Looking for a way to share the beauty of South Florida while earning some extra income? If you’ve got a property that is vacant for the summer, winter, or other period of time, renting your home out could allow you to retire sooner and move in – or just earn passive income regularly.
You can’t always be in Florida year-round to address problems with your property, perform maintenance, or clean between renters. That’s where a property management company comes in.
For a regular fee (often based on the rental value), a property management company will work directly with renters to schedule repairs, cleaning, and other maintenance tasks needed for a rental home. You’ll still have to pay for fixes, but an expert company will save you serious headache (and money in the case of a catastrophe!).
Whether your property’s primary purpose is to earn you extra income or if you just want to earn some extra retirement money before you retire down to South Florida, it’s important that you make renting worthwhile for yourself. In addition to carefully vetting your potential renters, you’ll also want to price your rental appropriately.
If the property is for your retirement or a family vacation home, you’re going to be much more interested in maintaining the home than you are earning the most for it. In this case, it may be best to charge more than you may expect to receive normally so that in the off chance that something does happen, the extra income can help offset any fixes or expenses.
If the property is simply a rental that you don’t have long term plans for, remaining competitive with pricing but still ensuring it covers your expenses would be best. In this case, working with a property management company that can increase turnaround would be the better focus, so consider adding some of the management fees to the rental.
Who wouldn’t want to come to South Florida for a vacation? With demand for housing in the area so high and South Florida being a hot vacation spot, there’s a good chance you’re going to have more potential renters than you expect – each with shorter vacation plans.
By renting to multiple people throughout the seasons, you’re going to maximize your income as each renter spends their own expected budget on the property. There are no “bulk discounts” to cut down your profits, and it is more likely that four guests will spend $1,000 per week than 1 guest will want to spend more than $4,000 for the whole month.
Need help finding guests to fill your rental? Great Florida Homes can help. Give us a call at 954 695 7653.
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