Chicago's Premier Property Manager

Where Your Property Is Our Passion

Get Automated Rental Analysis

Chicago Property Management Blog

How can I figure out what my Chicago rentals will rent for

Going back to figuring out rents, I know, like, hey, that was very simple. There's a three bed versus two bed offer for newer listeners. There's a lot of different resources out there. There's rent to meter. You look at apartments, dot com to see what your competition is. Talk to brokers. Talk to property managers like Mark in their areas. Like it's very easy to get, you know, within 50 bucks of, hey, this is what it's going to rent for after doing X improvements. 

Yes, spot on. I agree. Holistically, I mean, I like to even. Go a little more, I guess, granular with it, and I would actually write down, I'll have a spreadsheet, and if I'm let's say if I'm looking at an avocado, just pick avocado. If I'm looking in the avocado neighborhood, I would actually just go on Zillow or whatever websites. And I would write down what what properties are being advertised for until I got to at least 20 unit style. So one bed, one bedroom, one baths. I want twenty two bedroom, one bath. I want 20 of them and I want them to be relatively clustered together and I can track that. 

And I used to actually have a monthly tracker that I would do, so I would track what they were. January 2016, I will come back to, you know, April 2016, just like to see, because they're going to be different properties. Some you would see still on there. So if I saw the same properties like, OK, this must be overpriced, you know, and I could kind of keep a track on the market. 

But the point is, you want to learn the market, right? It's not just about looking at numbers and going. The point is to truly learn the market. So you understand, hey, you know, if I do X or D's unit, it should read for 50/50 based on all the other comps that I've been tracking over the last few months of that marketplace. That's a great way for me. It remove the guesswork out of it because I was tracking it. I was seeing these properties. And then I could also see like, oh, that one was listed on Craigslist on the back and I was using Craigslist. But, you know, that was listed on Craigslist, you know, two weeks ago. It is gone. So it must rent. And sometimes I would even call and follow up and just say, hey, you know, this is probably so available and it's know it's been rented. So you can learn that way about where things should be priced. And that will give you a really pretty accurate. I think, more accurate than anything else, to be honest with you, because you're actually you can you can factor in the nuances that most of those other platforms cannot most of them can't factor in that that property had stainless steel appliances or this one had hardwood floors. They can't factor in those nuances. But if you're looking at the properties and just kind of make notes, you can kind of come back and start to understand what factors are actually helping properties move faster than others.  

That's great stuff. And anyone who is looking to understand markets and run should go back and listen that one minute over again, because that's how you do it. You don't just sit there and guess you just plug numbers into a spreadsheet.  

Blog Home

Are you maximizing your rental investment?
Find out with our free rental analysis.

Chicago Property Management