Proper rental pricing is a critical practice in Golden property management. Homeowners and investors must make sure they are setting the right rent prices to remain competitive in Golden, CO’s rental market. Potential renters have countless options to choose from, so landlords need to understand the current market conditions to attract quality tenants.
However, some people make the mistake of catching up with the competitive market by pricing their rentals too low. Perhaps they don’t have as much experience in the industry, but they end up losing money even when they avoid vacancies. As such, it’s important to assess the existing situation to come up with an appropriate rental value. We have prepared five tips to consider. Take a look.
1. Research the Local Real Estate Market Data
One of the most important tips we can offer is to access data that reflects market rent in Golden, CO. Looking up this information allows you to comparatively analyze the market so you can decide on a competitive price for your rental property.
Consider accessing online rental sites, including Zillow and Zumper. These platforms already use data from general listings or pull from the MLS, so you know the information they provide is credible.
These sites will also likely list properties like yours with appropriate prices. Use those price tags as your basis for coming up with your own price. Another great guide for setting your rent price is using the average rental range in the local market.
In addition, be sure that the prices you are basing yours on are recent. If you look at rates from months ago for properties like yours, then the fact that they are still available and listed may suggest that the price is unfavorable.
Research may seem intimidating and time-consuming, especially when you don’t have access to the right resources. Thus, consider getting help from a professional Golden, CO property management company like Laurel Property Services, Inc., for immediate insights into the local market.
2. Review Your Rental Property’s Neighborhood
Your property’s immediate location is another factor that will impact the rental price you charge. This tip involves more research as you will want to assess what makes your property’s neighborhood likable.
Qualified tenants will want to live somewhere convenient, so confirm whether your property is close to essential facilities and amenities, such as schools, hospitals, grocery stores, and malls. It would also do good to mention recreational spots near your property.
Essentially, the more convenient the neighborhood is for your target renters, the higher rates you can charge. Try spending a day researching places near your Golden property or visiting to see it for yourself.
3. Factor In Your Property’s Unique Features
Once you have done your research on the local real estate market and the neighborhood, think about what makes your rental stand out from the competition. Perhaps your property has a private backyard, is in a gated community, or is close to public transportation.
You could also improve your rental property’s appeal to make it more attractive to potential tenants. For instance, you could advertise your rental home as something newly landscaped and freshly painted, helping justify higher rental rates.
Consider factoring in your property’s appliances as well. Rental homes with modern appliances are more desirable. Whether you have the latest washer or a new dryer, they can make a difference in pricing your property.
Highlighting the best features of your rental property can make potential renters understand why you are charging as much (or as little) as you are. Find out what makes your property unique so you can attract tenants.
4. Mention Your Pet Policies
Having a pet-friendly rental property is attractive for many tenants with furry companions. If you allow renters to bring their pets with them, consider including this detail in crafting your rental price.
Pet-friendly rentals can cost more than non-pet-friendly properties. Landlords may be thinking about the potential mess and damage that their property can incur when a tenant lives with a pet. However, these expenses rarely exceed the deposit.
In addition, it’s up to you to specify your pet policies. You can state which pets are allowed, if any size restrictions apply, or if additional pet deposits are applicable. It’s important to establish these limits in the beginning, so you can attract the right tenant with pets.
5. Highlight Your Safety and Security Features
Finally, you want to make sure that your rental property is safe and secure. After all, you don’t want to attract tenants that may potentially harm your property. Highlighting your rental property’s safety features and security measures can attract more potential tenants, making your rental more desirable, and allowing you to price it accordingly.
You could also mention safety protocols such as smoke detectors, carbon monoxide alarms, and emergency exits. Make sure to include these features in your rental price, as they could add value and make it stand out from the competition.
Why Is It Important To Set the Correct Rent Prices in Golden, CO?
Proper Golden, CO property management practices require the careful setting of rental prices to secure tenants. Rental properties that remain vacant for too long can cause property owners and investors a lot of stress. In general, it takes away from profits due to a lack of income.
Once you set a competitive rental price, you can attract the right tenants on time while also keeping up with other properties in the area. As such, it is important to research market trends and your rental home’s features to justify your rate.
Benefits of Working With a Professional Property Management Company
Golden property management is understandably a challenging task, especially for landlords who are managing their rental property on their own. That’s why working with a professional property management company like Laurel Property Services, Inc. can be beneficial. With a professional on your side, you can enjoy the following benefits:
- The right pricing: A professional property manager has access to the latest market trends and extensive experience in the industry. They can use these resources to set the right rental price for your property, helping you maximize your profits. We use a property software to do a comparative market analysis on rent prices.
- Professional insights: Property management specialists can evaluate your property and provide you with insights into the best ways to make it attractive for renters. Whether they offer advice on staging your property, highlighting its features, or even improving its curb appeal, these experts have first-hand knowledge of what keeps rental homes occupied.
- Time savings and less stress: Setting the right price is one thing, but maintaining the rental price to validate what tenants pay is another. You can save yourself time and stress by hiring a professional property manager who will handle all of the day-to-day tasks that come along with managing a rental property.
- Tenant screening and placement: A professional property manager can conduct thorough tenant screenings and placements. These tasks ensure that you have reliable tenants who will pay their rent on time, take care of your property, and follow all of your rules.
- Legal compliance: Professional property management companies consider the rental rules of Golden, CO. They stay updated on these regulations on the local and state level, applying any new development to your operations so you can remain compliant with them and avoid any legal trouble.
Connect With a Dedicated Property Management Company in Golden, CO
The best tips for setting rent prices in Golden, CO’s competitive market revolve around research. You need to look up data on the existing rental market as it relates to properties like yours, check your property’s immediate location to see what potential tenants have access to and review the features of your property that are likely to attract these renters.
Understanding these components can help you set the correct rental prices that ensure your property is competitive, secure tenants quickly, and generate income for an extended period. However, initial reluctance on the price you decided on is understandable, especially for new landlords.
Consider working with a professional Golden property management expert for the essential services you need in managing your rental property. Handling the tasks involved in property management can be easy and efficient when you have someone on your side who knows how they work.
Reach out to Laurel Property Services, Inc. Our team has extensive experience in the industry and we proudly offer the most comprehensive property management Golden, CO, has seen. We are eager to resolve any concerns about pricing and can point you in the right direction. Get in touch today.