Florida has the largest share of vacation homes in the US. Kissisissme alone is known as the vacation home capital of the world.
There's no better time to get in on this valuable market, but how can you do so while still ensuring you make money?
Read on for tips for success and profit with a vacation rental property.
Know How to Choose a Rental Property
Location is essential when thinking about how to choose a rental property. Look for one that's close to local transportation and attractions such as:
- City centers
- Beaches
- Theme parks
This alone isn't enough. The ideal vacation property has unique features that set it apart.
Price Strategically
Pricing a vacation rental isn't a simple task. You have to account for dips in occupancy during slow seasons.
Use a dynamic pricing model. It sets rates for your vacation rental property based on factors such as:
- Demand
- Seasonality
- Local events
- Competitor pricing
Manage the Finances
Track key performance indicators such as:
- Occupancy rates
- ADR or average daily rate
- Total vacation rental revenue
- ROI or return on investment
Create a careful budget but set aside an emergency fund for unplanned issues. Florida is known for hurricanes. The 2023 season broke records for most named storms in a year.
Set your cleaning fees based on the size and location of your property. Add in pet fees if you're allowing pets.
Get professionals to help with taxes and get the proper deductions for:
- Maintenance
- Utilities
- Insurance
- Property management fees
- Depreciation
Effective Marketing
One of the better vacation rental tips in terms of marketing is to personalize. Picture your ideal guest. This allows you to send personalized marketing messages. They're more effective than general inquiries.
Create compelling listings on multiple sites. Use intriguing text that highlights the property's unique features. Use professional photography to show it off visually.
Past guests can also help you get more leads. Send them personalized messages to encourage repeat bookings.
Provide an Excellent Guest Experience
Screen all your guests. It helps you get closer to the goal of getting the ideal guest who pays rent on time and doesn't cause any disruptions every time.
Offer clear check-in instructions. Leave a welcome gift along with the rulebook. Communicate with your guests and be responsive to their needs.
Property cleanliness has a major impact on guest experience, inside and out. Invest in minor maintenance to avoid major repairs later.
The best vacation rentals offer personalized touches and amenities to make guests' stays even better such as:
- WiFi
- Updated appliances or kitchens
- Smart TVs
- Free parking
- Hot tubs or pools
Following these vacation stay tips is essential because a vacation rental property lives or dies by its reviews. Provide great experiences to encourage positive ones and follow up on feedback in negative ones.
Where to Find Vacation Rental Property Management
Having a successful vacation rental property means picking the right property, pricing strategically, managing the finances, creating personalized marketing, and giving guests the best possible stay.
PMI Orlando MyPlace serves Windsor at Westside, Solara, and surrounding communities. Our experienced team has a wide range of local and industry knowledge.
We provide full-service property management services. Contact us to see how we can maximize your investment's earning potential now and help it grow over time.
