You couldn't have chosen a better location for your short-term rental than Destin, Florida. Nestled in the Emerald Coast, millions of people come to enjoy beaches, golf courses, and other attractions.
On paper, your vacation property should generate a steady stream of rental income. In practice, though, things can turn out to be a little different. It takes intentional short term property management to turn a vacation rental into a money-generating machine.
Check out these best practices for running a vacation rental and incorporate them into your routine.
Screen Your Vacation Guests
If you've been a landlord before, you understand the importance of screening prospective renters. That's how you get to avoid tenants from hell.
However, when it comes to short-term rentals, it's not uncommon to see property owners skip the screening process. Sure, a short-term guest doesn't pose as much risk as a long-term renter, but you must protect your property.
You may have heard of vacation guests who check in to your property and refuse to leave or pay. Evicting them may require you to involve law enforcement or even get a court order, either of which will waste your time and money.
Hire a screening service to vet your guests.
Buy Vacation Rental Insurance
You probably have property insurance, but what about vacation rental insurance?
Your regular property policy will kick in when damage that's caused by burglary, storms, and other "external" events occurs. If a guest damages the property, you'll be on your own - unless you have vacation rental insurance.
This type of insurance can also compensate you when there's a loss of income due to business interruption. Think of the COVID-19 pandemic and how it affected vacation rentals. If another pandemic shows up, you better hope your vacation rental insurance is up-to-date.
Stay on Top of Property Maintenance and Repairs
Short-term rentals undergo more wear and tear than long-term rentals. This means the owners or managers must keep a keen eye on maintenance and repairs.
Perform regular inspections and identify areas that need to be fixed before they worsen and become major problems. Plus, a properly maintained vacation rental helps improve the guest experience and can encourage repeat bookings.
Get Professional Help
Managing a short-term rental is a full-time job. From coordinating cleaning services, handling guest bookings and communication, and performing inspections, the job can quickly overwhelm you if you have another job on the side.
The good news is you can hire a short-term property manager to take care of your duties and responsibilities. If this is the route you want to take, be sure to find a local company.
PMI Destin-30A Is the Go-To Short Term Property Management Company
Hiring a short term property management company to manage your Destin property is the smartest move. At PMI Destin-30A, we are ready to take charge. Backed by a global property management franchise with over two decades of industry experience, we have the tools and expertise to make your investment a success.
Get in touch with us today.