Investing in vacation rental property can be a great way to build wealth through rental income. Vacation or short-term rentals can be a viable investment. The revenue generated from rental properties will defray the mortgage costs, taxes, insurance, repairs, and other essential expenses.
In these uncertain times of COVID-19, cleanliness has become a top priority for all vacation accommodations like hotels and rental properties.
This article will explore the value of choosing the right property in the right area. We will also discuss the pros and cons of cleaning the vacation property yourself or outsourcing the housekeeping to professionals.
Florida, a Growing Market for Vacation and Short-Term Rentals
Many investors find Florida to be a highly desirable location for purchasing rental/vacation properties. There are many reasons why buying rental property in Florida now is a wise investment:
- If purchasing in a buyer’s market, investors may get a property at a lower price.
- Florida has no state income tax, so it is a good investment market.
Some of the top rental markets in Florida include:
- Jacksonville Metropolitan area
- Greater Orlando area
- Fort-Lauderdale (including Oakland, FL)
5 Housekeeping Tips for Keeping Your Property Well-Maintained
Keeping the property looking good and well-maintained inside and out is crucial to the property staying rented. Maintenance is essential in Florida, especially the Ft. Lauderdale and Oakland Park areas, where there is much competition. Here are five tips on how to keep your property looking its best.
- Keeping the property looking its best with property housekeeping is essential. Investors have the option to hire a full-service property management company to maintain their properties in South Florida.
- Hire an expert housekeeping service. Suppose you opt to manage your rental yourself. In that case, you have the option of hiring a reliable housekeeping service to ensure your property is 100% guest-ready at all times.
- Don’t add a lot of ornamental items to the rental property that can catch dust. Keep things clean and minimalist.
- Schedule deep cleanings at least twice a year. In addition to cleaning between guests, units need to be deep-cleaned at least two times a year. During this process, bathroom tiles, grout, and seals should be inspected, check that backyard irrigation systems are working, check the condition of towels, appliances, etc.
- Make a list of all items that may need to be replaced in the future. Check on the wear of furniture, rugs, bedding, towels. Schedule replacement/upgrades as needed.
Those that do their due diligence will find a perfect property in a great area that will keep attracting guests, year-in and year-out.
DIY or Housekeeping Experts for Your Cleaning Needs?
Here are some pros and cons to maintaining rental properties by the investor:
- Money – If you are not paying for a cleaning service, you won’t have that out-of-pocket expense.
- Control – You will have everything in the perfect place, you can check to make sure no items are missing between rentals, and you will be in complete control of the unit.
- Time – If you have plenty of time, then this is not an issue. But if you have multiple rentals or a large unit, you may be spending a lot of time cleaning.
- Oversight – Professional cleaning companies are professionals and will make sure everything is cleaned. Your cleaning expertise may not be as good as theirs.
Costs Associated with Property Management
Cleaning and housekeeping are some of the most critical services property maintenance companies provide.
Cleaning fees are often charged to the guests. Once they secure the rental, a cleaning fee is added to the reservation. If this fee isn’t passed on to the renter, the investor absorbs it. This cost reduces their rental income.
Fees vary based on the location and size of the rental property. A small condo in a medium-sized city may be around $100. A five-bedroom, luxurious rental property in a top vacation spot may cost several hundred dollars.
Before hiring a housekeeping provider, find out:
- What do the cleaning costs include?
- Is the team skilled at this type of cleaning?
- Is there a cleaning checklist?
- How long will the cleaning take?
Resources like Dwellings Property Management, serving South Florida, including the Ft. Lauderdale and Oakland Park areas. We offer a wide range of services like property maintenance, repairs, and cleaning/ housekeeping.
They also help with:
- Restocking provided items
- Guest screening
- Insurance recommendations
- Guest booking/management
- Detailed monthly accounting
Dwellings Property Management handles everything involved with renting and maintaining your property, which allows for the the responsibility to be taken off of the investor.
Contact Dwelling Property Management Today
If you are currently investing in South Florida real estate or considering investment options, contact Dwellings Property Management. They will help you navigate the market and provide all your rental needs. Contact them at 954-290-2941.