August 6, 2010, Newsletter Issue #195: How to Market Property in Denver Apartments for Rent Ads

Tip of the Week

As all landlords are aware, vacancies or having the “wrong” tenants can be much more than aggravating; it is expensive. Effectively marketing your rental property is often as important as the quality and location of the real estate itself. Here are some tips to help you market your Denver home rentals.

Learn all you can about your market. The Denver-area market has changed noticeably in the past decade. The three new sports arenas and stadiums have induced a high level of development and renovation. The market of the early 1990’s has changed. Learn all you can about your competition. Knowledge is power and it’s there for you to use. Make no mistake; there is a lot of competition in the Denver apartments for rent market. The wide ranging development and makeover that has occurred in the Denver area has increased the number of apartments in Denver available for rent. Be honest with yourself and learn where your rental property, whether it falls into the apartments or house rentals in Denver category, ranks in relation to its direct competition. Price your Colorado rentals properly. Because of the volume of inventory in the area, pricing Colorado apartments for rent takes on added attention and importance. As you study your competition (see tip above), pay close attention to more than size, appearance, and amenities of competitive properties. Perform a competitive rental comparison. Decide on your priority: maximum rent and income or minimal vacancy. With heavy competition, you may have to wait a bit to maximize your income. If that’s not a problem, go for it. If you want to lessen vacancy, set your price at the lower end of rental prices in your specific competitive range. Strive for maximum exposure of your home rentals Denver. A small newspaper ad or giving an exclusive listing to a reputable rental agency may not be sufficient in this competitive market. Consider listing your apartments in Denver online to dramatically increase your Colorado rental's exposure. Instead of local marketing, why not try global marketing? An Internet based marketing plan will expose your Denver home rentals to the universe. To paraphrase a well known idea, “think locally, market globally.” Use your business ability and the power of the ‘Net to market your Denver apartments for rent to the widest possible audience. You will attract a good mix of potential tenants at a price you like and minimize vacancy.

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