All Forum Posts by: Nadia Daggett

@Jorge Vazquez Great for the economy. Brings lots of Jobs and focus to Tampa Bay. We have to keep our economy going and this is a great example. The NFL and host committees claim that the super bowl brings between $300 to $500 million to host cities. Florida also volunteered to host 2021 Olympics if Japan backs out due to COVID-19 concerns. That would put a lot of attention on Florida as well and bring more people to the sunshine state.

Our company has built a one of a kind LEED Certified, New Technology Smart Home using the “Josh” technology in South St Petersburg, FL. This home has all automated functionalities, with incredible health benefits for the owner and the environment along with unprecedented savings with its energy efficiency and renewable energy. However... struggling with appraised value. Does anyone have experience with providing value when including these unique benefits to the property?

@Luke Carl Yes, yes we do. We work with an appraiser that handles are pre-listing appraisals. He completes these for pretty inexpensive and makes sure that we market it correctly. He uses the cost approach for our rental properties and is very fast and efficient. When we meet the appraiser at the property for the lender, we hand them this appraisal. The second appraiser loves this and it helps them with their workload. Maybe there are times this does not work, has this not worked for you in the past?

@Marc Rice yes We work with an appraiser that handles our pre-listing appraisals. That way we already have the comparable properties and can go off the cost approach. We hand this to the appraiser at the time of appraisal. Usually the appraisers are very appreciative, helps them with their work load. 

Yes definitely, needs to be handled with an appraiser you feel comfortable with. 

@Paul Sandhu This cost approach was in our licensing course as an agent, but I know it wasn’t discussed a lot. Pretty standard. however, the nice thing is that we really don’t even handle this. I submit the rental income to the appraiser and they take it from there.:)

We work with a great appraiser that handles this for us before we list the property off market or MLS.

@Drew Sygit yes. We work with residential appraisers to handle our short term rental properties. Commercial would be an overkill

@Julie McCoy Yes this is a great discussion. Yes, I do choose an appraiser to appraise the property prior to listing. Once I have this appraisal from a certified appraiser, we move forward with listing.

Later, when we have a buyer for the property, the buyer is able to take this appraisal and the comps to their agent to share with the appraiser at the time of appraisal.

Further, they do not have to purchase the property as a business. However as a good real estate agent, we should always show our buyer the profit and loss of this business. They can choose to purchase it knowing they will have a higher return on investment and they purchase for higher than appraised value, as my buyer did.

Appraisers also use the income approach for determining the appraiser value. By providing your buyers appraiser not only with comps, but also with income will allow them to use the income approach for a higher appraisal for your seller.

I truly enjoy this discussion and hope we can keep discussing this.

According to Airbnb data there are 2.9 million hosts on Airbnb worldwide in 2020. 14,000 new hosts are joining the platform each month in 2020 and some will fail without proper property management that competently handle their short term rental. So, the owners go to sell the property with a real estate friend and way under sell their property unknowingly. Many RE Agents do not know to use the sellers profit & loss, correct appraiser, etc to sell this property as a business to provide their seller with optimal ROI. I experienced this when selling one of my properties in another state until I found the right RE, has anyone else?

I as well have worked with Graystone Investment Group which I feel is a very honest and trust worthy company that delivers. I not only purchased my first Florida investment property from Graystone Investment Group, but also became an agent with them a few years ago. Working for Graystone, I feel like family and have confidence to know that I can deliver on solid cash flowing properties for my clients. The team at Graystone is amazing. We all work together smoothly and keep improving everyday. Would absolutely recommend Graystone Investment Group.

@William Beck I like this idea. Yes, my strategy is similar but opposite. We actually use corporate rental strategy and then fill in the gaps with short term renters. Yes, like you said, this is an area specific, dependent on the industry business. I had over 10 years of successful corporate rentals in Alaska. In a small town of Nikiski but near an oil refinery and fishing. We hardly would have vacancies using the oil fields turn arounds and then filling in during fishing season. The last 4 years, I have been working corporate rentals in Tampa Florida which is very exciting due to so many industries from traveling nurses, oil fields, college professors, traveling businesses, sellers that already sold their home and waiting to close, insurance claims (which are my big ones)...etc. I think the most important thing is the find the industry that is most dominant in your area. Not all these industries will work in each area, but I feel you just need to find out what is prominent in your area and link into those businesses.