Any suggestions on how to get rental comps

[Pamela Crowley (Florida)]

BTW, be careful when using data from a management company that just MIGHT have other motives to give you incorrect information.

I had one a few months ago that gave me a much lower total rental % for the project and higher rents than reality because they were in cahoots with a couple of investors that were rehabbing and reselling units with FHA financing plus wanted the rental rates to look better for other ignorant newbie investors to buy rehabbed units for income purposes.

I was absolutely shocked! 8O :twisted: :2gunfire: :lol:

 

[Steve Owen]

Pamela? You? Shocked?

 

[hal]

You heard the lady...

 

[Mike Garrett RAA]

Our MLS has a searchable field or type of occupancy. I can add "Tenant" to my search and bingo......sales and listings that are rented. A quick call to the agent usually gives me the monthly rent and from there it is easy to calculate the Gross Rent Multiplier. I usually add $50 for each additional form. If it is done on the small income form the fee is built in.

What bugs me is when they don't tell you it is going to be a non-owner occupied and then come back wanting additional work with no additional fee.

 

[Steve Owen]

You make me jealous, Mike. We don't have that. However, we do have a field for occupant (where the name is usually put). On a hunch, I searched that field for "tenant" and got a big, fat zero.

However, you gave me an idea. Now if I can just get the MLS committee to buy into it. If it works it will pay off for all the time I spent on this site this week. Thanks.

 

[Leon Stewart]

In my area, there are two sources, MLS, and, in certain areas, there are brokers who specialize in rental properties. A 5 minute phone call and they have always been very helpful.

Roger

If you are talking about Rental Data on Small Residential Properties, whatever info you get is mostly worthless. The Requirements in 1-4 Family Residential Properties should be eliminated from the Appraisal Process.

Realty Agents and Property Owners supply the MLS with false date to enhance the sale of the listed property, and in my area there is very few Rental Listings listed in the MLS anyway.

The bad thing about this whole Rental Listing Process is that it gives the impression that something is a fact when it's not, and don't ever try to get Rental Data from an Urban Tenant. If they don't curse you out, they will blow your head off for asking such a question. But this requirement in a residential appraisal is just one more example of a person or group setting rules that are either not in this business, or know very little about it.

leon

 

[Steve Owen]

Realty Agents and Property Owners supply the MLS with false date to enhance the sale of the listed property

I have had only a very few of these types of problems over the years. However, being skeptical is part of a good appraiser's tool box. While most of the information I have been provided by brokers and property managers has proven to be accurate, I'm always on the lookout for that less than reliable set of facts....

 

[Leon Stewart]

Realty Agents and Property Owners supply the MLS with false date to enhance the sale of the listed property

I have had only a very few of these types of problems over the years. However, being skeptical is part of a good appraiser's tool box. While most of the information I have been provided by brokers and property managers has proven to be accurate, I'm always on the lookout for that less than reliable set of facts....

How do you verify oral rental information given to you by a Broker or someone you might talk to over the phone at the rental property in question? That is, if you can get a Tenant at his unlisted phone number at the rental property. 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?

Many Appraisers fudge rental data since there is no data base to acquire this type of information, and others use some form of Market Estimate based on some format or fomular they have devised on their own which is saturated with flaws. Using Rental Data from Small Non-Professionally Managed Residential Rental Properties where there is no reliable Data Base is the strangest thing i've ever heard of, and since it's so unreliable it serves no useful purpose whatsoever.

leon

 

[Mike Garrett RAA]

Well lets all jump on the band wagon and say no information is reliable! Geeez, give me a break. We have to make some assumptions when doing appraisals. One is that our sources of information are "assumed to be correct, but not guaranteed". I would suggest you use this in your addendum or report some where.

Now lets see, you all have said the assessor's information is incorrect, MLS is unreliable, and the parties to the transactions all lie. Do I have that right? Next you will have us going out and measuring the comparables personably and getting copies of the closing statements from the title companies.....NOT!!!

 

[Leon Stewart]

The point is, why would an Appraisal Report require information that is considered unreliable when it's acquired. If it's not accurate, why use it? So why would you have to put in a statement to indicate that it's false? It would be simpler not to require it. There is no reliable data base for rental data, and where ever you get such you can't verify from another source where it came from. So why is it used?

Sales Data is verifiable from many Private and Public data sources, but that's not so with rental data.

leon