Competition for vacation reservations is hotting up across central Florida, thanks to occupancy rates plummeting by 26% compared to last year. Vacation rental property owners need to be on top of their game if they want to succeed in this market.
If you own a short-term rental property, there are a few things you should and shouldn't do to attract renters to your property.
Keep reading to explore the dos and don'ts associated with managing a short-term rental.
Know the Orlando Rental Requirements
Orlando has strict short-term rental zoning restrictions. You'll also need to apply for a license if you want to rent out your investment property in these areas.
Working with a professional property manager is the easiest way to stay on top of these ever-changing rules and avoid legal complications.
The area also has set occupancy limits, which limit guests to two people per bedroom, so keep this in mind when compiling online listings.
Set Rules and Manage Expectations
A customized list of what's allowed and what's not is a good starting point for your relationship with vacationers. You must set clear rules for all guests and place them in a prominent place.
If preferred, you can ask guests to sign an acknowledgment of these when they collect the keys. These are some things to include:
- House rules
- Home safety guide
- Damage policy
- Rental agreement
You can advertise these requirements online so your guests know what to expect before they book. Setting clear expectations and rules helps limit damage and unpleasantness.
Don't forget to place a house manual in a prominent place inside your rental. This document should guide guests on how to use appliances and technology.
Create and Maintain an Appealing Space
To stand out among the crowd, it's important to upgrade your rental property with the latest technology and conveniences. When you automate home systems, you'll increase the value of the home and add convenience to your guests's stays.
Consider adding value to your home with small touches like spices in the kitchen, complimentary coffee and tea, sunblock, and umbrellas.
Avoid bland beige or gray tones; rather, help your home stand out by installing quirky decor and furnishings with a local flair.
It's vital to keep your vacation home spotlessly clean.
It's best to hire professional cleaners to deep clean the home after every occupancy. They work fast and take care of every nook and cranny.
Walk through the house before new guests arrive to ensure things are in good order. It's a thoughtful touch to add a welcome note with a small treat for them to enjoy on arrival.
Hire a Vacation Rental Property Manager
Hiring a property management team is one way to attract more renters to your Orlando property and keep them coming back.
PMI Orlando Parks' real estate professionals have over 30 years of combined experience in the industry. We've helped our clients through ups and downs like these many times before.
Call us; we can help you maximize the benefits of owning an Orlando vacation rental property in any market.
