Between its easy access to a jaw-dropping mountain range and a thriving urban center, it’s no surprise that Denver, Colorado is one of the most popular cities for renters and rental property investors. If you’re looking to invest in the Mile High City, you should - but don’t make the mistake of doing it alone.
To maximize your return on investment, or ROI, you should consider hiring a Denver real estate management team. Having dedicated professionals handling the day-to-day tasks of rental property management can increase your profitability while keeping tenants satisfied.
Before we dive into the difference a great Denver real estate management team can make, let’s examine the market itself.
Why Denver is a Hot Market for Rental Property Investments
Whether you’re looking for a Denver real estate management team or you prefer roughing it solo, there’s no confusion about what makes this city perfect for investors. Some of the highlights include:
Population Growth and Migration Trends: Denver real estate management companies and renters aren’t the only ones who have picked up on the city’s offerings. According to the World Population Review, “Denver ranks 11th on the list of cities in the country with the most significant addition of residents, [and] the state of Colorado is the second fastest growing state in the US, driven in large part by growth in the Denver metro area.” With a healthy influx of professionals, outdoor enthusiasts, and remote workers, the tenant pool of Denver grows deeper by the day.
Thriving Job Market: Denver’s economy is thriving, particularly in the tech, healthcare, and green energy sectors, which are driving consistent demand. And the grind is paying off - the average Denverite earns $61,202 per capita annually, which is an incredible 41.4% higher than the average American’s per capita at $43,289.
High Quality of Life: According to US News, Denver offers access to “more than 5,000 acres of parks, trails, golf courses and playgrounds” along with 150+ breweries and a flourishing art scene. In short, there’s something for everyone in Denver.
Rising Property Values: Per Redfin, the median Denver home price is $580K, which is 36% higher than the national average. That’s an astonishing 8.7% appreciation rate year over year - more than twice the national average appreciation rate of 4.27%.
How Denver Real Estate Management Enhances ROI
The best way to keep your passive income passive is to hire a Denver real estate management company, like Evernest. A Denver real estate management group boasts a wealth of benefits, including:
Time and Effort Savings: Your Denver real estate management handles day-to-day tasks, like raddressing maintenance issues and collecting rent - giving you time to focus on other things.
Market Expertise: What can you expect when working with a high-quality Denver real estate management team? Your rental property manager will provide accurate pricing to ensure a healthy ROI along with legal compliance and tenant screening tailored to Denver.
Preventive Maintenance: A Denver real estate management team should handle both reactive and preventative maintenance. A good property manager will keep your rental in top shape, reducing costly repairs.
Tenant Satisfaction and Retention: Keeping tenants satisfied is a hallmark of great Denver real estate management - and for good reason. Enhancing the tenant experience leads to longer leases and reduced turnover.
If you’re still not sure whether you should hire a Denver real estate management team, let’s discuss some of the most common mistakes investors make that lower their ROI.
Common Mistakes That Can Lower ROI in Denver Rental Properties
Without a trustworthy Denver real estate management team behind you, it can be easy to stumble into a situation that actually lowers your ROI. Whether you opt to make your passive income easily or prefer toughing it out alone, it’s important that you avoid:
Setting incorrect rental prices that lead to vacancies or underperformance
Delaying maintenance, resulting in expensive repairs
Practicing poor tenant communication, leading to dissatisfaction and high turnover
Ignoring local rental laws, risking fines or legal disputes
If that sounds too complicated, don’t worry. There are fantastic local Denver real estate companies like Evernest ready to help. Still not convinced? It’s time to examine the benefits of hiring a Denver real estate management team.
Benefits of Hiring a Local Denver Property Management Company
The best part about real estate investments is that you’re not required to do everything yourself. You can bring in an excellent Denver real estate management team to handle everything for you. Beyond their real estate knowledge, such a team offers:
Local Expertise: Cash in on their knowledge of neighborhood trends in areas like Capitol Hill, RiNo, and Highlands.
Network of Trusted Contractors: Don’t worry about spinning through your Rolodex, hoping to find a trustworthy contractor. A local Denver real estate management team has access to the quick, affordable maintenance solutions you (and your tenants) need.
Tailored Services: Your investor goals are unique, so your management team should be too. Evernest offers customized management based on property type and owner goals designed to bring your vision to life.
Wrapping Up: Is Denver Real Estate Management the Key to Maximizing ROI?
The answer is clear: Denver real estate management is the key to maximizing your ROI. Having a local team available to handle day-to-day tasks, like tenant screening and collecting rent, enables you to keep earning a healthy ROI with limited involvement. Their expertise and vast network of contractors will help you and your tenants enjoy your rental property, leading to higher ROI than a messy DIY situation.
If you’d like to amplify your ROI without increasing your workload, contact Evernest Denver today. We look forward to helping you maximize your rental income while minimizing your stress!
