Does Zillow Help A Los Angeles Property Management Company?
If you are alive and have a pulse you have heard that a lot of people hate Zillow. No one really knows why other than it’s inaccurate. Los Angeles property management companies main concern is the poor data and accuracy of comparables. Fair enough.
Zillow doesn’t have a direct connection to the multiple listing service (MLS). Sometimes when a house goes pending or a house has been sold the information isn’t updated. Sometimes listings don’t appear as well. This can be a big challenge for Los Angeles property management companies needing current data on a property or needing a listing to be exposed to the masses. But good thing Zillow isn’t our only tool for data!
Another great, free site for a Los Angeles property management company to use is Redfin. Redfin is directly tied to the MLS and it can give a lot of great data. They have data from the tax assessors website and much more. I will hop on Redfin to get quick data I need when I don’t feel like signing in to the MLS.
Questions to ask your current Los Angeles property management company:
1 – Does your Los Angeles property management company have access to the MLS?
2 – Does your Los Angeles property management company pull comps from the MLS or only free sites?
3 – Does your Los Angeles property management company even know how to pull accurate comps?
4 – Does your Los Angeles property management have an appraiser background?
This will give you a good idea of the competency of your Los Angeles property management company for determining a price. If they can’t run comps right how do you know if you are getting a good rental price?
Another great source of comps for a Los Angeles property management company is www.rent-o-meter.com. They have a free service and a paid service. This pulls data from .5 miles away from the subject property. Only downside is you can’t really compare apple to apples. It will have all sorts of properties. You always want to compare properties with similar square footage, bed and bath count, lot size, amenities, parking, etc.
Craigslist is actually a good source for a Los Angeles property management company to use for finding comps. These are real live ads posted by real life people. I always look at Craigslist to round off my comps.
The proper way for a Los Angeles property management company to run comps is this:
- The Los Angeles property management company should first pull comparables from the MLS
- most of the time the MLS doesn’t have a lot of comps.
- To find more comps, your Los Angeles property management company should look at free sites like www.Renfin.com, www.Zillow.com and www.rent-o-meter.com.
- Then, look at Craigslist.
- Then, call realtors and ask their opinion (if comps are really hard to find).
The best way for a Los Angeles property management company to determine a FMV (fair market value) price for you unit is to actually put up the unit for rent! You can gauge if the price is right by the response you get. It’s all about supply and demand!
Ask you current Los Angeles property management company: can you easily change the price up or down when marketing vacancies? If they say no, this will be difficult for you, the owner, to find the best rental price for your unit.
TGN is a Los Angeles property management company that utilizes www.Appfolio.com. We can change and adjust ANYTHING at ANYTIME whenever we want. The software is so user friendly and powerful that you can almost change someone’s life!
For the latest in Los Angeles real estate and Los Angeles property management news, trends and tools, make sure to stay connected with our blog at: http://tgnpropertymanagement.com/blog/