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How much should i rent my home for?

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November 15 2010 - Rancho Cucamonga
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1. What is the address of your home.  I am a broker that deals with rentals on a regular basis and can give you a estimate of what your home will rent for.  I also live in Rancho Cucamonga and have leased out homes in the area as well as have rentals of my own in the area.  Contact me via my zillow profile and I will be glad to help you.
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December 27 2010
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check other prices on rentometer.com this is a great tool & FREE
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November 16 2010
I think Kristen summed it up pretty good...
1 - local papers
2 - craigslist
3 - talk to neighbors.

Mark has a good point about hiring a manager.  When someone asks me if they should hire a manager I ask them..."would you evict a family from your home in December"...if the answer is that you couldn't do it...then you should probably consider a manager.  Of course there are many other reasons to consider a manager.  But keep in mind that not all property managers are created equally.  You would need to interview several and check reference.
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November 16 2010
Another aspect to consider is how well the home is marketed.  A stronger marketing strategy employing a good property manager with an established website, using quality photography and knowledgeable, well-qualified agents can bring in a higher rental rate for the same home.  In fact, it is not unreasonable for a solid property manager to be able to "earn" you enough additional rental income to completely cover the property manager's fee.  So, in effect, you get the services of the professional property manager for free.  Consider this in your decision-making.
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November 15 2010
Craigslist is a great tool, but you should also contact westsiderentals.com and see if they cover your area.  They have an extensive database of leased comparable which will help you price your home properly.  
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November 15 2010
Quick and dirty...go to Craigslist and your local paper and peruse your neighborhood.  Better yet, try to contact a neighbor who is currently doing so.  You want to be competitive but don't drastically undercut.  If you undercut, every questionable personality in the area will come around.  For a majority of neighborhoods (unless you own little to none on your house) you may not cover your mortgage.  Make sure to include taxes, insurance (don't skimp on insurance) and maintenance (are you going to need to pay a landscaping company?).  Also,  I would recommend that you have an emergency cash reserve equal to 3 months of rent.  Don't use it unless a real emergency crops up or if you decide to get out of the rental business, you will have that cash ready for the replacement of carpeting, appliances, door handles, locks, window coverings, screens or a host of other items that usually need to be replaced after a few renters.

Each neighborhood is different even within a few blocks of each other.  Do your homework and price it correctly then you'll find a reliable tenant.



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November 15 2010
 
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