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In this video, Matt Leschber, 1836PM Founder, discusses why you must not depend on online tools to evaluate at what price point you should set your rent rates or monetary targets.
To accurately determine what the fair market value is of your property, you will need to have an in-person appraisal, that will actually consider all of the property’s physical elements. Additionally, you need to work with real estate professionals that can help you determine the right rates based on numerous other factors like season, location, nearby attractions and infrastructure, market trends for your area, etc.
Simply put, there are just too many factors to consider when setting the right rental rate that will get you the best tenant while also providing you with a great ROI. Online tools just cannot provide or determine all the necessary elements that are required to do it correctly.