Published Articles

Vacation Rental Property 101  (1 of 3)

Yes it’s true we live in paradise.  The Treasure Coast area welcomes people from around the world throughout the year, especially during the “high season” months of January through April.   If you’ve considered purchasing an investment property to lease on a seasonal basis to accommodate these visitors, this column may be of interest to you.  This is the first of a three-part series on investing in vacation rental properties. 

When considering the purchase of a vacation rental property two important decisions to consider are the type and location of the property.  Focusing on a multi-family condominium conveniently located near the ocean is ideal since most visitors come for the sunshine and the beach. Some key points to consider:

  1. Low Maintenance:  A multi-family condominium or townhouse community is ideal for an investment since your monthly condominium association fees usually cover the maintenance of the exterior of the building, pool and other amenities and common grounds, resulting in a well kept and appealing community for potential renters.
  1. Favorable Rental Rules:  Be sure to check on the community’s rental rules.  Some developments only allow you to rent your condominium once or twice a year and often have a minimum rental term.  Limited rental availability results in limited cash flow.
  1. Additional Considerations:  View your potential investment property as if you are the guest:  Does the building have an elevator or will your guests have to negotiate stairs to reach your unit?  How many parking spaces are included with your unit, and where are they located?  Are pets allowed for rental tenants and are there restrictions on weight and the number of pets?

Yes, this sounds a bit overwhelming, but a safe approach is to work with an experienced Realtor who understands the details of purchasing a vacation rental property.  Janice Norman, Joyce Page and Roberta Murray, of the Norman-Page Team at Century 21 IRP Realty are happy to assist you through this process.  They are located on Hutchinson Island, across from the Indian River Plantation Marriott Resort.  Stop by and visit them or call Janice at 772-485-9505, Joyce at 772-285-5791 or Roberta at 772-530-8018 for an appointment. 

                                                     

Vacation Rental Property 101 – Part Two

Yes it’s true we live in paradise.  The Treasure Coast area welcomes people from around the world throughout the year, especially during the “high season” months of January through April.   If you’ve considered purchasing an investment property to lease on a seasonal basis to accommodate these visitors, this column may be of interest to you. 

This is the second of a three-part series on investing in vacation rental properties.  In our previous column we addressed what type of property to purchase and what amenities are needed.  This column will address how to furnish your new unit.  If you missed the first chapter, you may read it on our website at: Norman-PageTeam.c21.com

In order to maximize your rental income, you may need to upgrade your unit, depending on its condition when you purchased it.  As a general rule the nicer your unit is furnished and updated the more rent you can command.  Some key points to consider:

  1. Kitchens & Bathrooms:  Does your kitchen have granite or quartz countertops, stainless appliances and newer cabinets?  Remember that as a seasonal rental, the only items your guests should need to bring with them is their personal belongings. The kitchen must be completely stocked with utensils, small appliances, dishes, glasses, pots and pans, etc.  Be sure the bathrooms have towels (for both the pool and beach), bath mats, hair dryer, soap, etc.
  1. Flooring:  Tile or laminate flooring throughout your unit provides for a quick and easy cleaning between guests.  Carpet can stain, retain sand and can require frequent cleanings.
  1. Furnishings:  Be sure to invest in durable furnishings including at least a queen size bed in the master bedroom, two twin beds in the second bedroom and a sleeper sofa that can accommodate two, so your unit can sleep six people comfortably.
  1. Electronics are important, so only flat screen TVs should be used in the master bedroom as well as the living area and free high speed wireless internet access is a must.

If you are interested in purchasing a rental investment condominium, a safe approach is to work with an experienced Realtor who understands the details of purchasing a vacation rental property.  Janice Norman, Joyce Page and Roberta Murray, of the Norman-Page Team at Century 21 IRP Realty are happy to assist you through this process.  They are located on Hutchinson Island, across from the Indian River Plantation Marriott Resort.  Stop by and visit them or call Janice at 772-485-9505, Joyce at 772-285-5791 or Roberta at 772-530-8018 for an appointment. 

                                                           

Vacation Rental Property 101 – Part Three

This is the final chapter of a three-part series on investing in vacation rental properties.  In our previous columns we addressed what type of property to purchase and how to furnish and remodel your unit.  This final column will provide an overview of managing your property. If you missed either of the first two chapters, you may read them on our website at: Norman-PageTeam.c21.com

If you are a year-round resident and live within 30 minutes of your rental, you may be able to manage your new investment yourself.  You should have some knowledge on how to market your rental online and enjoy promptly answering emails inquiring about your rental.  You should be prepared to perform background checks on potential guests; enjoy meeting guests for check in and check out, and respond promptly to phone calls reporting a broken air conditioner, plugged plumbing, non-functioning wi-fi, etc.  You should also be prepared to clean the unit, restock essential items, laundry, etc. after each guest.   If this sounds a bit overwhelming, then consider hiring a professional rental management company.  Some key points to consider:

  1. A professional vacation rental agency focuses on marketing and renting your unit to an international audience.  
  1. The agency will handle all aspects of your rental, including vetting potential tenants, securing deposits, ensuring the unit is ready for guests, check-in and check-out of all guests, inspections, maintenance of the unit, etc.
  1. The agency is knowledgeable about the local rental market and competitive rates for various communities.  They provide added value by being able to lease your unit efficiently and frequently in order to maximize your rental income. 

Century 21 IRP Realty has a fully staffed professional vacation rental department managing over 200 properties on Hutchinson Island.  These professionals exclusively focus on vacation rentals and have a cleaning and maintenance team on staff.  For more information on the Century 21 IRP Realty vacation rental department, please contact Stacey Latham at 772-225-0110. For information on buying or selling real estate, contact the Norman-Page Team at Century 21 IRP Realty:  Janice Norman at 772-485-9505; Joyce Page at 772-285-5791 and Roberta Murray at 772-530-8018.