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How to plan your vacation rental business efficiently.
by
Kenny Doucette
What does it take to rent out vacation homes in Florida?
Gone are the days when anyone planning to rent vacation homes depended on the services of property management companies. Nowadays most of the vacation homes are indeed rented directly by the owners themselves.
For starters, Vacation homes are no longer the domain of the wealthy. Anyone who is ready to put in reasonable enough time and effort can take a plunge into this lucrative business. Self-renting vacation homes as a concept is catching fire nationwide because of the win-win situation that it possibly creates for both the owner and the customer. While the owner can eliminate the middleman (the property management company) who actually earns 30 to 40 percent of the rental charges, the customer, on his part, enjoys possibly lower rentals.
The flip side of self-renting method is when your property is located in a far off location. In such situation, it could be difficult and time consuming to look for customers. You could have no option but to try considering listing your property with a rental property management company in your area. These companies usually charge a percentage of rental income for their services, but the benefits of turning over rental management responsibilities to a property manager could outweigh the costs.
However, if you reside in the vicinity of your vacation home, then you could forget about the management company and possibly put in little bit extra effort and do all the management-work yourself and in the process, increase the value of your vacation home.
In order to increase the value, you could:
- Develop a beautiful landscaped area around your home in accordance with the local trends;
- Earmark some portion of the property as fun area in order to attract the younger ones as guests;
- Provide some relaxation zones within the confines of your vacation home; and
- Hire a caretaker, who would help you manage the property as well assist you in maintaining and grooming the vacation home.
Once you have decided to rent out your vacation home, then comes the difficult task of marketing /advertising your property amongst the potential customers. In fact, the Internet is the best way to do it. A reasonably planned strategic Internet marketing could get you lots of customers for your vacation home. In fact there are ways where the prospective customers need not hunt in for colored catalogs for vacation home rentals. They could just do a Google search for vacation rentals and they get all the listings available on the net. If you want to make sure that your property is fully booked, you have got to find a way to plug into this trend. In fact, creating your own web site is also an excellent idea.
Once you start tapping the incredible power of the electronic world, quickly learn about any legal ramifications of renting your vacation home. Whether you rent it for few months or whole year there are legal and taxation issues that needs to be addressed at the outset itself. Towards this, you need to research about rules and regulations governing rentals in the area where your vacation home is located. One thing to remember is that from taxation standpoint, the longer the property is rented, the better it is for you. As it would allow to claim house related expenses like insurance etc as business deductions.
All in all, whether your property is a condo in Florida, a ski chalet in Colorado, or something in between, start enjoying the benefits of your own marvelous home away from home. It would not only be a legacy that you leave behind for your children, but also financial security for them as well. So go ahead and make the first move. You will be amazed at the potential that is there within your reach.
Kenny Doucette has written for several travel publications and operates
Florida Vacation Rentals
portal. Visit
Kenny’s blog
to know more about
renting condos
.
Article Source:
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