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How do you get people to give you rental data?

Vernon Martin

Senior Member
Joined
Jun 8, 2005
Professional Status
Certified General Appraiser
State
California
When I worked at the bank there was one management type who said to go knock apartment doors and ask about their rent.
He could get all the info he needed in xx minutes.
I tried it once, they refused to tell me anything, then said don't knock on the neighbors door either!
Have not wasted my time on that approach since. :leeann:

I get all my data from MLS, normally.
I've found that tenants don't particularly like door knockers, but are more sociable if asked politely in the laundry room or parking lot.
 

Diego Lopez

Member
Joined
Sep 11, 2006
Professional Status
Certified Residential Appraiser
State
Florida
When I worked at the bank there was one management type who said to go knock apartment doors and ask about their rent.
He could get all the info he needed in xx minutes.
I tried it once, they refused to tell me anything, then said don't knock on the neighbors door either!
Have not wasted my time on that approach since. :leeann:

I get all my data from MLS, normally.
I have used the stop and knock method with extreme success. I do this on sales that are not on the MLS or Costar, I've had people let me tour the premises, measure the buildings, give me the closing docs. Rarely does someone refuse to speak to me, what happens is that sometimes, no one is home. The secret is to come in nice, give them a business card, explain what you are doing and that when its their turn to get an appraisal, they would want their neighbors to help with data to get the most accurate appraisal possible.
 

Scott.A

Sophomore Member
Joined
Dec 17, 2013
Professional Status
Certified General Appraiser
State
Iowa
I'll second Compstak. Their reach is growing and it is becoming more and more helpful.
 

ucbruin

Elite Member
Joined
Mar 11, 2014
Professional Status
Certified Residential Appraiser
State
Massachusetts
"I've found that tenants don't particularly like door knockers, but are more sociable if asked politely in the laundry room or parking lot"

Sounds a bit creepy....
But if it works....
 

Lee in L.A.

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
I have used the stop and knock method with extreme success. I do this on sales that are not on the MLS or Costar, I've had people let me tour the premises, measure the buildings, give me the closing docs. Rarely does someone refuse to speak to me, what happens is that sometimes, no one is home. The secret is to come in nice, give them a business card, explain what you are doing and that when its their turn to get an appraisal, they would want their neighbors to help with data to get the most accurate appraisal possible.
Some people are better at cold door knocking than others.
I would not be surprised if they picked up some clue that said I don't want to be doing this.
When I was about 5, I was a whiz selling Christmas cards to the neighbors.
Apparently I am no longer that cute. :leeann2:
 

BigBlueGA

Thread Starter
Junior Member
Joined
Mar 13, 2002
Professional Status
Certified General Appraiser
State
Georgia
Apparently I am no longer that cute. :leeann2:
Me either buddy!

Regarding those that mentioned Compstak, THANKS! I had forgotten about them because when they launched they said they were not available in my area. Signed up and it looks like it will help immensely now.
 

Greg Graybadger

Sophomore Member
Joined
Jun 28, 2006
Professional Status
Certified General Appraiser
State
Idaho
Hi BigBlueGA. Acquiring data through personal contacts with strangers is a skill that can be developed. A key to success is deciding that you will work at improving your skill. There are a lot of great tips listed in this forum already. I suggest having a little script to get you started: "Hi, my name is Big Blue, my friends call me "Big." I'm a real estate appraiser and I'm appraising a nearby property similar to this one. I was hoping you might give me a few minutes of your time to talk about this property, to help me understand the market. Would that be OK?" It sets people's minds at ease to know who you are and what you're doing. If you won't reveal such information, they will be suspicious and you get nothing. Next, by asking for their help you empower and respect them. Most of us will respond positively to someone asking for help. And then, by asking if they are willing, you are achieving the first "yes" that can be extended further. Ease into the conversation with general questions and give brief positive responses to encourage the conversation. After you ask an important question (like "how much do you pay?") be silent until they answer. If they refuse to answer, just breeze by with, "oh, that's fine" and try to keep the conversation going. They may become comfortable enough to answer later. Even if you don't get the data, you may get a better understanding of the market. Good luck.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Try this:
Knock on door and yell out
" This is your lucky day! I am the official prize giver from the Publisher's Clearing house !"

Tenant opens the door a crack-

"Just kidding about the prize...but I am not from ICE or the IRS ! Isn't that great?! "

Tenant stares dumfounded , starts closing door-

" Hey, I am not a sex offender, registered or otherwise! . I am just an appraiser and need some information, can you help me ..."
 

Fernando

Senior Member
Joined
Nov 7, 2016
Professional Status
Certified Residential Appraiser
State
California
When I see a rental in the area, I call and switch into my broker hat and said I'm a broker and I like to know how much you're asking for the rent.
I think if I'm not a "serious" caller, I might get a false rent or be ignored. If they think I have a client, more willing to devulge info on the rental.
 
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