According to Bankrate, there are over 19 million rental properties in the country (and growing!) Joining the investment property market is the fastest way to generate real estate income, especially in Denver. This location is a top destination for professionals, families, students, and travelers looking for vacation rentals.
As a property owner, you don't want to miss an opportunity to earn rental income. You need a strategy that ensures your properties are consistently filled with tenants. This means working with property managers experienced in maintenance, lease renewals, marketing, rent collection, and more essential responsibilities.
Get a closer look at this role in the guide below.
Maximizing Rental Income Through Maintenance
You can't attract or retain great tenants without a solid maintenance strategy. Property managers excel in this area, beginning with a strict rental inspection. These inspections leave no stone unturned, ensuring properties are safe, welcoming, and up to code.
Every inspection begins with safety features. Properties must have functional fire extinguishers, smoke alarms, and exits. HVAC systems, kitchen appliances, and plumbing are checked for gas and water leaks.
Property managers network with local services to repair and replace appliances and parts as needed. Upgrades can also command a higher listing price, maximizing rental income. Upgrades may also be used as incentives in lease renewal strategies; properties with low turnover rates look more financially healthy in the eyes of potential investment property buyers.
Property managers also work with landscapers to maintain lawns, curb appeal, and tree removal. Local roofers and house painters are also contacted to repair or replace exterior facades, siding, and paint jobs.
Tenants also have access to online portals to request maintenance services. 24-hour emergency services are also available, and property managers are readily available to respond to emergencies and urgent requests.
Marketing Tips for Expert Property Managers
Excellent maintenance standards are necessary for property marketing strategies. It's important to reflect the property in its best light in rental listings, social media, and company website content. The condition of the property must reflect the listing price, as well.
Real estate listings should detail all amenities, including those nearby like proximity to schools, shopping, and industry centers. Nearby public transportation and available parking spaces are also a plus.
Property managers stage rental properties for open house viewings. These properties may be furnished or cleared out, depending on the target demographic. A furnished property can help sell a living experience while an empty property can help leads get a better feel of the square footage.
Effective Rent Management and More
Property management companies handle every aspect of rent collection and financial reporting, ensuring owners receive rental income and statements quickly. This process also includes integrating online tenant portals that allow tenants to pay rent instantly.
Let Property Managers Do the Heavy Lifting
Do you want to build and scale your investment property portfolio quickly? Work with the most experienced property managers in Denver. Our experts are skilled in the above services and more, including the latest real estate technology for maximizing profits.
Our leadership team are active members of the Apartment Association of Metro Denver and the National Association of Property Managers. We also bring military, project management, and real estate brokerage experience to the Denver community.
Contact us today to talk about the profit potential of your Denver investment property!
