Florida is a vacationer's paradise, so you might be wondering how to cash in on the short-term rental market boom. Setting up a standalone vacation rental is the best approach, but what if you don't have the money to buy an ideal property?
If you're a homeowner, you're in luck. You can rent out a room or two to vacationers and earn an income.
Sounds easy? Well, not so fast. Home sharing comes with its fair share of challenges and you need to know how to maximize the opportunity.
These home sharing tips will get you started on the right footing.
Get Familiar with Local Regulations
As a homeowner, you have the right to use your property however you'd like, but there are limits imposed by the laws of the land. When it comes to short-term rentals, there are state and local regulations that hosts must follow.
For example, you will need to get a license to use your home as a vacation rental. This is a state requirement. Hillsborough County, where Brandon belongs, also has short-term regulations.
Familiarizing yourself with the relevant laws keeps you from making unintentional violations that can land you in trouble. Establish how many rooms you can rent out when you live in the home, and for how many nights.
Choose a Home Sharing Platform
You've secured the necessary paperwork, set house rules, and got the rooms ready. The only remaining part of the puzzle? Getting guests.
Had there not been home sharing platforms like Airbnb, that puzzle would have been a hard nut to crack. Thankfully, today all you need to do is make a listing of the property on vacation rental platforms of your choice. Airbnb is the most popular, but there are good alternatives, such as Vrbo, Booking.com, and Homestay.
You can make a listing on multiple platforms, but you'll have to be keen to avoid double bookings. Since the platforms aren't interlinked, a booking on one doesn't mean the listing will be unavailable on another. Be ready to cancel double bookings quickly; otherwise, you could be penalized by the platform.
Optimize Your Listing
Creating a listing of your rental property on your favorite platform is a good start, but you'll quickly learn there are hundreds of other properties in Brandon to compete with.
How do you make your listing stand out?
Write a detailed description of the property and include high-quality photos and videos. The aim is to give a guest a clear image of the property and its amenities and motivate them to make a booking.
You can also post the listing on your social media pages and encourage your friends to share it.
Stay Ahead With These Home Sharing Tips
Sharing your home with vacationers is a nice way to earn some income. It's also a learning opportunity if you want to scale and invest in more short-term rentals.
These home sharing tips will go a long way, but what will make the biggest difference is vacation rental management. It's advisable to let a professional take over this function.
This is where PMI Hillsborough steps in.
We are a locally owned full-service vacation rental management company on a mission to make short-term rental owners like you successful. We handle everything from handling bookings to property maintenance.
Get in touch with us to learn more about our services.
