Airbnb has made it easier for vacation rental owners to generate (and maintain) consistent income, also known as passive income. There's no better place to start this venture than in Orlando, home to some of the most renowned vacation experiences in the world.
Airbnb allows owners to list, market, and book vacation rentals through one platform. The platform also has a rating system that lets guests rate rentals and owners rate guests. This system works as a screening tool for both parties.
When you own property in a popular vacation spot, you must keep up with Airbnb rental management trends to ensure you get the most responsible tenants possible. Everything from pricing to property maintenance matters.
Here are a few ways to stay ahead of the game.
Work With a Property Management Company
It's true that Airbnb provides rental owners with the tools they need to become property managers. However, if you're planning on growing your rental portfolio, you're going to need some help.
If you're serious about building a portfolio for passive income, a property manager can handle every aspect of property management for you, including the Airbnb platform. Airbnb is just one tool in a property manager's toolbox.
Hiring a professional property manager will ensure high ratings, and thus, consistent income from the right guests. Property maintenance also yields better photos for Airbnb listings. They can also produce YouTube video tours of the property for a better marketing experience.
Pricing a Short-Term Rental For Success
Think about what draws someone to an Airbnb listing.
Pricing is likely the first point.
Begin your pricing strategy with a rental valuation. Remember to consider the following points:
- Square footage
- Location
- Proximity to landmarks (and shops)
- Number of bedrooms and bathrooms
- Backyard space and amenities (pool, etc.)
- Kitchen upgrades
- Home entertainment (home theater, etc.)
Assess the pricing strategy of surrounding Airbnb rentals in Orlando. What is the going rate in the area for your property type?
What is the property type?
An Airbnb rental within a home would likely cost less than a separate unit on the property like a granny flat or guest house. Privacy is such an important point to consider when preparing, marketing, and managing an Airbnb for rent.
If you allow pets, you'll need to factor this amenity into the price, as well. This strategy includes mandating pet deposits.
Airbnb Rental Management Trends For Staging
Think about the ideal guest you want to attract, and stage your Airbnb for that guest.
If you have a multi-family Airbnb for rent, then you'll want to attract families in town for Universal Studios or Walt Disney World. These guests are typically gone throughout the day and want a safe and comfortable place to sleep.
Stage your Airbnb with a family-friendly flare to attract this target demographic. You could even include board games on the coffee table to encourage quality time after park hours.
Make the Most Out of Your Airbnb
Are you getting the most out of your Airbnb?
This is an important question to ask if you're considering growing your vacation rental portfolio in Orlando.
Remember the above Airbnb rental management trends when preparing your own rental. Even better, you can work with a property management company like PMI Platinum FL with a proven track record of success.
Call us today to learn more about your possibilities!
