By Wallace S. Gibson, CPM, LandlordWhisperer
(Gibson Management Group, Ltd.)
Rental prospects who have become familar with Zillow are now advising me that the rental rates on my homes for lease are TOO HIGH (NEVER that they are too low). Although they should know that these Zestimates are rarely indicative of the actual RENTAL value of the property, they want to use it as an argument for me lowering the rent. Unfortunately, Zillow does not have one thing that I have - I KNOW what the property is worth on the rental market * TODAY...at this time of the rental season to the # of rental prospects in the prospect pool. Additionally, I KNOW what the last 2 (3, 4, 5) residents have actually PAID in RENT for the property so LOWERING the rent because of an artificially created rental guestimate is not going to work......and they don't get points for even trying.