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Do You Have Trouble Getting Rental Data

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B1trying

Sophomore Member
Joined
Oct 10, 2011
Professional Status
Appraiser Trainee
State
Florida
It seems like no one uses a realtor to rent a house any longer. Where I am at they use craigslist, for rent by owner, or local forum. I get request for rent schedules very seldom but when I do they are nightmare trying to locate any comps. What do others do?
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
I decline the orders unless it is VA.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
If I appraise a house that is rented, I ask and keep the info. Craigslist and local shopper paper usually has enough.
 
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Deleted member 130081

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It seems like no one uses a realtor to rent a house any longer. Where I am at they use craigslist, for rent by owner, or local forum. I get request for rent schedules very seldom but when I do they are nightmare trying to locate any comps. What do others do?

I use craigslist. Apartments.com would work too. The great thing about rental listings, that unlike a list price of a home for sale, they are almost never negotiated, rendering the rent posted as credible. Many will show the exact address and provide interior photos too. When the address is not posted, I call the listing and ask for it.
 

bart nathan

Member
Joined
Jun 9, 2005
Professional Status
Certified Residential Appraiser
State
California
Go back in time 1-2 years and expand boundaries 1-5 miles to search for competing neighborhoods.

Search Temp off market, withdrawn, expired and canceled listings in your MLS if it has those options.
 

B1trying

Sophomore Member
Joined
Oct 10, 2011
Professional Status
Appraiser Trainee
State
Florida
In my area there are rental mgmt companies for vacation homes and they won't release anything. Every now then a realtor will have the for sight to add into a listing as the gross rents for the previous year. But other than that you can get it. They say it's confidential information and won't release anything. I spend hours scanning MLS's looking for it. Or when I doing a report and I run across one in MLS I hold to the info. I started just quoting a 400 to 500 to do one because it takes so much time to find any data. That gets rid of 99% of the request but I got one holding like a pit bull says no problem on 450. I about cried. Go away.
 

bnmappraisal

Elite Member
Gold Supporting Member
Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
I started just quoting a 400 to 500 to do one because it takes so much time to find any data. That gets rid of 99% of the request but I got one holding like a pit bull says no problem on 450. I about cried. Go away.
Is this for a full SFH (1004) PLUS rent schedule or just the rent schedule?
In my area there are rental mgmt companies for vacation homes and they won't release anything. Every now then a realtor will have the for sight to add into a listing as the gross rents for the previous year. But other than that you can get it. They say it's confidential information and won't release anything.
Many rental mgmt companies can be a PITA to deal with; I run into this as well in my market. So I feel your pain. Sometimes you can sweet talk them for the info, but not always.

My advice, and if it were me in your shoes, if you just don't feel comfortable with the data you have (or lack thereof!) and you don't think you can provide a credible opinion, I'd recuse myself from the assignment and ask them to reassign. We've all been there and there's no shame in it. But I'd rather do that than just send in a "report" that could be misleading or worse.
 

AMF13

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
I remember being told to go knock doors and ask how much they pay.
Yeah, that'll work. Here's the other persons face when you pop that question. :cautious:
:leeann2:
 
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