Do you own a vacation rental property? Are you wondering if you’re doing enough to attract new guests while keeping up with your day-to-day responsibilities? If so, then you need to learn more about vacation rental management.
The vacation rental industry generated over $230 billion in 2019. Seventy-two percent of travelers say that a vacation rental adds to their quality of life. Conferences, weddings, and anniversaries play a part in this industry boom.
Significantly increase your earning potential by attracting more guests and keeping your rental profitable. To do so, you might need to find a vacation rental management service.
Are you unsure what to expect from rental management in Florida? Here are ten benefits of contracting for vacation rental management for your properties.
1. Use a Vacation Rental Management Service to Promote Your Properties
A crucial component of vacation rental management is the screening process. Unlike long-term rentals, owners can potentially deal with thirty to fifty renters a year. The repeat turnover has led to the success of vacation rental apps like Airbnb, VRBO, and Flipkey.
Property owners are starting to realize the benefits of these apps but may not understand how to take advantage of all they offer.
One of the benefits of a vacation rental management service is having someone skilled in creating property listings. They know which apps are best suited for your property. In addition, they can create the property description.
Showing your vacation rental in the best light will increase interest. Couple your professional description with high-resolution to receive optimal performance for listings. Choosing a local company makes it easier to capture professional images and videos.
You can choose to have your property listed on the following apps:
- AIRBNB
- VRBO
- FlipKey
- Expedia
- Booking.com
Remember, the more exposure, the greater chance of consistent occupancy. The property management company will provide analytics on the success of each listing. Down the road, you can decide to keep the listings or move forward with the ones with the most significant traffic.
2. Convenience and Stress-Free
The greatest benefit of property investment is the lifestyle it affords investors. Listing your property on a site like Airbnb doesn’t take the hassle out of managing the property. Hiring an Airbnb management company allows you to spend more time on the golf course or vacationing around the world.
Let’s be honest. You have a commodity that is in high demand. Plus, it provides a stream of income that is limitless in potential.
People choose short-term rentals for a variety of reasons. It could be due to a home renovation or family summer vacations. A vacation rental management company takes on the day-to-day operations.
You no longer have to stress over whether the property is ready for the next guest. There is no need to ask a nearby neighbor to keep an eye on the property or call if they have seen anything strange taking place.
Instead, you can go about your business with the assurance that everything is taken care of and on time. Your biggest concern is checking to ensure your funds get deposited on schedule.
3. More Money in Your Pocket
The Tampa Bay area is currently one of the hottest real estate markets in the country. Located along the I-4 corridor and close proximity to the Gulf beaches, it is prime for vacation home rentals.
Tampa is a vacation hotspot. However, there is another market for short-term rentals. Businesses are moving to the area, increasing the demand for temporary relocation accommodations.
Whether you’re dealing with families or corporate accounts, you must take pride in your rentals in order to succeed. A customer showing up to an unkempt rental is a potential disaster. Not only can you lose money on the reservation, but you can also get penalized by Airbnb.
Add to that, the customer is sure to leave a bad rating.
Investing in vacation rental management services to maintain your property means more money in your pocket. Owning vacation rentals comes with a long list of responsibilities that include:
- Airbnb management
- Cleaning services
- Lawn maintenance
- Check-in and Check-out
When you contract with Airbnb rental management in Florida, you save money on these services. The company will offer an all-inclusive package that is less expensive than contracting out these services individually.
There is no interviewing contractors or finding last-minute replacements if someone doesn’t show up.
4. Flexibility in Bookings
Florida is the sunshine state, and you’re sure to have renters year-round.
Without Airbnb property management in Tampa or other areas, bookings get limited if the owner is not local. This dilemma gets magnified when the property owner handles everything internally.
Rentals get based on the owner’s availability. If you’re away on business or otherwise incapacitated, you may need to cancel a reservation unless you have someone to step in and provide assistance.
Property management services ensure someone is always available to handle bookings. It doesn’t matter the time of year or if it’s a holiday.
By having flexibility in property availability, you maximize your earning potential. The properties can get turned over faster, allowing for new guests within 24 hours of the last guest’s departure.
The increase in rentals will help pay the expense of contracting with a vacation rental management service company. Plus, it builds your reputation score, making your property a hot commodity among renters.
5. Access to a Wider Network
Social media has grown since its inception around 2004. No longer is it used for staying connected with family and friends. Today, businesses rely on social media to connect with their target audience.
A vacation rental management service can increase your digital presence. For property owners, that’s a broad audience. It includes everyone in need of a temporary place to stay.
The added exposure means more rental opportunities and a better return on investment.
People use different means to locate the best short-term rental properties. The management company’s role is to gain exposure for your properties by sharing your listing in multiple places, including social media.
