Property management is one of the profitable businesses that you can start and build massive wealth within a very short period. Many people, especially in developed countries such as the U.S. have realized how profitable this business is. The market is already flooded with individual property managers and property management firms. However, this does not mean there isn’t room for new aspiring entrants to venture into the business. All that you need is to get your resources ready and try your luck in the upcoming neighborhoods of Denver where it’s still unsaturated. New properties are constructed in these developing neighborhoods and you are likely to find clients looking for property managers to take care of their investments. If you are aspiring to start a property management firm in Denver, the following are the major developing neighborhoods that you should consider targeting.
1. Villa Park
This is one of the quickest growing neighborhoods in Denver where real estate is not yet overpriced. Villa Park is a block-to-block type of neighborhood and most of the houses have their own charms. It is worth noting that Villa Park is a multicultural area and many people from different parts of the country have bought or rented their homes. The area of Villa Park is actually similar to how Five Points was about a decade ago and its livability is improving year after year. The good thing with Villa Park is that it has some of the most affordable houses in Denver that have attracted many first-time real estate investors. Many investors are buying homes in Villa Park so that they can rent and generate some income. This makes Villa Park one of the areas that you should consider venturing into if you are a new property manager in Denver. The competition is relatively low and you can get real estate clients (both property owners and possible tenants) very easily.
Littleton is one of the developing neighborhoods in Denver that have undergone a rapid transition in the recent years. However, it is not yet fully developed and houses are not very expensive. The average price for a home in Littleton Co, by 2015 was below $300000, making it one of the areas with the most affordable housing in Denver. It is worth noting that Littleton is a few minutes from an urban center and many Millennials are finding Littleton a suitable place to rent their first homes. There are adequate buses operating throughout the area and it is also suitable for those who love biking.
3. Chaffee Park
Other than being ranked among the safest neighborhoods in Denver, Chaffee Park is also popular for its housing affordability. In fact, the majority of the locals love Chaffee Park, and it is the outsiders who give the region bad reputation. Social amenities are readily available and means of transport to and from other parts of Denver is not a problem. Many first-time real estate investors in Denver are considering buying their properties in Chaffee Park. Rental investment is growing rapidly in Chaffee Park and if you’re an aspiring property manager or broker, this is a great place to make your mark.
4. East Colfax
Many people have associated Colfax with a bad reputation and nothing desirable. However, East Colfax has been undergoing a transition in the last five years. Its real estate has been doing very well in recent years and the area is gradually catching up with the rest of the Denver. Many people have started to love the neighborhood and the number of real estate investors willing to buy properties there is on the rise. Basic social amenities are now available in East Colfax and the local government has invested a lot of money to provide good infrastructure in the region. Consequently, the number of possible tenants looking for homes to buy and rent in this neighborhood has increased consistently. This makes the East Colfax area one of the promising neighborhoods for a property manager in Denver.