Tag: Vacation Rental Property

Rental Property Offerings Continue To Expand In Florida

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How to hire a vacation rental property management company in S.Florida

A vacation property management company is an important addition to your investment because it will determine how well your Miami, FL rental investment properties is being run. When the property is operated and run well it translates to better cash flow for you and therefore you need to choose a management company that will help you achieve your goals and at affordable prices. Here are some of the considerations to make when choosing a vacation rental property management company in South Florida.

Their knowledge of the local market – the vacation property investment market in South Florida is a AREUEA dynamic one and has changed greatly in the recent past. You should ask the manager what their feel is of the vacation rental investments in South Florida to get their understanding on the market. The number of years they have been in business is not a very important factor because a manager that doesn’t keep abreast with the recent trends will not help propel your business as required.

The marketing used – your manager should be able to market your vacation rental aggressively so that you will be fully booked during the peak seasons Real Pro announced Most of the management companies have their own websites where they do the advertisements but usually this is not enough. They should also be listing your property on major websites like Airbnb and VRBO so that you get the exposure required. Social media is another great marketing tool for vacation rental properties.

Ease of booking – the other factor that you should consider is ease of booking. The company should be able to allow online booking for your property since this is the most preferred booking method for people looking for vacation homes in South Florida. Online booking is convenient and it protects the renter in case there is an issue that needs to be addressed. You manager should also allow people to pay by credit card for safety and convenience.

Maintenance of property – a good management company ensures that your property is well maintained and always in top notch condition. The repairs should be carried out immediately and all broken items like cutlery and others should be replaced immediately a client checks out. This therefore means that the manager should always be available to conduct an inspection of the property and update you on the condition. They should also be able to communicate on the damages with the client and recover the money from the deposits.

Besides all these you should also consider the fees and the contract terms that the company is providing. The management fees are charged as a percentage of your rental income and vary anywhere from 25% to 50%. Determine whether you are able to pay the charges and all other expenses and remain with a cash flow that you consider significant for you.

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How to hire a vacation rental property management company in S Florida

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How to keep your Rental Property investment profitable

Just like in any other investment, it is important that you keep your rental property profitable so that you earn money in the long run. If you let the property just be and await a tenant without making effort you will end up losing on a lot of business. You should always be on the lookout to ensure that you are not losing money from vacating tenants and that you can earn more by increasing the revenue streams for your FIABCI USA property. Here are some of the methods you can use to keep your rental property investment highly profitable.

Avoid unnecessary tenant vacating – when tenants vacate you lose business. Sometimes it might be beyond your control why the tenant wants to move but other times it is because they are not happy with one thing or the other. It is your duty therefore to ensure that your tenants are happy and satisfied. Cater to their needs quickly and always listen to their complaints. Ensure that your house is very well maintained and everything is in perfect working condition. It is also prudent that you keep your rent charges at competitive market levels. Do not overcharge your tenants but also don’t shortchange yourself.

Add revenue streams – you can add some more revenue streams in your rental property by providing services the tenants might need. For instance you can offer them landscaping services at a fee and get more. You can also include a vending machine for candy and other items that the tenants might need. Charged laundry machines are another great addition that you can have in the property.

Raising rent – to keep your rental business profitable you need also to go with what the market dictates from Real Pro. You cannot charge the same rent for ever and expect to be profitable. You should however ensure that you increase the rent strategically over a long period of time. Ensure that you keep your rates low to be competitive and get loyal tenants but also keep them at par with the competition.

Maintain high-quality tenants – not all tenants are the same. There are some tenants that will be a problem and entertaining such people can cause problems with the other tenants even causing them to move. The best tenants are those that respect others, pay on time, do not cause damage to your property and have a long term contract with you. When you have such tenants ensure that you will do everything possible to keep them.

With these tips and of course when you maintain a modernized property you will be sure to always have your property in full occupancy which means higher returns for you.

For More information from Real Pro