Exposure comes in different forms, based on your objectives for each unit. For example, social media sites like Facebook, Pinterest, and Instagram are great for posting images of properties with a brief description of vacation rentals.
Executive rentals include LinkedIn for social media. Other marketing tools come in the form of business networking events. The company might also consider PPC ads on social sites.
6. Someone Else Handles Customer Service
It’s 11 PM, and a guest can’t remember the code to enter the rental. Guests want to use the gas grill but can’t get it to light. Maybe someone is trying to place a reservation, but the transaction won’t go through.
These mishaps can keep property owners on the phone with customers.
To attract repeat guests, communication with customers is a requirement. Questions arise before, during, and after the rentals are complete. Effective communication and timely resolution are crucial.
People can become impatient if they have an issue. They don’t want to leave a message and wait for a callback. Instead, they want a knowledgeable person to answer the call and provide a solution.
With a vacation rental management service backing you, customer service calls are one less thing to deal with as the owner. The company handles all communication.
It’s their responsibility to resolve matters to the customer’s satisfaction. In most instances, they have the authority to call in service people for minor repairs. On rare occasions when a client has to get relocated, they can make the call.
Even in those rare moments when you need to get called, the management company already has viable solutions. You give the go-head, and they move forward with retaining the services.
7. Easier to Abide by Regulations and Laws
Providers of Airbnb rental management in Florida are well versed in the state’s laws. They also have an expansive knowledge of rental regulations. As the hotel industry has rules to follow, so do owners of private home rentals.
Short-term rentals are attractive to visitors with families because they provide the same amenities they would get at home. Business people appreciate the privacy and not having to reserve conference rooms.
Although Airbnb gets regulated in the United States, some cities and states have additional operating rules. You must obtain a license in Florida via the Florida Department of Business and Professional Regulation (DBPR). Florida also has classifications for vacation rentals.
Avoid all the legal jargon by contracting with a vacation rental management service provider who knows the rules about your listing.
8. Quality Property Maintenance
Hotels have a fast turnaround because they have teams ready to enter rooms after the guest checkout. Within hours the room is ready for the next visitor. Choose a vacation rental management service that can turn a property over fast.
When guests arrive, the property should be pristine. All surfaces were wiped down and sanitized. Floors should be vacuumed or mopped. Rooms have clean linen on beds and fresh towels in that bathroom.
The cleaning crew should notate any damage to the unit following each visit and call in the maintenance requests. By doing so, the right guest can get contacted immediately. Plus, you don’t want the new arrival to get upset because the toilet is backed up or the stove isn’t working.
A maintenance crew should be on call in the event the AC goes out, or the garbage disposal gets jammed.
A lot can happen during a short-term rental. Depending on how popular the unit is, minor repairs can happen frequently. Always ensure guests are entering a clean, well-maintained unit.
9. The Unit Pays for Itself
You may have heard stories about how much property owners earn on short-term rentals. Some numbers are incredibly high, while others are more realistic.
There is no concrete number because many variables determine how much a unit can earn. We can say that short-term rentals in Florida enjoy an occupancy rate of over 50%. This number goes higher when add-in amenities and proximity to tourist attractions and theme parks.
Short-term vacation rentals will more than pay for the unit. Unlike long-term rentals, you’re not bound by income levels or rent caps.
Someone might rent a home or apartment for $2K a month. A vacation rental can bring in that amount and more in a four-day weekend. Plus, your vacation rentals are paid upfront.
You don’t have the hassle of late rental payments, late fees, or taking a tenant to eviction court.
You’ll enjoy more profits once the house or condo gets paid off.
10. Concentrate on Finding New Investments
The right vacation rental management service will have you setting your sites on new investments. Cites like Orlando have planned communities for vacation renters. Developers are also building multi-unit structures for short-term rentals.
By outsourcing the management of your properties, you can focus on the future. Acquire additional properties in Tampa, or expand to other cities or states.
The market is growing as more people choose the privacy and luxury of private homes over hotels. In addition, each property provides a financial safety net. It’s an investment that is well worth consideration.
Hiring a managed services provider means you’ll have more time to weigh your options. Plus, you can become more intentional about taking on new properties.
It’s Time to Build a Vacation Rental Portfolio
Contracting with a vacation rental management service provider can significantly improve your bottom line. When you choose the right management firm, you’re always abreast of changes in the industry. The firm will utilize best industry practices to maximize client and guest experience.
Are you looking for Airbnb property management in the Tampa, FL area? Or maybe you’re looking to list a vacation rental with a booking platform. Emperor Management specializes in short-term and vacation rentals.
To see if we are a fit for your long-term goals, we’d love to hear more about your plans. Click here to complete a short form to get your FREE property evaluation.