Hello
I wanted to ask about the rent calculator tool. Before putting up my ad, when I entered property details, the calculator suggested one price. Then there were extended options of getting a more accurate price and when I entered those it gave me 220 pcm more price. This was a really shocking difference. Has anyone experienced something like this?
What rental price do you choose which is the most competitive and not too undervalued?
Thank you!
I’ve never used the rent value tool. I look at market rents for the type of property in the same area.
I do that too, but then it is really difficult to discern. as the prices range a lot from 1500-2000 and no obvious reason why…
The rent calculator will have even less idea than you. Its like checking out Zoopla for property price estimates. They are often well-out.
They advertise the tool to be super accurate. At the same time I think using it I undervalued last time, over valued this time. Also, seems like there are different price ranges for similar properties on the market.
Don’t rely on it 100%. Use it as a guide. But more importantly search zoopla and right move for the same property type ie bed, terraced/detached/flat etc, number bathrooms etc. like quarter or half a mile from your postcode. Then compare what price has been listed. Also use the filter to include listing with “rent agreed” flag. See how long they were on the portal before they were rented.
These combination of data should guide you to set your rent.
Obviously you don’t want your property sitting vacant for too long because you have over valued and you don’t want to undervalue either. Use different tool and combine data and make a decision.
In addition to most of the comments, I would also adjust the price if you have a strong rental market in the area and low enquiries following your advertisement. If you are offering a furnished property, then you can certainly charge higher rent compared to similar unfurnished properties.
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