You already know this, but one of the best things about owning a rental property in Florida is having your own personal retreat. A place to kick back and unwind, forgetting about the cares of the day-to-day grind back home. Plus, taking a vacation is easy when the only thing you need to do is get to your destination. Not to mention, when you’re not using it for yourself, you can rent it out and have a constant source of income (thanks, Air BNB!)
Here are four tips from successful vacation rental landlords to get the most out of your experience:
Know your busy season (and be ready!)
South Florida’s peak tourism season falls during the wintertime, typically from mid-October through mid-April. Plan ahead and make sure your property is in tip-top shape to accommodate a constant flow of vacationers. Also, higher demand means higher rental prices. Get the biggest bang for your buck, but be careful to keep your prices competitive with nearby rentals.
Keep an eye on the competition
Be on the look out for new rental properties popping up in your area. Nothing crushes the competition like a brand new condominium being built right down the street. Property owners adjust their rates throughout the year to match the current demand, which could either help or hurt your own listing. Stay up to date on new developments in your area and be ready to adjust your rates to stay competitive.
Don’t underestimate the value in updates and upgrades
Savvy vacationers want rentals in the right area at the right price, but the details are what will really sell your property. Invest in a good camera or pay a professional photographer to capture quality images of your property for an online listing. Upgrade your interior with modern finishes and update any outdated fixtures or appliances. Find clever ways to maximize your space and accommodate the largest number of potential guests.
Entrust your rental with a licensed home watch and concierge service
When you’re not at your rental property, you need someone you can trust to keep an eye on things. Hiring a licensed, bonded, professional home watch and concierge service is one of the best decisions you can make as a landlord. They’ll make sure your home away from home is safe and in tip-top condition and will keep you posted if anything requires your attention. We offer a number of valuable services that offer peace of mind while protecting your investment.