Peak vacation season in Kissimmee, Florida is your opportunity to launch a lucrative short-term rental portfolio.
Owning a second home in the area could be a launching pad for subsequent purchases. Roughly 9 million people visit the county per year. There's also plenty of opportunity during shoulder seasons, as well.
Your first step is to craft a plan for generating profit from your vacation rental property.
In this post, you'll learn how to find the right property manager, attract the right guests, and get your rental ready for peak season.
Why Hire a Property Manager?
If you're unsure about hiring a property manager, start by adding up a list of responsibilities.
Consider the following points:
- Repairs and upgrades
- Vacation property marketing
- Tenant Screening
- Rent collection
- Financial accounting
- Routine property maintenance
The above checklist is a lot for one person to handle. However, a property manager is experienced in all these areas and will create a custom strategy for your portfolio.
First, start with a rental analysis to understand your property's current value and opportunities. Next, book an initial consultation to learn more about the property management process.
You'll learn that property managers leverage digital platforms like tenant and owner portals. For example, tenants can submit property requests and pay rent. Owners can also streamline communication with their property manager.
You don't even have to worry about building a website for your vacation rental. Your property management company will have its own website you can use for marketing.
Vacation Rental Property Marketing
The previous point is crucial for vacation rental portfolios.
Your rental is part of a complete Florida vacation experience. Thus, you have to invest in a creative marketing strategy, even more than typical residential properties.
For example, short-term guests expect furnished property rentals.
Before you list a property for rent, take inventory of your current furnishings. Upgrading couches, bedroom furniture, home entertainment systems, tables, and offices can go a long way. Invest in more upgrades like fresh interior paint, creative kitchen backsplashes, new appliances, and tranquil porch design.
You want your vacation rentals to stand out in listing photos. Consider remodeling your rental with a theme like nautical, cottage, or mid-century modern style.
Remember, guests are looking for an experience. Include welcome packages for short-term rentals. These marketing baskets could include travel maps, coffee mugs, sunglasses, snacks, and gift cards. Snap a pick of your swag for vacation rental listings, too.
Screen For the Perfect Guest
A good rule of thumb is to define your "ideal guest" before listing your property. This rule will help you filter out applicants, narrowing your pool to only the best candidates.
Go beyond the basic background check and avoid online services. Most of those sites only aggregate information from social media and much of it is unreliable data.
An experienced property manager will rigorously screen applicants using official databases like national criminal databases. They can uncover information about eviction history, landlord-tenant relations, rent collection, and current employers.
Create the Ultimate Florida Vacation Experience
Take your vacation home to the next level by offering guests a real Florida experience. Take note of the above tips when preparing your vacation rental property for rent.
PMI Trust is a leader in vacation property management. Learn more about our services, visit the blog, or call us to talk to a property manager.
