Friday, September 19th, 2014

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Landlords Are Charging How Much? (How to Find Out)

padmapper.comHere’s a cool, new resource a whole bunch of folks will find useful…

Want to know what landlords are asking for rents in the areas where you invest?  Maybe you’re a landlord and want to spy efficiently on your competition?  Or a virtual investor trying to quickly ascertain rents from afar?

Enter PadMapper.com

Their tagline is “Making Apartment Hunting Suck Less.” And that just makes me smile.  :-)

At it’s core, PadMapper keeps near realtime track of the rents landlords are advertising in a myriad of national sources like Craigslist, Apartments.com, Oodle, etc.

When you search a city, zip or address, what you get back is a big ole interactive Google map showing where the apartments are.  And using filters you can eliminate listings you’re not interested in for whatever reason, and hone in on the ones that you are.

Whenever I’m wholesaling deals to landlords, rents are of course always a key factor in their assessment.  So I’ve always found it important to have my mind wrapped around market rents (seeing the market through your buyer’s eyes) and PadMapper just made that even easier.

Some Handy Tips:

  • Zooming in will cause areas to fill in more.
  • PadMapper runs MUCH better in Google Chrome, Firefox 3, and Safari than it does in Internet Explorer 6 or 7.  (Cause IE stinks.  Yeah, I said it.)
  • Keep in mind the results are far from exhaustive…but still very useful.  And the number of markers that can be displayed onscreen at once is limited to roughly 100, since it becomes choppy in some browsers (Internet Explorer) with more.
  • The filtering does it’s best to reserve those 100 spots for apartments you’re more likely to like.
  • You can setup cool email alerts (really useful if you’re actually apartment hunting)
  • As a landlord, you can also submit your own “pad” to be listed among their results if you don’t see it there already.
  • If there’s a big area that’s empty that probably shouldn’t be, zoom in on that area. If that doesn’t help, try easing up on your filters. Also, try moving any large clusters of apartments you’re not interested in offscreen by dragging the map or zooming.
  • Zooming in very close shows some cool local attractions around apartments (not available everywhere)

So pretty cool, yeah?  I thought so.  And a hat tip to Darren Dicke for the referral.

UPDATE: Reader and Kiss Flipper Tracey Rosenberg just emailed me about another similar resource: Rentometer.com.  It’s a little different approach…first you indicate whether you’re a landlord or tenant, then enter an address or zip and the rent you currently pay…and Rentometer will give you an indicator of whether your rent is above, below or right on spot compared to other market rents.  Another one to bookmark – thanks, Tracy!

What do you think?  Leave a comment and let’s hear it!


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About 

JP Moses is a roughly-hewn man-child who first got into REI after reading Rich Dad, Poor Dad back in Y2K and went full time in 2002. He's tinkered in everything from landlording to short sales to rehabs to Realtoring to REOs to notes to owner financing, blah, blah, blah...Till he finally stuck his flag deep into wholesaling and has since flipped somewhere north of a couple hundred deals.

JP's not a “guru” but also doesn't think it's a bad word. Among his core values are authenticity, creativity, big honkin' value, general fun-ness and being unshaven. He's super proud to be chief blogger guy at REItips.com and host of the free REIology podcast. He also thoroughly enjoys sharing his 53 best real estate investing forms with anyone who wants them. You should totally check that out. :-)

  • http://www.mustknowinvesting.com/ Patrick Riddle

    Great resource jp! Thanks for sharing buddy :)

    ~ Patrick
    .-= Patrick Riddle´s last blog ..Battle of the REI Blogs 2009 … Coming Soon to a Blog Near You =-.

  • http://www.mustknowinvesting.com Patrick Riddle

    Great resource jp! Thanks for sharing buddy :)

    ~ Patrick
    .-= Patrick Riddle´s last blog ..Battle of the REI Blogs 2009 … Coming Soon to a Blog Near You =-.

  • Rick M.

    Very nice resource. Thank you for the tip. And thank you Darren as well!

  • Rick M.

    Very nice resource. Thank you for the tip. And thank you Darren as well!

  • http://www.dollardealmaker.com/ Kenny Rushing

    Great resource jp! I have been looking for something like this for all the bulk reo deals I do. Thanks! Kenny

  • http://www.dollardealmaker.com Kenny Rushing

    Great resource jp! I have been looking for something like this for all the bulk reo deals I do. Thanks! Kenny

  • ivette

    Thanks for all the tips

  • ivette

    Thanks for all the tips

  • http://theinternetgenius.com/ Ben Cope

    Thanks for sharing, JP!
    .-= Ben Cope´s last blog ..Hello world! =-.

