Rural data collection

[Tim The Enchanter]

Some creative and interesting ways to get the info you have to have.
I try to avoid the rural areas, due to the data collection problems you've all noted. Sometimes you feel like a detective, working the phone, and doing whatever to get the info. Jo Ann, your database system sounds very good, especially with the size of the market.

From my non rural perspective the data is much easier to come by, it's all online, but the quality is the question. Or the suspect. :? If I could do like Bobbys PA appraiser and measure them all, that would be the best data, but.... just not possible here.

Just a note from the "other side". :wink:

 

[Richard Carlsen]

I would pick the source or sources that generate the most sales data with the least effort/expense and go with those. Remember that you do not have to know every sale in the market to do an appraisal. Covering the better part of 11 counties, I have determined that the 8 MLS systems I have access to provide me with sufficient sales data to make reasonable comparisons. I have not been in a court house for data in over 2 years. Only in two small towns do I have to visit the local brokers for comps (and these areas are very likely to be dropped from my service area in the near future because of this). I note using only MLS data or broker supplied data as part of the scope of the appraisal and leave it at that.

Whatever generates you the most comps with the least investment of time and money is what you ought to be using. Let the rest of the sources go.

One thing about Brokers to remember; they generally like to talk. When I go to a real estate office, I great them as old friends and then ask how business is. Are the phones ringing? Are there real buyers out there or just tire kickers? Tell them about what is happening in another area. Talk about fishing a little or their grandkids. The bottom line is to cultivate a relationship with them and thank them. If you get one of their sales to appraise, call them up and tell them that you are putting the sale to the top of the list for them so they can get it closed. They will remember you and you will not have any trouble getting comps in the future. Trust me.

 

[Jo Ann Meyer Stratton]

It all depends on the area, my little county has 90% FSBOs, the bigger county has 60% FSBOs, so you can see why I have to run down the information on every one! And why realtors at times are so far off with their BPOs since they only have the MLS info.

 

[sam strahan]

what about appraisal districts. local surveyors can help too. i knock on doors for information from the homeowners themselves. hey i live in rural west texas i know what it is like to try to find data.