? I love that one. I can get down with some cousco all day. Okay, my brother was him and his

1:49.7

friends were people from Emperor's new group for Halloween this year. So maybe we could post a

1:56.1

photo of my brother in the show. Well, funny enough, David Spade is also the voice for the main

2:01.4

character in that movie. So there's still some Tommy Boy connection there. Okay, so we'll

...

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