The idyllic sandy shores of Southwest Florida’s beaches surround its peaceful and easy going towns to create a coastal paradise. The region's one-of-a-kind way of life for retirees and families alike makes it abundantly clear why it’s the nation’s hottest destination for vacation homes. In a report done by Business Insider on the percentage of vacation homes in U.S. towns, Florida dominated the top 11 spots for the country. And a majority of those towns were right here in Southwest Florida.
Investing in a vacation rental in the bustling Southwest Florida market can be overwhelming, especially for first time investors. Luckily, we’ve got you covered with some best practices and things to watch out for when owning a Southwest Florida vacation rental property.
Understanding the Southwest Florida Vacation Rental Market
The first step for any real estate venture is finding the right investment property for you. Vacation rentals are no different, but require some special considerations. For instance, is a property you find better suited as a vacation rental or seasonal rental? Once you’ve determined a property is a vacation home, now you have to determine if it’s the right investment.
There are a number of factors unique to good vacation rentals in the region. Location is always a key factor in a property’s investment potential. How is it located in relation to nearby beaches, recreation, downtown areas, or theme parks? These are going to be the driving factors behind guests' decisions.
The condition of the property is a common concern as well. Depending on the costs of repairs, sometimes buying a fixer upper can save you money on the mortgage in the long run. It’s important to keep in mind that vacationers will want updated amenities as well. All of this in addition to the cash flow of the property contribute to an ideal vacation property investment.
Preparing Your Vacation Property for Guests
Perhaps one of the most obvious differences between running a vacation rental as opposed to residential is how guests will use the space. People come to your vacation rental to relax and have fun, so it should be furnished accordingly. Some property owners might even consider hiring an interior designer to make their space extra attractive to vacationers.
Preparation goes beyond just making the space enjoyable though. It also entails the security of your property. Damage to the property from guests is a real concern with short term stays, so setting proper house guidelines is important. So is keeping your property secure when you or guests are not in it. That’s why we always recommend a home watch service.
Marketing and Advertising Your Vacation Rental
Once the property is ready and secured for your guests, you’re going to need to attract people to your rental. This can be the trickiest part for property investors, especially those with little to no marketing experience. Understanding what makes your vacation rental special and being able to present that to clients differs depending on the platform you're advertising on.
Leveraging various social media platforms and other digital channels is going to be the best way to spread the word about your vacation property. It also gives clients a way to interact with you. Visual content is always great for vacation properties as well when utilized correctly. If you need help with marketing and advertising your property, property management companies like Gulf Coast Property Management can handle this for you.
Cleaning and Maintenance Protocols
One of the most regular duties for a vacation rental is maintenance and especially cleaning. While the cleaning part may seem simple, there’s a number of housekeeping best practices to keep in mind. It’s also crucial for making guests feel comfortable so they come back to you. Things like triple sheeting your beds will ensure guests see your rental as luxurious.
Property maintenance is also something that you have to stay on top of. No one wants to stay at a vacation home with maintenance issues; it’s a quick way to scare off guests. This requires an attention to detail to avoid issues before they happen. Regular inspections are necessary. We always perform inspections before and after every guest stay.
Maximizing Revenue and Profitability
There’s much more to the business of vacation rentals than just finding a good property and renting it out. You have to understand the various costs associated with it to minimize them. You also have to be able to ensure you can bring in revenue even when it’s out of season. Seasonal pricing strategies on your rental can assist with this.
There are a number of measures we employ to cut costs for our owners. Regular inspections are one of them. But so are the use of energy-efficient features in the homes. Appliances, thermostats, and heating/air units are excellent ways to cut costs when going energy efficient.
Dealing with Challenges and Problem Guests
When running a vacation rental, damage is going to happen inevitably. A good property manager is going to have preventive measures in place and know how to handle it when it does. Thorough documentation is a must in case you have to pursue legal action. It’s also important to be objective with damage. Some owners let easily repairable issues slide for otherwise excellent tenants.
Just like any rental, you can screen your guests for your vacation property to secure yourself. There are differing opinions on if this is necessary, but we always suggest at least having a minimum age requirement for your rental. This is a standard requirement or “house rule” akin to maximum guests allowed and if you allow events on your property.
Southwest Florida Vacation Management
Managing a vacation rental in Southwest Florida can be incredibly fun and rewarding, but it’s not always sunshine and sandy beaches. But with proper preparation and a top tier property management company on your side, you couldn’t be in a better place for your investment.
Gulf Coast Property Management services Sarasota, Manatee, Lee, and Charlotte county. Since 2003, we’ve been dedicated to taking care of our clients' homes and making sure they succeed in all avenues of their investment.
Check out our vacation management packages to find the best services you need for your vacation rental.
.png)