Maximizing Rental Income: Tips for Vacation Home Owners

Maximizing Rental Income: Tips for Vacation Home Owners

Florida's beaches, history, and unique attractions make it a top domestic vacation destination for Americans. In 2023 alone, 135 million people visited the Sunshine State.

If you own a vacation rental unit in Fort Myers, maximizing rental income is easy because of the large tourism market. Read on to learn how you can make more money off your short-term rental and help your investment property thrive.

Keep Things Clean and Up-to-Date

People consider vacations their getaway from the stress and anxiety of daily life. Unfortunately, poorly maintained physical surroundings hit people's mental health where it hurts. People in cluttered or dirty environments feel more stressed out, even when they're on vacation.

You're never going to attract short-term rental tenants if your property isn't maintained well. Make sure to get thorough professional cleanings between tenants so that the unit is spotless. You can charge a slightly higher rent on the property to cover these fees, but be careful to stay competitive in your market.

Regular property inspections are also essential for a well-maintained property. If there are issues with plumbing, appliances, or even chipped wall paint, getting them fixed ASAP is important if you want to keep your property competitive.

Vet Tenants Well

You don't want tenants who will destroy your property or break things while there. You also don't want people who fail to pay rent even in short-term units. That's why it's important to hire a property manager who can vet tenants with expert screening tools.

Make sure that the tenant has a good credit score and no criminal background. While you probably won't see landlord references or check on past behavior due to the short-term nature of a vacation rental, understanding who you're renting to is still important.

Use Property Management Services

Hiring a vacation rental management company is the most important step toward maximizing your investment income. These experts have the professional tools needed for quality tenant screenings and interviews. They also know your market and how to advertise your property to those vacationing in Florida soon.

Property managers are already connected to cleaning and maintenance teams as well. This saves you the effort of finding and hiring them on your own. They also know how to ask for tenant feedback and communicate with them productively about complaints.

When you work with property managers, they'll also help you draft up a short-term lease. As a rental property owner, this helps you operate within the confines of the law while being as specific about the terms of your lease as possible.

This ultimately serves to maximize rental income because you'll be well-organized in a way that potential short-term renters love.

Start Maximizing Rental Income in Fort Myers, Florida

Now that you have some tips for maximizing rental income for Florida properties, it's time to begin making money on your short-term rental.

PMI Gulf Property Solutions consists of experts who understand the best property management strategies to keep you competitive in the Fort Myers market. Schedule a consultation with our team to learn how we can help you turn a higher rental profit.