Schedule 1007

[training]

Hello,
I was asked to perform a schedule 1007 for a single family that is located in a subdivision. Where can you find information on rental comps? Thanks

 

[KONA]

Property Management Companies, Brokers, MLS, Websites like Craigs List, check where tax bills go to addresses other than the properties in your market area and call the owners and ask what their property is renting for and how recent the last rent increase etc.

 

[CANative]

and call the owners and ask what their property is renting for and how recent the last rent increase etc.

 

[bnmappraisal]

My MLS has a specific search function (surprisingly under "Search") for several types, including but not limited to:
SFR, Condo, Townhouse, etc

And in each criteria, one can specify GLA, yr blt, price range, etc

If your MLS does NOT offer said ... then I'd be contacting local brokers, property management companies, etc to get their take/info

 

[Overimprovement]

My MLS has a specific search function (surprisingly under "Search") for several types, including but not limited to:
SFR, Condo, Townhouse, etc

And in each criteria, one can specify GLA, yr blt, price range, etc

If your MLS does NOT offer said ... then I'd be contacting local brokers, property management companies, etc to get their take/info

Would your MLS like to purchase my MLS's? One of mine actually prohibits listings of rental property. The other two just don't bother with it. I have had to slowly build up a database.

To OP: Whenever I appraise a home that is a rental, I chew the ear off the landlord. Appraising one of their homes (of course before any value comes in) seems to be when they are most willing to offer up info. I have gotten 8 houses at once that way, complete with recent renovations, BR/BA, and current rents. I know that won't help you today, but maybe tomorrow...

 

[Fernando]

I sometimes get lucky and there are For Lease signs. I sometimes pretend I'm a renter and ask for rent.
I'm not sure if I tell the truth that I'm an appraiser, Lessor may lie to me by giving higher rent.
Do any of my peers do that?

 

[KONA]

I have pretended to be a prospective tenant many times to get the real asking rents; but on existing rentals I always present myself as an appraiser. I find many times managers are interested in my findings as well...owners sometimes.

 

[Elliott]

Using my MLS, I have a pre-selection of sales, pending, and actives for the last two years and had 1400 listing records pop up. I went to the "public remark" section and searched for "rent" and I got 200+ hits. Now they might not all be rent information, but you only need three.

When I do an inspection with a tenant, I always ask the rent and make a designation in my data base about (rent) so its easy to find.

Developing a relationship with a rental manager is good. I use to get a list of all his properties and the current rents. I never missed giving him a business Christmas gift (usually good Scotch) each year.

 

[Fernando]

It's hard to get good rental data so I would get rentals as far back as 10 months since many leases are at least one year.
I get two more recent rents and one older rental and usually acceptable by lender.

 

[Carnivore]

I feel very fortunate. My MLS has a SFR, Multi Rental data base search function. The only weakness is that not all Leasing companies are members.

So sometimes i am really working hard to get the rental comps I need. I do have three Leasing Companies that will provide me with Rental Data for a Fee. One of them charges $20 Bucks, but I can ask them for more comps later for that one request.

So my advice is look up all the Leasing companies in your market. You might be surprised to learn how many will send you what you need for a modest fee.

Side Note; I have one who is my GO TOO Guy! He has a data base that has a search function and I can txt, email or just all call, and almost always he will give them to me that day.

Editorial Comment: AMC Phone Monkey Dot Com have no clue in the actual cost of a 1007 to the appraiser nor the time and delays it takes to create that rental data analysis. They look at it as just a single page grid ....How hard is that right! OK, Dummy's I am the Appraiser YOU ARE NOT!