Did you know around 122 million people visited Florida in 2021? Florida sees a lot of tourism every year and you could start making some extra money from all the visitors.
Madeira Beach is located on the Gulf of Mexico, northwest of St. Pete and south of Clearwater. It has many attractions that draw thousands of people there.
It is a great place to own a vacation rental. If you already own property and you’re ready to lease it out you’ve come to the right place.
Considering investing in Florida real estate but don’t know where to start? We’ve got you covered too. Keep reading to learn everything you need to know about property management for Madeira property.
Snowbirds
A common phrase used in Florida is “snowbirds“. This refers to people who live in the north in the summer months and move to Florida in the winter months. This is the perfect option for avoiding the snowy winters and scorching summers.
These travelers often look for privately owned condos for rent. Maybe you are a “snowbird” and own property in Florida and only live in it half the year. If you aren’t renting out your Florida vacation property you are losing money.
Hiring a management company can make the process of leasing your condo easy. If you live out of state a company will take care of your renters and the property.
Property Advertisement
Nowadays the majority of people book their vacation rentals online. If your condo isn’t on the right site or if no one can find it, you’ll lose profit.
Marketing and advertising can be stressful and time-consuming. You’ll need professional photos and staging done for the property to put online to show off its best assets.
Highlighting your villa’s strong points will attract more people. The marketing/management company will know what the tourists are looking for in their rentals and will be able to advise what you need to provide.
If your excuse for not renting out your Florida condo is it’s too challenging to find people to occupy it then a management company is a great option. They will take care of social media posts and make sure your property is seen by vacationers.
Guest Support
Short-term and even long-term renters can have pretty high expectations. They have their perfect summer vacation planned but what if the microwave unexpectedly stops working or the wifi stops working? Minor issues similar to those could affect their review and your online rating.
If you aren’t local it may take you some time to get a hold of a repairman to replace the appliance and you could potentially spend hours trying to figure out the wifi issue with tech support. Being on-call and available for your renters 24/7 is exhausting.
Having a property manager take care of those day-to-day issues will relieve your stress and give you peace of mind. This applies to emergency services too. If there’s a leak or a pipe burst the management company will be close by to assist.
5 Star Reviews
When people are looking for condos in Florida to rent they search the Internet for places with great reviews. Making your guest feel important and cared for will help you achieve those 5-star reviews.
Your vacationers may want recommendations for food and activities in the area. The company can make suggestions. Guest will love the communication that you may not be able to provide all time.
Pricing
There are specific times of the year when you can make more money on your privately owned condo. If you charge a flat rate every day of the year will be losing profit. It’s the management company’s responsibility to know when to raise and lower the price based on holidays, weather, and tourism.
The property manager will be aware of all the local events such as concerts or sporting events that could increase the amount per night. During the off season, they will run discounts to encourage people to come to stay.
Budgeting and Business Strategies
Budgeting is the most glamorous thing but it is a necessity if you want to be successful. If this is your first time renting out your Madeira Beach property you might not know what to expect. Getting some guidance and assistance could prove to be beneficial.
Creating a business strategy with your management company will ensure everyone is working toward the same goal. Whether you are looking to lease your villa out for the long term or short term setting up a plan set you up for success.
In your business plan, you should calculate how many days you need the property to be occupied and at what price. Remember the price you can charge changes throughout the year.
Legal and Property Protection
Protecting yourself and your property is a top priority. A management company will set up contracts that ensure any damage due to renters is covered.
A beach vacation could mean rowdy parties for a lot of renters. If there is excessive damage the renters will be required to pay for the repairs if you have the proper agreements set up.
Your guests want to feel safe in your rental and you want to know you are financially and legally protected. Researching and talking to your management team about the different types of insurance you need should be at the top of your list.
Local Laws
Are you just starting on your vacation rental journey? If so you need to be informed about the local and federal laws that concern short-term and long-term rentals.
The last thing you need is a fine or fee for not following the requirements. The good news is your management team in Madeira Beach will be well informed and advise you on everything you need to know.
Local Cleaning Services
If you are a local renting out your property you might be able to come clean between tenants but if you are working a full-time job that might be difficult. If you have a cleaning service scheduled and they cancel last minute you are responsible for finding a new cleaning crew.
However, a management company overseeing your property will take care of the cleaning and restocking. Being out of state could make it harder to find a cleaning service last minute and you don’t have the option to stop by and scrub it yourself.
The cost to clean the rental can often be added to the customer’s bill. This is a great benefit because it won’t take away from your profit and it will be more convenient for you.
Expanding Your Real Estate Portfolio
Managing your property on your own limits your profits. If you are doing advertising, customer support, cleaning, maintenance, and business planning for your property you won’t be able to expand. You’ll be working so hard and your sole focus will be on the property you have you won’t likely have time to research other real estates.
Extra Expense
Hiring a management company to oversee your property may seem like a waste of money or an expense that can be cut out. However, after you look at all the benefits they offer you will realize you’ll be saving yourself a lot of time, energy, and stress.
The purpose of hiring a property manager is to make your life easier. Do your research, look at their reviews and talk to people at the company to find out if they will be the best fit for you.
An experienced team will be well connected in the industry as well. They may be able to get better deals for you. They may have partnerships with local companies that could save you money on photography, advertising, cleaning services, and supplies.
They should have loyal customers that continue to book their summer rentals through them. This would give your property more exposure and increase the bookings and profits.
Madeira Beach
Madeira Beach’s beautiful views and fun attractions draw people in every year. The tourists that come often are willing to pay good money to rent villas, condos, apartments, and house for their vacation.
If you already own real estate, it’s time to start taking advantage of the booming market. If you’re still considering purchasing an investment property and it seems too overwhelming then let us help you.
We will make renting out your property an easy and smooth process. Click here to contact us and we will answer all your questions and address all your concerns.
