If you’re a landlord or tenant, you know that finding the market rate can sometimes be very difficult. It’s sometimes hard to tell what the going rate is, and whether or not you are over or undercharging your tenants. Rentometer was created to address this problem
What Is Rentometer?
Rentometer is a software program that is designed to calculate your rent. It’s the best way to find out what other landlords are charging for rent, and it uses proprietary technology and data to provide a thorough rent comparison in seconds.
They advertise that with Rentometer, the market rate no longer has to be a mystery.
Pros of Rentometer
Lots of Data
Rentometer does a really good job of giving you a lot of data. They give you reports on price per square foot, the rental listings in the area, a rent analysis report, and so much more.
This is really important for someone who is getting someone and veteran landlords. This is important because the more data you have, the more you know about what rents you should be charging, or if a specific property is worth it.
The Information is Reliable
The information you’re getting from software must be really reliable and updated frequently. This makes the information that you’re getting that much more important. Using old information is not as useful. This information is based on listings and pricing of the most recent month.
Ease of Use
When you go on their website, you’ll just see a couple of fields. You can see the address, the number of beds and baths, and the corresponding rent. There’s a great interface, you don’t have to type in a bunch of information, and is very user-friendly.
You want this ease of use, especially if you’re a beginner. Don’t make it harder on yourself. As a landlord, there’s a lot on your plate, and you don’t want to add an additional level of complication to it.
Cons of Rentometer
Free vs Paid Version
There are two versions of Rentometer. The first is a paid version, and the second is a free version. The free version doesn’t have nearly as many options as the paid version.
When you are using the free version, you have limited searches and are limited to the data time. For example, you may be only able to access the data from 12 months or prior. With the paid version, you can actually change the data time and get the most up-to-date data. You can use 3-month-old data or 1-month old data in the paid version only.
The free version gives you a more broad view of what the rent is in your area, versus the paid version gives you higher pinpoint accuracy of the rents in the area that’s constantly updating.
You Can Find a Lot of Information Online
Especially with the free version, you can find a lot of the information online. You can put time into researching the property by looking at local listings on sites like Craiglist, Zillow, or Apartments.com.
Using Rentometer does save you a lot of time by doing this process for you and giving you a quick summarized report, but if you wanted to save money and spend the time instead, you could get a lot of this information by yourself.
Rentometer is an excellent tool. Essentially if you’re getting into real estate and need to know numbers, you can use Rentometer and it pulls everything together for you. It can save you a lot of time from having to research for market rents.
Try it out! There’s a free version, so if you like the interface and design of the software you can upgrade to the paid version. Remember that the free version will not give you as much, or as up-to-date, information as the paid version.
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- How To Use Credit Cards to Buy Real Estate
- How to Get Into Real Estate With No Money Down-Seller Financing
- How to Get Into Real Estate With No Money Down- Hard Money and Gift Money
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