Most US workers have nearly two weeks of paid vacation time. And that means there are a lot of travelers looking for nice places to stay. Especially in hot spots like Florida.
Having a short-term rental in an exciting city can be a great source of income. Rental properties have the ability to become very profitable. All without a lot of work day-to-day. But that doesn't mean it's the right choice for everyone.
Before you start looking for an investment property, you should take some time to figure out if you can make it successful. Consider these four things before moving forward with a short-term rental!
1. Come Up With a Marketing Plan
The only way to have a successful rental property is to have people staying there consistently. So it's important to make sure you have a solid marketing plan before you make your investment.
With a short-term rental, you'll have more openings than a long-term one. That means this plan will need to have a variety of tactics to reach the most people. This will also help diversify your client base and hopefully get you more bookings in the future.
2. Find the Best Location
Even when you live in a great tourist city, you still need to spend time finding the perfect location for your vacation home.
As you're looking at spaces, you'll need to have a different lens than if you were buying for your family. This home should be close to as many amenities as possible. It should also be a good space for gathering and plenty of beds.
You'll also want to check zoning laws and HOA rules for any property you look at.
3. Consider Getting Help
Finding and buying a home is only the first step in having a successful vacation rental. There's a lot that goes into making it functional. It's a good idea to consider all the tasks and if you'll realistically be able to handle it all.
Think about hiring a cleaning service to get the house ready for guests. Or, better yet, go straight for a management company who will help you with all the things!
4. Create a Detailed Plan
To keep track of all of the details, it's helpful to write a business plan. This will help you get your finances in order so you can make a profit. That plan will help you step-by-step so you don't miss anything along the way!
Get Started With a Short-Term Rental in Orlando
Starting a short-term rental is a great way to take advantage of all Orlando has to offer. You can help others enjoy your community. And make a great living at the same time!
The one thing that will make your whole business run much smoother is hiring a management company. That kind of expert advice and helpful resources will be priceless.
At PMI Orlando MyPlace, we're dedicated to helping vacation rental owners be successful. We pay attention to all the details, so you don't have to! If you're interested in seeing what owning a short-term rental could be like, contact us today!