As a property management company, our team is always looking for ways to help our clients maximize their potential. After all, owning an investment property takes a lot of work and money. One of the ways we help our clients is by making it easier for them to turn their property into a short-term rental.
Short-Term Rental Pros/Cons in Sarasota
A short-term or vacation rental is a property set up to welcome guests for a short stay, usually for a few days or weeks. Guests looking for a short-term rental expect a similar atmosphere to a hotel or a bed and breakfast but without quite as much hands-on service. It’s a popular vacation option, especially for families or groups who want more privacy, space, and amenities than a typical hotel or bed and breakfast. So what are the pros and cons for you as an owner of a short-term rental?
Pros:
- Potential for large profits during busy tourist season. In 2021, 3 million people visited Sarasota County. That’s a huge tourism market, so there is a lot of demand for short-term rental properties. Depending on the size and location of your property, you may be able to charge hundreds of dollars per night for your short-term rental property, which will increase your profit margin significantly.
- You can still use your property for personal use. However, turning your property into a short-term rental leaves it open to use when you are in town. Just make sure to block those days off for reservations so you can access your property when you want to use it.
Cons:
- Less stability: Short-term rental vacancy rates can wax and wane. During the busy tourist months, you may be booked all the time, but there may be months when you have fewer bookings. You must be prepared to maintain your property expenses even when your profit income fluctuates.
- More property management involvement: Turning your property into a vacation rental isn’t as simple as flipping a switch. You’ll need to be available to answer your guest’s questions, fix any issues, and provide amenities and services in the rental agreement. It can be a lot of work to do on your own, especially if you live out of town. Luckily, our team is here to help take care of all your property management needs, so you don’t have to worry about being on call for your guests all the time.
Add Local Touches to Make Your Sarasota Rental Stand Out
There are a lot of attractions and things to do here in Sarasota, and the weather is great too. So if you want to keep your property booked up, you need to stand out from the other vacation rentals. So how can you do it? Here are a few Sarasota tools to make your rental property a hot booking.
- Stock your property with local self-care products. There are many spas, boutiques, and wellness clinics in the Sarasota area. Feature some of your favorite products in your rental for guests to try. One of our favorites is Sarasota Soap, a natural handmade organic soap made here in Sarasota!
- Keep family needs in mind! Another way to make your property stand out is by catering to families. Families often like the larger space of a vacation rental, and adding toys, sports equipment, or gaming consoles is a great way to sweeten the deal. We love adding a few family-favorite toys from Sarasota’s favorite toy shop, The Toy Lab!
- Invest in quality home linens! Your rental property linens will wear out fast unless you choose high-quality materials. We recommend stopping at one of our favorite local shops, Charlotte’s Grace Fine Linens & Luxe Home Accents, to find all the cutest and loveliest linens and bedding for your property.
Let Us Help You Maximize Your Sarasota Vacation Rental Property!
Give our team a call if you’re debating opening up your beach home as a vacation rental. As local Sarasota property management experts, we know the market. We can help you maximize the potential of your vacation home as a short-term rental so you can start earning extra income on your property investment. With our help, there are no downsides to owning a short-term rental in Sarasota. Visit our website to learn more!
