Cocoa Beach Canal/Pool Home - Mgmt Co or Self for Short Term Rent

[Daniel Domer]

Hello all,

Looking for some general advice here, we are closing on a 4BR/2BA Canal/Pool home in Cocoa Beach next month. We have to furnish it all and from there are looking to use it for short term rentals (Air BNB, VRBO, etc). Some of the Mgmt companies down there want 25% which would essentially kill profit margins, was looking at Evolve this morning (they say they take only 10%) and going to research some others. The big issue is we are out of state, so getting it off the ground is what concerns us right now.

I have friends who rent out their cabins in the midwest using Air BNB and doing it themselves. But those are cabins they have vacationed in for a while, not exactly starting from scratch in furnishing it and marketing it from day one.

One thought we had was pay someone to help us furnish it and use Mgmt company for a year or so to help get it off the ground. Then take it over ourselves using Guestly or some other software. I've heard the cleaning company is the biggest piece in doing it yourself and this piece is a MUST have if you are going to do it on your own and are not in the state.

We plan to install all smart devices, keypad, thermostat, cameras, etc to help monitoring it and managing it a little easier.

Anyone have any advice on using management companies and how did that turn out, especially in this part of FL?

Thanks in advance!

[Lisa Graesser]

I would highly recommend doing it on your own. You seem to have a good idea of what you need as far as cleaners and smart devices.

Go there for a week or two after your purchase and get the furniture and all household items you need. You can order some nice furnishings from places like Wayfair if you are short on time, coordinate other deliveries for when you are there. If you are planning on driving there, start buying household items now to bring with you.  Check out consignment stores, Facebook market place and places like goodwill for some great finds as far a kitchen wares or decor, either where you live now or in coca beach. Once you have the house set up,  find a couple of cleaners, handyman, list of who to call for repairs like appliances or AC. Join the NextDoor and Facebook group in that area to get recommendations for all your service needs. 

We live in Buffalo, New York and manage 3 STR's in The Villages, FL, it is worth it to us to handle the issues ourselves than to pay a management team, but that all depends on how much time you have to deal with any issues.