  • http://theinternetgenius.com Ben Cope

    Thanks for sharing, JP!
    .-= Ben Cope´s last blog ..Hello world! =-.

  • Internet Genius

    My last comment was marked as spam. Let me try again and just say that I really enjoy your site.

  • Internet Genius

    My last comment was marked as spam. Let me try again and just say that I really enjoy your site.

  • Al Bennett

    WOW!! Thanks for the cool tool.

  • Al Bennett

    WOW!! Thanks for the cool tool.

  • kEN

    Thanks…This is some great info! I will use it!

  • kEN

    Thanks…This is some great info! I will use it!

  • http://www.CashForMyClosing.com/ Brian Meidam

    Great Tip – Thanks JP!
    .-= Brian Meidam´s last blog ..Alliance Data Reports Third-Quarter Results – Reuters =-.

  • http://www.CashForMyClosing.com Brian Meidam

    Great Tip – Thanks JP!
    .-= Brian Meidam´s last blog ..Alliance Data Reports Third-Quarter Results – Reuters =-.

  • http://ryanthompson.com/ Ryan Thompson

    Hey jp, thanks for sharing!

    And thanks to Darren Dicke as well! :)

  • http://ryanthompson.com Ryan Thompson

    Hey jp, thanks for sharing!

    And thanks to Darren Dicke as well! :)

  • http://www.houseauction4sale.com/ walt lafayette

    This is great Thank You much better than hud quick and easy.

  • http://www.houseauction4sale.com walt lafayette

    This is great Thank You much better than hud quick and easy.

  • http://lifestylesunlimited.com/ Brian Lee

    Love it! That makes market research for rentals a little easier.

  • http://lifestylesunlimited.com Brian Lee

    Love it! That makes market research for rentals a little easier.

  • http://www.lifestylesunlimited.com/ Shauwn

    Great info for all real-estate professionals. Thanks for the update on tools available.

  • http://www.lifestylesunlimited.com Shauwn

    Great info for all real-estate professionals. Thanks for the update on tools available.

  • Bernadette

    useful tool as always thanks

  • Bernadette

    useful tool as always thanks

  • Aaron Dionne

    I found two HUD houses for sale. Thought it was supposed to show houses for rent.

    Have you checked out http://www.zilpy.com? I found more hits on it, and believe the data is taken from the same sources – CraigsList for example.

  • Aaron Dionne

    I found two HUD houses for sale. Thought it was supposed to show houses for rent.

    Have you checked out http://www.zilpy.com? I found more hits on it, and believe the data is taken from the same sources – CraigsList for example.

  • http://baltimorerealestateinvestingblog.com/ Ned Carey

    Hey JP,

    Thanks for the tip. I already knew about Rentometer and Zilpy but this is a new one for me.
    .-= Ned Carey´s last blog ..Death Notice of Ned Carey =-.

  • http://baltimorerealestateinvestingblog.com/ Ned Carey

    Hey JP,

    Thanks for the tip. I already knew about Rentometer and Zilpy but this is a new one for me.
    .-= Ned Carey´s last blog ..Death Notice of Ned Carey =-.

  • http://www.learnrealestateinvestingblog.com/ Mike Lautensack

    I would be careful as a full time property manager we have fould rentometer to be more or less useless and no help so I assume this is similar

    Mike
    .-= Mike Lautensack´s last blog ..Real Estate Investor Marketing Tips – How to Use Postcards to Laser Focus Your Marketing =-.

  • http://www.learnrealestateinvestingblog.com/ Mike Lautensack

    I would be careful as a full time property manager we have fould rentometer to be more or less useless and no help so I assume this is similar

    Mike
    .-= Mike Lautensack´s last blog ..Real Estate Investor Marketing Tips – How to Use Postcards to Laser Focus Your Marketing =-.

  • http://www.delphifaq.com/ ptiemann

    has some issues. I ran a search and it would show 4-bedroom houses for $1000.

    Upon reading the ad, I understood that there was one bedroom available in a 4-br house, and renting that 1 room would cost $1000. Their software mis-interpreted the ad, or the advertiser was misleading, either way.

    As a result the web site has a funny idea of how much a 4-bedroom house should rent for. Anywhere between $800 and $4500 :-)

  • http://REItips.com/ jp moses

    Great insight actually. That kind of thing will definitely skew the results. Thanks for sharing!

  • http://www.margproperties.com/ Flats in Chennai

    A must share and an awesome resource for people who are looking for how much landlords are charging.

  • http://www.facebook.com/profile.php?id=632692622 Rick Mace

     I fine it very helpful and an important resource