For landlords, Zillow has become an exceptionally powerful new tool. Zillow has a new feature on the rental search site that will tell you the following information:
- Days on Market
- Number of Contacts
- Number of Applications
No more "I think" or "I feel" for potential rental income because you're trying to cross collect data from the MLS and subsidiary websites. Zillow will show the level of demand and unlock your potential rental income!!
The most powerful information for a buy and hold investor, is knowing what your potential income is. That guarantees your capitalization rate which can help you determine what an appropriate purchase price is for the property.
Given the madness of the recent market as well as the huge increase in rental prices, Zillow has been so valuable. Even as an agent, I casually look around Zillow to see what casual real estate shoppers see. At times, it has been shocking to see the rental rates listed. However, when you view the metrics of days on market and number of contacts, it's pretty clear that these properties will rent quickly. This means more money for landlords.
Being able to accurately target your finances on your property enables you to guarantee your income!!
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