With Fall in full swing, the prime leasing season has officially ended. October through December typically sees a slowdown in available rentals, potential tenants, and even in rent increases. Days on market tick upward, and landlords and property managers need to work that much harder to attract the right tenants. The last thing any landlord wants to deal with is a vacancy during the holiday season. So what can you do to get your Denver rental leased quickly and avoid it haunting you till New Years? Just follow these easy tips!
Know Your Denver Rental Market
Any seasoned landlord or real estate investor knows that real estate is seasonal. Prices tend to dip during the slower Fall and Winter seasons. Why? Because fewer tenants are looking to move. After all, no one wants to move in the cold or even during the holidays. But that’s not to say that all hope is lost. Homes are rented to qualified tenants year-round. You just have to know your market and move forward accordingly. Look and see what’s currently available in your area. How many homes are for rent? How many of them are truly comparable? How long have they been on the market? What deals are they offering? The key to renting your Denver home quickly during the slow season is to know your competition and move forward accordingly.
Price is Key
Once you know what your competition looks like, it’s time to set the right starting price. But be realistic. The last thing you want is to deal with a vacancy from Halloween to New Years because you started too high. Choose a rental rate that’s in line with what’s on the market currently. If you don’t have any interest, showings, or applications within a week, lower your price. Keep in mind you may not get the same rate you did last year, so prepare accordingly. And remember: a leased home at a lower rate is better than staying vacant all season long.
Hit the Highlights
You’ve done your research. You’ve narrowed down the right price. Now it’s time to advertise your Denver rental home accordingly. Make sure to put your rental’s best foot forward and highlight everything it has to offer. Take great pictures. With it staying darker longer, make sure to turn the lights on if taking marketing pictures in the evening or early morning. Touch on all the local attractions in the neighborhood such as shopping areas, restaurants, parks, travel options, and more.
Don’t Skimp on the Tenant Screening!
With the seasonal slowdown and the need to get vacancies filled, many landlords feel tempted to skip out on the background checks. But if there’s one lesson to learn from this article, it’s that bad tenants will cost you significantly more. Make sure to complete a thorough screening of all applicants who will be living in your home. Check their credit, criminal, and rental history, including any evictions or previous judgments. Stick to your approval criteria by keeping the same requirements for all applicants, and if red flags pop up, move on. The last thing you want to deal with is a tenant who won’t pay or significantly damages your home, leaving you right back where you started before they moved in!
Hire A Property Manager for Your Denver Rental!
Managing a rental is challenging at any time of the year. Having someone who knows the local market, laws, and has the experience needed to efficiently rent and manage your Denver rental property makes a world of difference. That’s why property managers are such a valuable resource. They save you time and money by getting your home rented quickly to qualified tenants, even during the slower times of the year. So why not take advantage of both their knowledge and resources?
Don’t let your Denver rental home sit like a ghost hanging over your head this holiday season. Use these tips to help get it rented quickly to qualified tenants. And if you’re in the market for a property management company, look no further than Real Property Management Colorado! We have the know-how, the tools, and the team to rent your home and manage it well so you can focus on what matters this holiday season. So let us take care of everything for you. There are no skeletons in our closet to worry about!
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