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How To Find The Best Vacation Rental Company In Florida

Property owners in Florida often opt to rent out their investments to make a little extra income. But, managing rental properties alone is no easy task. For the right expertise and proven procedures, look for the best vacation rental company in Florida.

Tips for Selecting the Best Vacation Rental Company in Florida

Florida has a fantastic climate and a wide range of activities on offer year-round. This is why it has become a very popular place to have investment properties. With regular vacation renters coming and going, you can easily reach a return on your investment.

That said, property owners have to be careful with who they trust with their properties. Renting to just anyone can give rise to severe damages and other legal issues. By finding the right vacation rental company, you can have success with your investment in Florida with minimal headaches. So, if you want to rent your property, here are tips to find the best vacation rental company in Florida:

 

1. Look for Established Commercial Experience

As a property owner, you will want to work with established Florida rental companies with reliable commercial histories. By doing so, you can minimize potential liabilities and ensure only quality tenants will rent out your property. On the other hand, if you are a prospective tenant, you naturally want a reliable company for a number of reasons. You want a company that charges reasonable fees. Beyond that, you want a company that can offer you secure and clean properties.

 

2. Have a Clear Understanding of Their Fee Structure

folder on desk with label Fee Structure beside diagrams | Vacation Rental Company in FloridaVacation rentals will normally charge a portion of the fee collected for their service of advertising your property and finding a qualified tenant. Depending on the particular company, the fees can range from 10% to 50% of the rental price.

Make sure that you have a clear understanding of what fees they charge. This way, you can properly prepare your budget and ensure profitable margins.

In addition, make sure you clearly understand what their fee structure includes. For example, you need to know what kind of publicity they will provide to attract tenants to your property.

You must also be aware of any other additional services that they offer. Usually, vacation rental companies in Florida will choose between the following fee structures:

 

Initial Fees

Some vacation rental companies will charge an initial fee to get started. This can include preliminary advertisements and a deposit of some form to guarantee payment for their services. If the vacation rental company that you are looking into does have an initial fee, make sure the fee is not excessive. Many vacation rental companies will have initial fees ranging from $200 to $700. Of course, the price depends on the preliminary services they provide to property owners.

 

Percentage Based Model

percentage symbol in between two hands | Vacation Rental Company in FloridaAfter charging initial fees, a vacation rental company will typically sign a contract. In this contract, you choose between a percentage-based model or an annual flat fee model. For the percentage-based model, the vacation company will allocate a percentage of each vacation rental reservation to cover their services.

It is wise to clarify which services the vacation rental company will be including for their percentage-based fee. Many vacation rentals in Florida will offer the option of having a cleaning service after each tenant, for example. Calculate these expenses carefully to ensure there are no excess fees you must pay to prepare for additional tenants.

A lot of property owners choose not to seek the help of a vacation rental company in Florida. They believe doing so will only cost them more in the long run. But, the opposite is actually true. You can bring in a substantial profit for renting your property even with the help of a rental company. All you have to do is prepare a concrete budget with all projected costs.

 

Flat Annual Management Fees

Some vacation rental companies will opt for a flat annual management fee. This fee usually covers specific management services stipulated in a contract. These companies typically require a deposit. Future payments are either made on an installment basis or charged at the start of the year.

If you decide to work with a company that charges an annual fee, there are some things you must do. First, make sure both parties have clear expectations for your contract. The rental company must also have enough financial incentive to keep your property rented with frequent, qualified tenants. Ultimately, it is better to pay slightly more to ensure the company has an incentive to keep your investment profitable.

 

3. Make Sure the Company Has a Clear Understanding of Local Legal Requirements

man advising clients on their requests for legal proceedings and legal advice | Vacation Rental Company in FloridaEach state and local city have their own regulations about how to classify vacation rentals. The reason for this is that they are short-term leases and are managed differently than traditional long-term leases.

While Florida law prohibits the restriction of vacation rentals there are other regulations to keep in mind. Make sure that the vacation rental company is following local regulations so that you do not incur additional fines or liabilities. After all, these charges are usually imposed on the property owner who is renting to vacation rental tenants.

As a prospective tenant, it is also important to make sure the vacation rental company you are working with is legally able to rent vacation properties in the area where you are intending to rent a vacation property. If, as a prospective tenant, you have any indication that the vacation rental company is not following local guidelines, it is best to find an alternative vacation company to work with.

 

Stay on Top of Your Florida Vacation Rentals

The best vacation rental company in Florida exists. It might take you some time to narrow down your search and arrive at a decision. By using these tips and knowing what to look for, you can significantly speed up the process. Plus, you can ensure you are getting the best possible deal and make the most out of your investment.

Finding a trustworthy company to rent your home for vacation rentals can be challenging due to the many untrustworthy companies available in the market. For expert service and effective advertising in the real estate sector in Florida, contact us today.