In deciding whether you should list your property as a long-term listing or as a short term rental, there are many factors to consider.
Under permitting regulatory environments, Short Term Rentals have become increasingly dominant in the hospitality market, and for a good reason. Property owners are seeing up to triple the profit with some of their investments by switching from long term to short term tenants!
Here are some things to consider when deciding if your investment property suits the short term rental industry:
- What are the vacation rental regulations in your city, county and community? Unfortunately, regulatory agencies have been cracking down on short term rentals, mostly due to push back from the hotel industry. Hotels are subject to many taxes and regulations that they feel should also be imposed on their new competitors, including Airbnb, VRBO, and other vacation rental platforms. Uber faced similar obstacles when it first entered the market, as it posed a direct threat to its own league of competitors – taxi drivers. Homeowners associations (HOAs) also play a role in hindering the expansion of the market by prohibiting short term leases within a building or community. Their reasoning stems from neighbor complaints and their desire to maintain a certain decorum. The best way to find out which regulations shroud your property is to call the county, city and HOA and ask directly. In some cases, it can be as easy as paying a tax or a fee. By using The Property Hostess to manage your rental property, you can rest assured that you have an experienced partner helping you through the due diligence process.
- Is your property used solely as an investment or is it also used as a second home for you or your family? When renting out your property with a long-term lease, you are allowing your tenants full occupancy rights for the term of the contract. You are legally prohibited from entering the property at your leisure and your access is subject to the rules of the lease. One major benefit of renting your property on a short term basis is the ability for you to come in and use it as you please. If The Property Hostess is managing your rental, all you have to do is advise us of which days you will want to occupy it, and we will simply block off those dates for you.
- Are you willing to put in the time? Managing an Airbnb requires time and effort. Managing multiple Airbnbs requires time, effort and coordination. Between creating the listing, responding to guest inquiries, scheduling cleaning, coordinating check-ins, paying the appropriate fees (to name a few) the work can be pretty taxing. Moreover, many of the South Florida investment property owners live abroad or out of state; this provides an even greater challenge, considering the time difference, language barriers, and distance in the event that something requires in-person attention. The Property Hostess manages rentals for a living, and is here, locally, to help.
With our commission based structure, we do not make money until you make money, and there is no commitment required. Contact Us to find out how we can start working together.
Given Miami’s unique role in Airbnb’s roots, I’m particularly proud of how South Floridians have embraced home sharing as an opportunity to earn supplemental income and catalyze economic development in their communities.