If you own a vacation property in a high-tourism spot, it is essential that you properly manage it to draw in travelers. Whether you are a far-away owner or right there in the vicinity of your rental, here are a few ideas from specialists on taking care of a short-term rental:
1. Price the Property Properly
The rate of a vacation property can shift depending on the time of year due to the vacation industry. Investors should be conscious of the rental rates and compare them to other short-term rentals, Airbnbs, etc. If your home is in a prime area, you can raise the rent during peak season. Conversely, you may need to lower the rate for the rest of the year to be competitive with other residential properties. If you are uncertain about the best rate for your vacation home, look for a property management firm that can research the market for you.
2. Update Listing Information
Keep your rental property up-to-date and ensure all laws and regulations regarding short-term rentals are followed. This will help ensure that your guests have a great experience and that you don't receive negative reviews. Being proactive in this regard will help to ensure that your short-term rental is a success.
3. Stay Updated with the Laws
Anyone renting out their vacation home must be aware of their state's legal requirements. You should never assume that the regulations for renting out a residential property are the same as those for a vacation property. Before renting out your home, ensure you know the laws and regulations for vacation rentals in your area. You may need to acquire permits, pay fees, and even be required to stay at the property for a certain amount each year.
4. Invest in a Smart Home Security System
If you own a vacation home, investing in a smart home security system is important to protect it while it is vacant. This can include motion-sensing lights, cameras, and more. You can also hire a property manager to check the house regularly. Smart locks with cameras can also be installed. These should be configured to contact the police if movement in the home is detected when it is supposed to be empty. Cameras should not be pointed inside the vacation rental as this would violate the tenant's privacy. Cameras should be pointed outside the rental property, not at a neighbor's house.
5. Be Available for Short-Term Tenants
From the start, ensure the short-term tenants that you are there to help. Let them know that you are their main point of contact and that they can reach you anytime. Provide them with your contact information, such as a phone number they can save on their cellular devices and other ways to reach you in an emergency, like a corded line. Ensure your short-term tenants know you will be available throughout their stay until they check out.
Managing a vacation rental can be a rewarding experience for landlords if they take the time to plan and stay organized. By following the five tips outlined in this article, landlords can maximize their rental income while ensuring their vacation rental is well managed. At Quest Real Estate, our full-service real estate company has helped clients throughout Northeast Florida since 1985. We specialize in residential and commercial property management, including single-family investment homes, commercial office buildings, restaurant and retail centers, and boutiques. Whether you are buying or selling a property or want to relieve yourself of the burden of day-to-day operations, we can help. If you need property management services in Jacksonville, FL, call us today at (904) 373-9171 for a free quote!