Is always exciting to receive many requests of clients interested in buying a vacation property here in our beautiful city of Orlando and surrounded areas. The Real Estate Market here still hot, but not only in the residential property; there is a huge demand in vacation property as well from people all over the world who want to invest in a short term rental properties to enjoy a vacation here or to make money (or both).
If you are considering buying a vacation property, is important to know that find a property is a real challenge due to inventory shortage, but is possible, and here in Viva Orlando, we can help you find your best choice. And most important is to know that when finally get your ideal home, now you will have more options than ever for the management of your property.
But this does not mean that you don’t need to have a plan. The first step is to understand the industry and the overall operation. Is also very important that you set your goals, that you understand how vacation rental work and what is the best choice to maximize your investment.
If you are a first-time vacation home buyer or if you don’t know the vacation rental business in Orlando, we strongly recommended contacting an expert in the industry. Is very important that you know what your responsibilities are, what you need to do as owner and how to have the property ready for guests, among other things. Only an expert in this field can explain you everything that you need to know before you buy the property.
Evaluating property management options
The management of the property is one of the key factors of your success as an owner. When you’re considering buying a vacation property, this is something that you need to evaluate. There are two main options depending on what you want, your budget and the time that you have available.
Managing the property by yourself
Many owners plan to do the management by themselves, but you will need to consider some important aspects, such as you will need to take care of the marketing, guests, collect the rental fees, and handle the taxes, payments and all the accounting, in addition to the required maintenance and emergencies. If you want to do this, you can use some websites like Airbnb, HomeAway and Vrbo, that will make these tasks easier and will help you.
Some of this digital platforms work very well and have changed dramatically the industry, allowing many owners to manage the rentals with just one click from their phone. If you want to do this, we can set an appointment with an expert from the Operation Team from our office that can give you some tips and explain you a little bit more about this.
Hiring a management company
If you prefer a less demanding option that can give peace of mind, you can hire a management company. If you need it, we can refer you to one of the partner offices that specialize in vacation rental property management. They pay close attention to every detail of the process and will explain to you their service, tell you about the market, how the business runs and the entire process. Their rates vary and are between 10-30% of the rental amount, after you sign a contract with them.
At Viva Orlando, our expert and local team will help you answer all your questions about the entire process of buying your vacation home. Call or email us today!