Any suggestions on how to get rental comps

[Steve Owen]

Leon, your area may be somewhat different from mine. I have had little problem getting accurate data from landlords and realtors. Usually they supply good information; frankly, most of them are not well versed enough in what we do to know how to fudge. I often verify info with tenants.

What do you do when a tenant tells you something different than the landlord?

What do you do when a buyer tells you something different than a seller? Actually, that happens to me more often than the same problem with rental data. Using your logic, that would mean all sales data is suspect and therefore we should not use it.

When you get conflicting data, you have to decide what is the most reliable. I have gone back to a realtor and said, the landlord told my $x. Usually they say something like, "Well, he's telling you what he recieves without the property management fee - the actuall rent is $x+."

Also, I do not believe that most appraisers concoct data - AND I hope those that do get caught and revoked.

 

[Mike Garrett RAA]

Me too!

I am beginning to believe brother leon is either an engineer or an accountant. He certainly knows how to make his life miserable being an appraiser!

 

[Pamela Crowley (Florida)]

Leon,

The majority of the rental information I've received from Realtors and Management companies either verifys as correct or makes enough sense to be relied on.

I had a few things I had noticed, other things that weren't adding up correctly, etc. that one time that made me suspicious enough to really dig in and find the truth. Call it instinct or intuition or experience - or a combination of all.

Use what you can find; verify as much as possible; use "Sources of information are "assumed to be correct, but not guaranteed".' as Mike suggested. (I do)

Lighten up, buddy! Come on down to Florida for the Appraisers Forum Meeting and relax a little!!!!!

 

[Bemis Pownall]

Or do you camp out at the rental property in high crime areas until the tenant get home from work at 12 midnight, and when you ask them personal information and they curse you out, what do you do?

Ive actually done that before
converted chicken coup renting for market rates with no perm heat source.

years ago.. :icecream:

the things we learn not to do...

 

[Bill_FL]

I think many of you are missing a nice market for your services. I developed relationships with several active property managers. You would be surprised how often they need appraisals for their clients. You give them good, fast, accurate service and they are more than willing give you rental information. After you do many of these appraisals for them, you start being able to build your own rental database of homes/units you have inspected. Simply takes a quick call once in awhile to confirm the current rent.