If you're a property owner in Sarasota, we've got good news for you. Occupancy rates in January 2023 were up 7%, and millions of people visit the city of Sarasota every year.
You can make a profit by owning vacation rentals, but it comes with challenges. One vital factor that you need to consider is your property's safety. New guests are going to be arriving at your rental every week.
You need to have peace of mind knowing that you, your property, and your renters are protected. This guide will tell you everything you need to know about vacation rental management and property security.
Screen Your Guests
Screening guests can be time-consuming and you may not feel it's necessary with short-term vacation rentals. However, it's vital that you vet your renters.
While you may not have time to run a complete background check, you can utilize vacation rental platforms that allow you to review guest profiles. You'll be able to read their previous reviews and make an informed decision.
You'll want to be cautious of guests with incomplete profiles or negative reviews. You can also establish specific guest requirements.
You may want to set a minimum age limit or set the number of guests that are allowed to stay at your property. This will reduce the likelihood of irresponsible or unruly guests.
Install Security Systems
Installing vacation rental security, such as cameras, is a great way to reduce the risk of property damage. Whether you have cameras inside, outside or both, it's vital that you make your guests aware. You'll need to respect their privacy.
Regular property inspections will also prove to be beneficial. Check for damage or maintenance issues.
These inspections will help you identify and address issues before they become more significant. This should be done after every guest.
Get Full Coverage Insurance
You should have full rental insurance coverage before anyone stays at your property.
Standard homeowner insurance splices may not provide sufficient coverage when you're renting out your property.
You'll want to seek insurance that is designed for vacation rentals. This will help protect you against damage caused by guests, theft, or accidents. Talking with a professional will ensure you have everything you need.
Hire a Vacation Rental Management Company
Managing a rental unit can quickly become overwhelming. Hiring a vacation rental management company to help with the day-to-day process will make things much easier and profitable.
Experts at PMI Sarasota have experience in screening guests, handling maintenance, and responding to emergencies.
Peace of Mind, Piece of Property
Being proactive about property security is one of the best things you can do. You'll not only be safeguarding your investment but also ensuring your visitors' well-being.
By implementing the tips above, you'll be able to reduce the risk associated with vacation rentals. Remember that a well-protected property can lead to better reviews, higher occupancy rates, and higher profits.
Our team at PMI Sarasota is part of a property management franchise that has over 20 years of experience. We can help you with all your vacation rental management needs, send us a message today!