Not enough rental info

[Michigan CG]

..........Calling realtors is not really going to help on this one, and from my past experiences of trying to get this information through phone calls, I have been notified it is none of my business..........

Donna you are not doing the job correctly if you can't get this information most of the time.

People talk, you just have to know how to get them to talk.

I am a commercial appraiser and a lot of our information comes from interviews and knocking on doors. Residential is no different for some properties.

Do not try to convince me you cannot go to the comparable owners door and get information. I do it all the time.

 

[J Grant]

You can get rental information from any number of sources, ...if you can verify the rental information from your acitve lsitings, those are acceptable sources as well, especially if the units are similar to your subject. I am not aware of any FHA "rule" that states you cannot use rental information from an active lisitng, even if the active listing is used in the report.

 

[Couch Potato]

Donna you are not doing the job correctly if you can't get this information most of the time.

People talk, you just have to know how to get them to talk.

I am a commercial appraiser and a lot of our information comes from interviews and knocking on doors. Residential is no different for some properties.

Do not try to convince me you cannot go to the comparable owners door and get information. I do it all the time.

I agree. Building relationships to enable one to get the needed data is a big part of what being an appraiser is all about.

If you can't get the needed data, give the job to an appraiser competent to get it done. :new_all_coholic:

 

[Joyce Potts]

Yeah, if it weren't for my friggin people skills, I wouldn't have half the rental data and sales I need to develop a well supported GRM <cough>.

 

[CANative]

The income approach is optional. If you just need to develop an opinion of market rent for the subject get it from various rental management companies. List the addresses and use a Google Earth photo if you want a photo.

 

[AlwaysLearning]

The income approach is optional.

What if a “duplex” means a two-unit apartment building?

 

[PropertyEconomics]

The income approach is optional. If you just need to develop an opinion of market rent for the subject get it from various rental management companies. List the addresses and use a Google Earth photo if you want a photo.

The income approach is not "optional" .... whether it is used or not the appraiser must justify why it is not applicable to any given assignment.

Duplex? Looking for rentals? ... It's not "optional" and I would nearly bet its applicable!!!

 

[Peter LeQuire]

Any duplex that is rented is a potential rental comparable: sold, active, pending, expired, whatever. In addition to MLS, I've used the internet (Craig's List, for example), classified ads in the local paper (Saturday and Sunday editions are generally the issues with the most RE ads), open eyes as I drive around ("For Rent"), etc. I've also looked at the assessor's office data and contacted the owners of duplexes that look like they might be similar. Sometimes you get the data, sometimes you don't: but you talk to enough people and you'll get the information.

People skills? Joyce is my lifestyle coach - she took my people skills from fair to friggin' - awesome!. I also use that motivational training from Fred Carnegie. :icon_lol:

 

[Lee Lansford]

...

So are the comments listed above telling me that you would not ever use an active or sales comp for rental information?

I would re-phrase the question as "Why WOULDN"T the appraiser 'use an active or sales comp for rental information'?"

 

[CANative]

The income approach is not "optional" .... whether it is used or not the appraiser must justify why it is not applicable to any given assignment.

Duplex? Looking for rentals? ... It's not "optional" and I would nearly bet its applicable!!!

The income approach is optional in a Fannie/Freddie/FHA appraisal. And for real appraisals any approach is optional unless it is necessary for credible results. For 2-4 residential property an income approach is often not necessary.