According to Business Insider, home prices in Florida have dropped by 12% this year. There's no better time to get into the real estate game than right now. You can do this by buying residential properties or renting out your current home.
The best period to rent out your house or property is during vacation. Read on to learn essential tips for managing short-term home rentals.
Conduct Research on the Local Market
Before you embark on the home rental process, learn about the local real estate market. This action will help you understand how much to rent out your house. Short-term vacation rentals usually have similar rates, so you'll want to find a way to edge out the competition.
When setting the rates, consider factors such as:
- The condition of the home and available amenities
- Size of the property
- Fluctuations in demand
Conducting market research can also give you additional insights on how to maximize your income. It's best to use a dynamic pricing model that focuses on demand, local events' popularity, and competitors' prices.
Market research can be a time-consuming and tedious process, but a property management company already understands the local market. We can provide you with the tips you need for maximizing rental income.
Market the Property
Your occupancy rates will remain low if you don't market the property well. Get the word out and ensure prospective guests understand what they would get by choosing your short-term home rental.
Create personalized marketing strategies that can appeal to the specific target market you want. Whether it's families, couples, or single individuals, ensure your marketing messages align with your needs.
Effective marketing is a skill that requires expertise. You can hire a professional property manager to ensure no or limited vacancies during the vacation season. Some of the things a professional would do include:
- Taking professional-grade photographs of the property
- Marketing through digital and offline channels
- Reaching out to past guests and having them give their feedback
- Creating persuasive listings on different websites
Prepare Your House
One of the most common vacation rental mistakes homeowners make is failing to adequately prepare their property before putting it on the market. Assess the property and address any outstanding issues. Getting rental insurance is also a good idea to safeguard your assets.
Do repair and maintenance if necessary to upgrade the property. Vacation rental hosting isn't just about the building or the amenities. It's about creating an experience that your guests will enjoy from start to finish.
After preparing your property, get ready to welcome any visitors by setting some standard policies such as:
- Acceptable noise levels
- Check-in and check-out times
- Policies on pets
Florida receives over 140 million people, and a short-term rental is a sure way of earning passive income in different seasons.
Rent Out Your House this Vacation
A successful short-term vacation property is a worthwhile venture. But a lot goes into finding the best strategy to rent out your house.
PMI Orlando MyPlace can help market the property, find suitable guests, and use dynamic pricing. Our team will also go above and beyond to ensure your guests have the best time during their stay. Contact us today to schedule a consultation.
