When I visit a property for the first time, I have already done 75% of my research on the property before I arrive. I have researched school district boundaries, local amenities, HOA presence and other facets of the property. So, when I pull up and meet the owners for the first time, I am armed with good data. Data is extremely important when pricing a property for the rental market.
Once I have arrived, I am looking at the condition of the home, the condition of the neighborhood, and anything else a potential tenant would consider important. I am looking at the property through a prospective tenant’s eyes. Once I have done a thorough and calculated review of the property, it is time to discuss the most important detail to the owner: the rental price. If we consider that average monthly rent in Northern Colorado is $1200, we know that for every day a property sits vacant, the owner is missing out on $40. That can add up quickly and become problematic if the property is priced too high.
Fortunately, many of my owners are surprised (or relieved) about the prices I quote. So, the question is, how are we able to get a premium price for a property? One key to getting the highest price is a well-positioned marketing program. The more prospective tenants you can attract, the quicker a property can be occupied.
At the end of the day, setting the price of a property takes an experienced person who understands the Northern Colorado rental market. If you have a property in Fort Collins, Loveland, Windsor, Timnath, Wellington, Greeley, or the surrounding area, contact us for your property management needs today.