In recent years, Denver's real estate market has had a real boom in popularity. It's become one of the hottest places to buy properties in the West.
That means there are a lot of great opportunities to build your property portfolio. But it's not enough to just buy any property and then rent it out. It takes a lot of thorough and strategy to make successful investments.
One of the key steps is getting a rental analysis done at least once a year after purchasing. Check out all the benefits you'll see when you get this done for your rental property!
1. Preparation for Lease Negotiations
Renewing tenant leases is a huge part of having a successful rental. This means you don't have to worry about the turnover of switching renters. And that will save you a lot of time and money.
When it comes time to talk about lease renewals, be ready for some negotiations. Tenants will often come with things they'd like changed in their contract. Or they'll have opinions on the price. Having a rent assessment ahead of these talks can give you the information you need.
You'll be able to present facts that back up your choices for the lease. And hopefully, that helps reach a compromise everyone is happy with.
2. Make Rent Pricing Easier
Rent pricing is one of the most important things you'll have to do as a landlord. This rate will have a direct impact on how successful your investment is or not.
Too high of a number and you won't be able to fit the vacancies. Too low of a number and you won't be able to cover your costs. Finding the right balance is key to making a profit.
A rental analysis is a great way to know the market trends and rental factors in your area. And how your space compares to others nearby. From there, you can make your pricing decisions.
3. Understand Where You Need Help
A rent assessment can also be a great way to see where you need help with your property. If the value is much lower than you anticipated, it may be a sign you need more maintenance. Or maybe the value is higher and you haven't been charging near that level.
Having an experienced team on board can help you navigate all of these factors so you can be successful.
Key Benefits of a Rental Analysis in Denver
When it comes to owning a rental property, there is a lot you have to remember. Getting a rental analysis done every year is just one of the many responsibilities you'll have.
The whole job is made much easier when you hire a property management team. They'll handle the big tasks, like finding new tenants. As well as taking on the smaller ones, like collecting rent.
At PMI Cedarboldt, we're dedicated to providing high-quality service. And we've been doing just that for more than 20 years. Contact us today for a free rental analysis and to see how we can help!
