What type of properties make the best vacation rentals?
As is the case in any real estate investment, location is the most important factor in whether a property will be a good vacation rental. Proximity to natural attractions like the ocean, beach, lakes, or mountains is a big draw to potential guests. Having a vacation rental near an already-established tourist area takes much of the guess-work out of the equation. Once an area is identified as a desirable tourist destination, the options really come down to budget and personal preference. Houses, condos, townhouses, flats, lodges and even the occasional castle will all find an appeal to some in-coming guest.
What sort of revenue can I expect?
A good rule of thumb when choosing your property is that your anticipated gross annual rental income should be 10% or more of your purchase price. This formula generally holds true and is also an excellent way to evaluate the decision to buy. Checking the rental history on a particular property and also those around it sheds light on what to expect. Property improvements including frequent updates in furnishings and décor can dramatically improve property performance as guests will select it over others more often. Pinkie will be happy to provide a forecast on any potential vacation rental.
How will my property be protected from damage and theft?
All in-coming guests are required to provide a valid credit card just like when checking into a hotel. They have also signed a Policy Agreement authorizing charges for damages.
Are there any restrictions on who can stay in my property?
The minimum age for the responsible party is 25. During Spring Break a copy of a driver’s license must be submitted with the reservation request. Additional restrictions can be applied to any property and will become a part of that property’s Policy Agreement.
Am I restricted in the use of my own property?
Of course not silly! It’s YOUR vacation place. Of course, the more it is taken off the market, the less income you make. Pinkie has already identified the peak rental times so a quick consult will help you make an informed decision. Please submit any blocks as soon as you know them to insure your place is available. Pinkie is always busy booking!
What do I need to provide for guests?
Pinkie has created a checklist of “Must-Haves” and also some “Nice-to Haves”. Once you have joined the flock, you will be given a copy of Pinkie’s Rental Essentials. In general, a fully stocked kitchen with service for 12 and 2 sets of linens are core basics.
Who pays for housekeeping?
The housekeeping fee varies depending on the size of the rental and is paid by the guest. All maintenance is the responsibility of the owner.
What about state & local taxes?
Pinkie assumes responsibility for collecting and paying all transient rental taxes for the properties she manages. All properties are registered with the appropriate tax authority. Guests are charged tax on their rental which is collected in full prior to occupancy. Tourist development taxes vary by county but range between 5-7%. The Florida Department of Revenue assesses 6% on all transient rentals. Taxes are paid monthly in the following month after the last date of the rental.
How does Pinkie deal with hurricanes?
Pesky and annoying! Hurry Canes seem to cause more anxiety than any other issue. Guests are strongly encouraged to buy trip insurance and include hurricane protection especially when traveling in months of high probability such as August, September and October.
Is there an owner referral incentive?
Absolutely! Tell your friends about Pinkie Flamingo and receive $250 owner referral fee if they sign up.