Rental Property Investment and Ownership Blog Series: Part 2 - Maximize Your Rental Income

Welcome back to Part 2 of our series: Rental Property Investment and Ownership.  If you missed our first post, you can read up on the Current State of the Rental Market here. Because we know there are a lot of new owners in the area looking to break into the 30A vacation rental market, we thought it was the perfect time to give an outline of the top 5 things you can do to maximize your rental income.  Next month?  We'll be outlining our processes and timeline when onboarding a new property.

Part 2: Maximize Your Rental Income

Everyone may have different goals for their 30A vacation rental, but whether you're using your beach retreat as a 2nd home or purely for the investment, you still want to maximize your rental potential.  The main thing to realize? Guests look for vacation properties that are nicer than their own homes, especially on 30A. Here are some things you can keep in mind when it comes to improving your home.

5 | Make it BRIGHT!

When people are looking to book their vacation, they want bright, updated, and modern. Bright white furniture and a fresh coat of paint can go a long way when it comes to opening up a room. As cheesy as it seems, what comes to mind when you think about a “beach house”? Sunshine, crisp white décor, and anything else to keep your space fresh and light! Upgrading your light fixtures and bulbs also go a long way.

4 | The Key to a Heart? Through the Stomach.

Pay attention to your kitchen:  anything you can to do make it more convenient and luxurious, do it. Whether that’s installing high-end appliances, using bright colors, or making sure your home is equipped with anything a guest may need to enjoy food and drinks on their stay, people will notice. Keurig coffee makers, ice makers, and good cookware are just a few relatively inexpensive ways to give your guests a smooth meal experience.  Listing with us? Don't worry, we'll make sure to take a complete inventory of the home and provide you with a list of recommended items.  This list comes from feedback given directly to us by our guests. We know what kitchen items will bring them a true first-class experience.

3 | Bigger is Better ... for TVs!

What happens if you’re on a beach trip and you're stuck with a few rainy days? Movies! Guests look for TVs in every bedroom, and the larger they are, the more upgraded their stay feels. Especially when it comes to your living room. Make sure your TV is a good size for the whole family to watch a movie together.  Most families today have a Netflix or Hulu subscription as well, so having a Smart TV where they can log-in to their preferred streaming service is always a plus.  Having a Blu-Ray player available for use never hurts either.

2 | Convenience is Key.

Anything to make a family vacation easier will bring you more business. Screened-in porches so your guests can enjoy the Florida weather minus the bugs. Private pools so families can enjoy some time outside when the Gulf might be under red flags. A welcome basket of special treats for each guest. While something like a beach wagon or plush beach towels seem nice for guests in theory, they get broken and lost way too quickly. A basket of wine, some snacks, and cheap beach toys for every check-in will still leave a mark. You can purchase items and have them delivered to us - we'll make sure to set out your welcome treats for each guest.

1 | Occupancy. Occupancy. Occupancy.

Increasing sleeping occupancy is a great way to attract more guests.  Bunk beds and sleeper sofas are a great way to do this. While you're at it, upgrading your bed sizes from queens to kings always goes a long way.  Say your home has 3 bedrooms: 1 king room and 2 full rooms. Doing some fast math, that means your home sleeps 6. Changing it to 2 king rooms and a bunk room with 2 sets of bunk beds and then add a sleeper sofa in the living room?  You can now sleep 10. This gives the home more flexibility for bigger groups and more children.  Not to mention the extra mattress space a king provides is always appreciated.  Don't forget about mattress quality - this always helps with guest satisfaction.

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We hope that these insights and tips helped you understand the vacation rental business a little better. But if you have any other questions or need advice, we are here to help.  Interested in a projection? We can provide you with one - just reach out to us at [email protected]. We’ll provide you with a projection based on deep knowledge of our own portfolio alongside outside data across all of 30A. 

Make sure to check back next month for Part 3 where we'll be walking you through, step by step, the process we follow for onboarding a new property. Part 4 will focus on helping you decide which Property Management company is right for you.

Published on Wednesday, June 30, 2021