If you haven't yet gotten into the rental property business, you are seriously missing out. Rents are at some of their highest in history, with the average rent price sitting at a cool $1,300.
Of course, that's only considering the average monthly rent for tenants in a year-long lease. Some with a rental property are able to triple or quadruple their earnings. They do this by simply switching to another market: the vacation home market.
If you plan to rent out your house for vacation in Orlando, Florida, what do you need to know? We answer all of your questions and more in this bite-size guide.
Rent Out Your House for a Good Price
The hardest part of the process is determining how much you can make with a short-term rental. Rental income is based on a day-by-day basis for short stays. In addition to other things you need to know about renting out a vacation property (like local laws), you should know your demographic.
Your home may be a high-priced, luxury spot in a good neighborhood - and thus command high prices. It might be in a less ideal location, one that's far away from tourist attractions - and thus be worth less. Look at similar short-term rentals in your area and find a good ballpark asking price.
Be a Responsive Landlord
Studies have shown that negative reviews have a powerful influence on purchasing decisions. Your vacation house is no exception. People are going to leave heartfelt reviews about their experience, especially if they had a bad time.
Long story short, be the best possible landlord you can be. Respond to tenants as soon as you possibly can, and handle their concerns in a timely fashion. Be polite, friendly, and positive regardless of the situation.
Treating them with respect and treating them right will both boost your reviews significantly.
Market Well
You might well have an excellent rental property with wonderful amenities in the perfect place. None of that matters, though, if the marketing is off. All it takes is one incorrect detail or one poor marketing strategy to tank your monthly earnings.
There are many ways that you can optimize your rental listing. Get professional pictures taken, upgrade the place with desirable amenities, and perhaps change the headline. Doing something as simple as improving rental SEO can go a long, long way.
Get Property Management
At the end of the day, it's a lot of work to manage even one rental property. Now imagine that you have two, or three, or even more!
This is where property management can be a boon. Consider hiring a property management company to maximize your earnings. You'll get back your free time for the things that matter most.
Manage With PMI Orlando MyPlace
If you choose to rent out your house as a vacation home, there are a few things you should keep in mind. Find the right price for your rental and be the best landlord you can be. In addition to marketing the place well, you might also consider getting property management.
Speaking of property management, PMI Orlando MyPlace is where it's at in Orlando, Florida. Our team has decades of experience and uses state-of-the-art technology to boost your rental income. Begin the process towards a better renting future with our free consultation.
