When you’re pricing a property for rent or even for sale, you have to consider a couple of things when you use services like Zillow or HotPads or other real estate websites. Today, we’re talking about those pricing tools and how to use them.

Home Pricing Strategies

Lots of people look up properties on Zillow and see a zestimate. This is typical when you want to know how to price your home for sale or rent. The zestimate pulls some information together from various properties in certain areas to come up with a potential price. The problem is that these estimates are not property-specific. No one from Zillow has gone through the house to see the granite counters that might be there, or the updated bathrooms.

How to Determine the Price of a House

Some of the estimates are pretty rough. When you’re pricing a home, you need to use as many tools as you can find. We do use Zillow when we’re pricing properties, and we also use HotPads. I like using HotPads for rentals because it provides a map overview. So, you can put in the city and the number of bedrooms and bathrooms. You’ll get a graphic map that shows the houses in that vicinity and how much they cost. Then, you can go through and click on each ad. You’re comparing apples to apples. It’s not always an exact comp, so you need to get more intuitive or expand your search. Look at price per square foot, and you’ll get your price closer to the market value.

Property Management Albuquerque: Gather Information

Don’t make an assumption based on one website. Use several different sites, including Realtor.com, Zillow, Trulia, and HotPads. Craigslist is a little harder because of the formatting they use. It’s just not as user-friendly. We don’t typically use Craigslist unless it’s to get additional information in an area that’s hard to find pricing on.

The more information you put into the price, the better you are. Pricing properly will save you time and money. People do their homework, and they do it online. So, you want to be at the same place.

If you need any help with pricing or anything having to do with Albuquerque property management, please contact us at Land of Enchantment Real Estate and Property Management.