All Forum Posts by: Keith Courtney

Emily -

Are you a property manager with multiple short term rental properties or are you looking for software for managing your own vacation home(s)?

A major drawback with all of them is they don't sync reviews.  In other words, you are not alerted when a review is left on your listing(s), and you can't reply to a review when one is left.  Reviews are very important toward success with bookings so make sure to weigh this in your decision to even use a vacation software.

Also keep in mind that with VReasy and most others, you still have to pay for any listing subscriptions (like with HomeAway/VRBO) over and above the cost of the software.  One exception to this is MyVR software, which includes the listing subscriptions and a separate website in the total price quoted.

Keith

@Joseph Mceneaney
Orlando is a great spot for short term rental vacation homes because, due to the theme parks primarily, the demand is year-round.  There are vacation home communities and specific vacation homes that provide good opportunities as investments.  However, there are many that are not.  There is a lot of competition.  As with any investment, I encourage you to do a lot of research.

@David McErlean - HomeAway/VRBO used to use a tiered pricing structure for listings with the most expensive being around $1800/yr.  They changed about 2 years ago and went to the much lower listing price ($399/yr currently), but they at the same time started charging the renters a service fee to offset the lost income.
I list short term rental vacation homes on both HomeAway/VRBO, Airbnb and FlipKey/TripAdvisor.  The listings are 3 bedroom homes and larger, and the majority of the rental inquiries come from HomeAway/VRBO.  However, I have seen an increase coming from Airbnb.  I recommend listing on all three in most cases.
Keith

To answer the question, consider the 2 most important factors – supply and demand.
Regarding the supply of short term rental vacation homes: There are thousands of them in the Disney World area. A majority of them are outdated – in need of renovation. The supply of new or upgraded vacation homes, which rent more at a higher nightly rate, is relatively small.
Regarding demand for short term rental vacation homes: It is going to grow. The Orlando Int’l Airport is spending $1.8 billion on a new south terminal anticipating a large increase in traffic to Central Florida partly due to the expansion at Disney World - in 2017 the attraction Avatar opened; in 2018 Toy Story Land will open; and, in 2019 the huge Star Wars attraction will open.

Let me send you some pro forma statements on new and renovated vacation homes and let you decide. The return on cash invested ranges from 10-17% after all expenses including mortgage payments. 

For pro forma statements and more information, contact me -
Keith Courtney (Owner - The Pro Agent Group)
[email protected] or 407-538-1200 (cell)

@Paul C. -

I would suggest you at least take a look here in Orlando.  The vacation rental market here is year-round.  We are home to Disney World, Universal Studios and SeaWorld, and we have a lot of other draws including over 100 golf courses and we are only 1 to 1-1/2 hours from beaches on both the Atlantic and the Gulf Of Mexico.

Since our short term rental market is year-round, as a general statement, I think that makes it easier to generate a good income from a vacation home.  However, there are many vacation homes here that, at best, break even.  The key to success here is to have a vacation home that is new or recently updated like new with good amenities to attract renters and one that is in a good location in close proximity to Disney.  

Another positive factor for owning a short term vacation rental here is we are expecting a good bit of growth in demand here.  Disney World has recently opened their Avatar attraction, and their Star Wars attraction (which will be a huge draw) is under construction.  Universal Studios recently opened a huge new water park with more expansion coming.  Evidence of this anticipated increase in tourist numbers is the large expansion going on now at our international airport.

If you would like to at least explore this area, feel free to contact me.  I can send you pro forma statements and brochures that will give you some good insight into our vacation home market here.

Keith

Rachel -

Regal Oaks is a short term rental community. If you are looking at it for an investment, I would suggest that you go to one of the vacation home listing websites (VRBO, Airbnb etc.) and type in Regal Oaks. Look at the rates and calendars for the more popular units. The occupancy rates and nightly rates are not impressive. That's the reason the units are being discounted for sale. Also the HOA fees are over $400/month.

Keith

@Nancy Bachety

Nancy -

Most of the HOAs of vacation home communities include for each home basic cable, phone, internet, lawn maintenance, garbage pickup and exterior pest control in their HOA monthly fees. A good example of this is ChampionsGate and more specifically The Retreat in ChampionsGate, which is the vacation home community part of the development. The monthly HOA fee is around $345/month. That covers all of the above plus a guard gated entry, roaming security and The Oasis, which is a huge water park with clubhouse within the community. Owners and their guests have unlimited use of The Oasis. All for $345. The basic cable, phone, internet, lawn maintenance, garbage pickup and exterior pest control would cost a homeowner at least $250 if paying himself. So for $95/month ($345-$250) you are getting the guard gate, roaming security and unlimited use of The Oasis for you and your guests. Pretty good deal!

I handle the buying/selling of vacation homes and the short term rentals of them. From that experience, I can confidently say that vacation homes in gated communities with HOAs that offer amenities (pool, clubhouse, etc.) bring a higher purchase price and generally rent better*. When an HOA is in charge of landscape maintenance, those communities are more eye appealing and better maintained.

* There are a couple of communities that are very close to Disney that don't have HOAs that also rent well.

Hope this helps.

Keith

@Brian Garrett -

I would definitely go the short term rental route.  Your income and profit will be so much more.  The key will be purchasing the right vacation home in the right vacation home community.

Regarding the screening of tenants - There are certain practices you can follow to minimize your chances of renting to a bad tenant.  One example is having a minimum rental of 3 nights.  Another is holding a damage deposit.  Also, a good property manager will check on a property during a rental and can take steps if a tenant is abusing your home.  

@Cindy C.

Regarding managing a property in Florida - the key is having a good, honest property manager. Both of those adjectives are critical. The property manager has to be good at maintaining your home and good at handling problems with your home and your renters.  The property manager also has to be honest.  There are many ways a property manager can take advantage of you.  

I work with a really good and honest property manager here in Central Florida.  I will be happy to introduce you to him if you buy a vacation home here.  He and his wife have been property managers for 10 years.  I encourage every buyer that I help buy a vacation home to use them.

Keith

@Nancy Bachety

Central Florida - in the Disney World area - is a good spot for owning a short term rental.  The demand here is year-round for vacation rentals due to Disney, Universal and SeaWorld, and there are over 100 golf courses in the Orlando area.  Plus you can get to an east coast beach in an hour. 

The supply of vacation homes keeps growing, but so does demand.  Universal is adding a huge water park.  Disney has just opened an Avatar attraction in their Animal Kingdom, and their new Star Wars attraction is due to open next year, which will be a huge draw.

Keith

Igor -

I would look at vacation home communities as close to Disney World as possible.  I will be happy to speak with you and give you some specific recommendations based on your budget.  I also have pro forma statements that I can send to you reflecting the returns you can expect.

Keith