As Denver property management experts, one of the questions we hear most frequently is: how much can I rent my house for? We are talking about how to get top dollar for your rental unit and how to attract quality tenants.
Making Your Rental Property Move-In Ready
First, you need to be sure the home is ready for prospective tenants. This means that all necessary repairs have been made at your investment property, and you’ve had it professionally cleaned. The lawn should be manicured and appealing. When you create curb appeal and provide a high quality rental property, you’ll be able to attract higher rents and better tenants.
Use Comparables When Determining Rental Value
Your property’s market rental value depends on a number of things, including its location, condition, and size. When you’re determining how much rent to charge, check and compare your unit to other comparable units in the area. Knowing your competition will help you price your property correctly. There are many websites you can check to help determine your monthly rental price, and then you can adjust that based on your amenities, whether you have any additional space, and extra things you have to offer such as proximity to restaurants and shopping.
Advertising Your Investment Property
All of your advertising must be done on secure and professional websites. You want to have your listing on sites that generate high traffic and attract high quality tenants. Professional pictures should be taken and used with your advertisements, and make sure your property is looking the best it can look. When inquiries start rolling in, make sure you respond immediately. A phone call is always the best way to go, and you can move on from there if a prospective tenant prefers to communicate via email or text.