Here at Gulf Coast Property Management, we're out to build a better vacation rental experience for guests and owners alike through the transformative power of information. When it comes to your long-term wealth and the return potential of a properly-cared-for vacation property, 'knowledge is power' has rarely felt more appropriate! If you don't know or understand how to operate a successful seasonal rental, how can you be expected to? That's where we come in as the experts in Bradenton vacation rental management.
In today's article, we're going to focus on four top tips that every Bradenton vacation rental property owner should be aware of—and on top of—if they want to see success. If you haven't already been implementing these in your rental processes, now is the time to do a little self-evaluation (and property evaluation!) and see where you need to do some work on bringing your rental up to speed.
If you're already doing all of the following, it's worth getting an expert eye on where your vacation properties are missing the mark. As you go through the list, reach out to us if something catches your eye—we can help point you in the right direction!
Tip #1: Know Thy Market
This one seems like common sense, but the reality is that the market can change at a moment's notice (or at least several weeks' notice) in the current times we live in. Whether it's due to hurricane season or a pandemic that puts your property's status up in the air, big (and small) events like these are going to affect your property.
Not only that, but such stumbling blocks will also affect how your potential guests view your property, too! Knowing what you need to know about the Bradenton vacation rental market isn't overpreparation—it's the bare minimum preparation you need. This kind of research also plays an integral role in any property you might pick in the future to pad your portfolio, so getting familiar with data now is crucial to remain a successful investor.
The seasonal rental market is even more dynamic than the annual market, so if you're not going to do the research yourself, rely on a Bradenton vacation rental management partner that can. This also brings us to our second tip!
Tip #2: Use Dynamic Pricing
Are you using dynamic pricing technology yet? If not, it's time to catch up on what the airline industry has been doing since the 1980s! If you're still pricing your Bradenton rental based on gut instinct, you've been losing out on potential bookings—and that adds up in the form of lost income!
While you don't want to undercut your property's potential with a price that's too low to even cover the wear and tear seasonal rentals face, you also don't want to drive away guests with sky-high pricing! Dynamic pricing ensures you have the right price for your Bradenton vacation rental every time—and it's exactly why we offer this modern feature for our clients.
Dynamic pricing goes hand-in-hand with market research, so if you don't have the time to stay on top of either, it's time to turn to professional Bradenton vacation rental management! Plus, working with the pros can help you tackle this next tip.
Tip #3: Stay on Top of Inspections
Your Bradenton rental sure looked great in those photos you took from 2015—is your property still in great shape? If you haven't been conducting inspections after every guest and every stay, you are exposing your profit potential to unnecessary risk!
Routine inspections ensure that your Bradenton vacation rental is on top of its game—and they also ensure you don't receive surprise phone calls from guests when the dishwasher doesn't run upon arrival...and it's full of mold. These are the kinds of issues you can't rely on every guest to report, so rather than leaving the condition of your property to chance, get in the habit of performing routine inspections.
We perform a property inspection after every single guest to provide our property owners with peace of mind! We wouldn't recommend you do something we wouldn't do ourselves: that's why an inspection after each guest is crucial. Make time to check on your Bradenton rental property, or leave it in the hands of capable Bradenton vacation rental management experts who can. Small issues now can quickly become big fixes later!
Tip #4: Study up on Tax Law
If you've been running your seasonal rental 'under the table,' boy do we have some news for you! Your property needs to comply with local and state sales and occupancy taxes to remain above board. You also need specific licensing to operate your property as a rental. If you wind up on the wrong side of the IRS, trust us: it's not pretty! Protect yourself and your Bradenton vacation property by brushing up on tax law.
Unless you happen to be a 'tax-law aficionado,' this is likely not your idea of a relaxing way to spend a weekend. Plus, it often takes more than a single weekend of study to internalize something as complex—and daunting—as tax law. If they made it easy, we wouldn't need attorneys! However, you don't have to hunker down and waste your evenings pouring over tax codes. Leave it to a professional!
The right Bradenton vacation rental manager can handle tax law and everything we listed above for you—right from the start. That just leaves you with one last challenge: finding the right partner in the first place! Thankfully, you don't have to do this alone: at Gulf Coast Property Management, we've got your back.
When you're ready to find your perfect vacation property partner, download your free copy of our Guide to Finding the Best Gulf Coast Vacation Rental Management Company, and reach out to us with any questions you might have. Your peace of mind is our sign of excellence!