You spent years looking forward to summer because you planned to vacation in Orlando. You're excited about the vacation season for a different reason this year: You'll be making money from your new rental, not just spending money.
Research shows that the property market in Orlando has experienced rent increases during the past several years, increasing over 45% from 2020 to 2023. The rental price hikes stem from rising inflation and insurance premiums.
Learning several vacation rental hosting tips can ensure you maximize profits with your Orlando vacation property. Let's explore the top tips for renting out your home.
Vacation Rental Housing Tips: Do's
The top do's for vacation rental housing include recognizing the market, respecting legal requirements, and upgrading your home. Let's examine these tips in detail.
Recognize Your Market
Events, seasonality, and travel trends affect demand swings in Orlando's dynamic vacation rental market. Investigating and comprehending these trends can help you choose a competitive price for your rental home and boost your occupancy rate.
Pay attention to local changes and new attractions, too, as these may present chances to market the property to certain interest groups (e.g., parents during spring break season).
Adhering to the Law
Orlando has rules pertaining to vacation rentals, including licensing requirements, safety guidelines, and zoning laws. Ensure your vacation property abides by local rules. Maintaining compliance with tax requirements, including the tourism development tax, will help you operate lawfully and avoid fines for noncompliance.
Maximizing Your Home
A well-kept home will more easily generate positive evaluations and repeat business. Prompt repairs, regular maintenance inspections, and enhancements can improve the visitor experience. Differentiate your house by adding security systems, smoke alarms, and first-aid kits.
Vacation Rental Housing Tips: Don'ts
A few major don'ts for vacation property in Orlando include ignoring property care and the guest experience. Another mistake is to overlook marketing.
Neglecting Property Care
Long-term vacation home management success requires treating your home with the level of care you would your personal house. Ignoring maintenance can have a detrimental effect on guest satisfaction and eventually lead to lost customers.
Ignoring the Customer Experience
Provide your visitors with a memorable vacation home stay by providing amenities that meet their demands. Return their calls and emails right away, too. A satisfied visitor is more apt to stay again and refer others to your rental home.
Undervaluing Marketing
Drawing visitors requires effective marketing. List your property on social media sites that cater to the people who will be interested in it, like Facebook and Instagram. Consider spending money on search engine optimization and quality photography to increase your listing's visibility.
How We Can Help
The top vacation rental hosting tips include understanding your market and complying with legal standards. Other do's include optimizing your property and marketing it effectively.
A few key don'ts for vacation property management include neglecting property care and ignoring the guest experience. Another mistake is failing to pay attention to potential scams.
At PMI Orlando, we offer top-tier services for anyone interested in being a host locally. We can help you efficiently coordinate bookings, quickly respond to inquiries, manage check-out and check-in, and oversee property maintenance with cutting-edge rental platforms.
Maximize your vacation home's profit by partnering with us today!
