If you have decided on buying a vacation home in Orlando you may want to consider putting your home in a Short Term Rental(STR) program to help offset the cost of owning the property.
The philosophy of a Short Term Rental Program is quite simple.
You put your home into a program that allows for others to rent your property as a vacation home during their stay in Orlando and the proceeds from that arrangement help offset the costs of owning the property.
The goal of a Short Term Rental program is to help pay short term costs, allow personal and family use and to realize property appreciation in the long term.
Realizing annual revenue from your Short Term Rental business is possible but it should not be considered an income generating proposition. Having your Short Term Rental property help pay the bulk or even the total of owning the property is the primary function of the STR program.
How well that arrangement works depends on many variables but there are a few important points that are worth considering as you move toward a Short Term Rental business: When you turn your vacation home into a Short Term Rental property you are consequently starting a small hotel business. It’s important that you see your new property as a small business and not just a vacation home. That outlook will greatly help you as you go through the process.
The entity that makes the Short Term Rental program work is a Property Management Company.
The job of the Property Management Company is to provide you with the services you require to oversee the daily management of your small hotel business. Property management companies can manage your property whichever way you require.
There are no set rules on how your property should properly managed, in fact the ability to create a service that is particular to your requirements is something that the majority of Property Management Company pride themselves in offering to you. Some owners like to be involved and help with marketing, decor and planning – some like to be completely hands off and just show up when they are ready to relax. It’s all possible and each property and owner has different needs and views, and a property management company can tailor those needs to a custom service to your requirements.
There are local and state laws that must be followed by properties in the Short Term Rental program but the management can be partially or completely serviced by the Property Management Company depending on how you, the owner decide how you’d like to have your business run.
There are many questions pertaining to the Short Term Rental program and having a vacation home specialist who can advise you on all aspects of the Property management business and how you can get the most effective returns for your individual needs is one of the most import aspects of buying a vacation home in Orlando. If you have any questions on the Short Term Rental Program, Property Management or any aspects of owning or renting a vacation home please contact us.
We’d be delighted to give you comprehensive and detailed answers to all of your questions.