Rental Photos

[Mztk1]

Like.....?

 

[realbiz]

If you don't drive the comparable, how do you know its comparable. Does the rental actually exist, or has been been torn down or destroyed naturally? I always drive and take a photo. I am fortunate in my area to usually have plenty of rental comparables, and pictures do not cost anything. Does anyone here actually do rental surveys in person, or verify rents? If so, you are at the property.

 

[Lee Lansford]

I'm doing an appraisal on a 2-family. In the past I have not included photos of the rental comps for any multi's I've done.

What does everybody else do regarding rental pic's?

Curious in NH.
Regards,
Jenn

This is a matter of SOW and what you certify that you have done. SOW decision-making involves some communication with the client.

 

[The Sheriff]

With the price of gas approaching $5 a gallon, I'm definitely not driving the rental units. Matter of fact, when gas was approaching $2 a gallon, I wasn't driving the rental units. Not required... they want some rental photos, I have some pretty good MLS photos that will work.

 

[Mztk1]

If you don't drive the comparable, how do you know its comparable. Does the rental actually exist, or has been been torn down or destroyed naturally? I always drive and take a photo. I am fortunate in my area to usually have plenty of rental comparables, and pictures do not cost anything. Does anyone here actually do rental surveys in person, or verify rents? If so, you are at the property.

Who cares if the house is gone now, it was there when it was rented.

 

[Couch Potato]

Like.....?

Little things like the adequacy of the parking. A common pool not mentioned. The crack house next door. Plywood where windows should be. A much better, or much worse general appearance to the property. Any number of things may, and often are found when one bothers to go look. Of course if you never go look, you will never encounter such things. :new_all_coholic:

 

[realbiz]

Who cares if the house is gone now, it was there when it was rented.

You still don't get it, how do you know if the property every existed and was actually rented. Fraud: 1) Florida 2) California. I get my own rental comparbles in the field, easy to take a picture. Justify your rentals, when they never existed or was actually rented. Oh, I am sorry you put your trust in the MLS and realtors.

 

[Couch Potato]

Not to mention we are establishing current market rent. A place that no longer exists is irrelevant to the current market.

 

[DTB]

Not to mention we are establishing current market rent. A place that no longer exists is irrelevant to the current market.

So a unit rented on say May 1 and burnt to a crisp on June 30 is not an indicator of market rents for an effective date of July 4? Puhleeze

 

[Couch Potato]

So a unit rented on say May 1 and burnt to a crisp on June 30 is not an indicator of market rents for an effective date of July 4? Puhleeze

It might be; however, a great deal can change in two months. All things being equal, I'd prefer to use a structure that still exists.