A few decades ago, vacation homes were usually second homes for the wealthy that they would visit once every so often. If they rented it, it would usually not be their primary source of income.
These days, things have obviously changed dramatically. Among the hundreds of Florida vacation rental home owners that we’ve talked to, we see several that actually treat it as their primary bread and butter job. They usually have more than one vacation rental home, some have up to a dozen or more. They treat it very seriously, have a budget for marketing, maintenance, staffing, taxes, etc. and maintain a balance sheet.
That approach is critical for the success of any vacation rental in my opinion, especially in Florida, given the competition.
One organization that has caught our attention recently and can help with such affairs is FVRMA – Florida Vacation Rental Mangers’ Association. Their website is at http://www.floridavacationrentalmanagers.com/fvrma.asp
They are quite a useful resource and can help significantly with keeping abreast of the latest developments in this industry. In any business, it is important to keep up to date with market news and change/adapt accordingly. For vacation rental owners that understand that, this might be worth the membership money. But only if you will actually spend the time to utilize the membership benefit. Aha, there’s the catch :).