Data published by Gitnux states that 51% of homes in Denver are renter-occupied, but there's also a vacancy rate of 5%.
If you've just obtained your first rental property, it's important to take the right steps to ensure you can find tenants and start making an income. An effective strategy can have a huge impact, but without much experience, it can be difficult to know where to start.
In this beginner landlord guide for Denver, we'll go over some key elements such as marketing, rental analysis, and tenant screening so you can get off on the right foot. Let's get started.
Research the Market
If you want to succeed in the Denver rental market, you need to understand it. This means knowing what properties are in demand, which neighborhoods are the most popular, and more.
A thorough rental market analysis in Denver will help you understand what you need to do to get the best return on your investment. With the right knowledge, you'll be able to make better-informed investment decisions.
Perform a Rental Analysis
You need to set a competitive rental rate, but this isn't always easy. After researching the market, you'll have a better idea, but you still need to analyze your own property.
It's best to have a professional property manager do this. They have the knowledge and expertise to determine an accurate value of your property so you don't end up charging too little or too much for rent. A local property manager can also give you Denver property investment tips to help you with any other real estate investments.
Market Your Property Effectively
To start making an income you need to find tenants. Effective property marketing is crucial but rarely easy. Create engaging listings and use professional photographs to make your property stand out from the competition.
Conduct Thorough Tenant Screening
The quality of your tenants will have a huge impact on your life as a landlord. Thorough tenant screening will help you identify any poor-quality tenants so you can avoid selecting them These typically include tenants who have a history of things like:
- Landlord disputes
- Property damage
- Unpaid rent
- Criminal activity
This will help you secure better tenants resulting in a much better experience.
Create Clear Lease Agreements
It's very important to make sure any lease agreements are detailed and clear. Ambiguous language can lead to confusion and potential disputes, so it can be a good idea to have a property manager draft your lease agreements. They know the correct language to use as well as all of the details that should be included.
Being a Successful Landlord in Denver, CO
A lot goes into being a real estate investor. You need to take care of marketing, tenant screening, rental analysis, and more. A lot of investors hire property managers to help them with this.
PMI Foothills is a full-service real estate asset management company serving clients in Denver and the surrounding communities. Our experienced team can offer guidance and expertise to help ensure any properties you own are managed effectively. We use the latest technology to ensure we always provide an industry-leading level of service.
Take a look at our property management page to find out more.
