Re: rentals - finding market value - Posted by Craig (IL)
Posted by Craig (IL) on March 31, 2002 at 21:39:34:
Some appraisers will do this for a fee. I don’t trust the accuracy of these appraisals, and I don’t want to pay that fee.
One thing I have done is a bit time consuming but it works. I go to my local library and get old “For Rent” ads from newspaper archives. Then, I call those numbers and ask those landlords what they got for it, about the unit, and about how long it took to rent.
I’m upfront with the person who answers and just expain what I am doing. I find all the answerers to be courteous and helpful. You want newpaper ads 2-6 months old; don’t go for the most recent ads since they may be not rented yet.
A second thing you might do is if there are any large rental complexes in the area, ask them what they are getting. Good-sized complexes in smaller or midsize areas may define that market.