With cold weather kicking in further north and the holidays coming up soon, high season has already begun in Florida. The busy season is a great time to rent out your home because you’re highly likely to find renters and can get very favorable rates. If you’re thinking about renting out your Florida home in the high season, these are some tips on how to get the most out of your vacation rental.
Research Regulations
Homeowners in Florida are legally allowed to rent out their homes to short-term renters, however, you must have a license to do so. In addition, you will have to pay federal taxes on your rental income. Different counties, neighborhoods and homeowner’s associations may also have additional rules about short-term rentals. Be sure to do your research before you rent to make sure you are abiding by the regulations.
Price Your Home Properly
Setting rental rates can be tricky. Price too high and you might turn away potential renters. Price too low and you could be losing out on profit. One way to determine a fair rental rate is to look at other similar short-term rentals. Look at how much they charge for different time periods such as week days, holidays and weekends. Are they consistently booked or only partially booked? What are they offering and can you offer the same?
Make Your Home Appealing to Renters
With so many Florida vacation rentals on the market, you need to ensure yours stands out from the competition. Think about what you would want as a guest in a vacation rental. At the very least, your home should be exceptionally clean. Some other must-haves include comfortable furniture, contemporary appliances, air conditioning and internet access. You may want to add additional perks like toiletries, snacks, pool toys or beach towels.
Write an Accurate and Attractive Description
If you’re planning on using an online platform to rent out your home, such as Airbnb or VRBO, you’ll need to write a description of your home to let renters know what they can expect. The key is to be as accurate as possible, while still making your home sound amazing. Highlight attractive features such as beach access, a swimming pool, Smart home technology, or neighborhood perks. Be honest about any aspects that might be an issue such as a lack of parking or noise from traffic.
Provide Great Customer Service
The happier your guests are during their stay at your home, the more likely they will be to leave a positive review that can influence other potential renters. Be communicative throughout the rental process and willing to answer any questions your guests might have. Have a plan in place in case anything goes wrong such as broken appliances or power outages. Be available, while still allowing your guests privacy.
Use a Property Management Company
While many people do manage their own vacation properties, it can be a very stressful and time-consuming task. A property management company can do all the hard work for you, from listing and marketing the property to handling guest service and ensuring your property is cleaned between renters and maintained over the long-term. That way you can focus on your other responsibilities while your home makes profit for you.
Are you considering renting out your Florida home this high season? The Real Estate Collection offers comprehensive property management solutions for all types of homes. Contact us here or call our Central Florida office at 407-656-7814 or our South Florida office at 954-760-5885 to speak to one of our experts about a free rental analysis, property management services, or buying and selling investment properties.
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