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The decision to put your condo up for long-term renters is an exciting one, and you’ll want to make sure the experience is as beneficial for everyone involved as possible. 

Preparing your Ormond Beach condo for a long-term rental isn’t overly taxing, but it does require that some special attention be paid to key aspects of the place. If you’re ready to get your condo in shape for renting, the following are some vital points to keep top of mind:

Preparing Your Oceanfront Condo in Ormond Beach, Florida

It’s important that you strike a balance between bringing your condo up to snuff and staying within budget. Some things will make a bigger impact on improvement than others, so choose accordingly if you’re pressed for time.

Clean, Clean, Clean

It’s just good business to clean your place, plain and simple. While it’s easier to clean all of the places that are easily seen, to make a great lasting impression and begin a solid long-term relationship with renters, you’ll need to clean the areas that most people don’t immediately notice.

Make Repairs Now

The best time to make repairs (large or small) is before you have renters move in. Taking care of things that need to be repaired or replaced now can help ensure minimal hassle for all involved. 

Go Ahead and Paint

A fresh coat of paint is an inexpensive, fairly quick way to boost the appeal and appearance of any space. Neatly painted walls can go a long way with how much neatness they can add. Fresh paint will not only add fresh vibrancy to a space but will also cover up some stains, chipped paint, and other small eyesores. 

Upgrade the Appliances

When long-term renters move in, you’ll want to make the experience easy for everyone — and that means reducing the chances that appliances will act up at inconvenient times. 

Upgrading appliances is an important way to prepare your Ormond Beach condo for renters. With new appliances, you’ll not only reduce emergency maintenance calls but will also make your tenants happy.

Consider a Home Inspection

If you really want to attract long-term renters and put their minds at ease, consider having a home inspection done. Prospective renters will be more confident in renting the oceanfront condo in Ormond Beach, Florida, when you show them the certificate of inspection. 

All of these tips can go a long way in keeping tenants happy and encouraging them to stay a while and take good care of the place while they’re there.

 

There are plenty of options for you to consider when choosing your next investment. Some investment vehicles are riskier than others, some have a higher rate of return, and some cost more or require more money upfront.

It’s important that you choose an investment that fits your needs, time horizon, risk level, and budget. You may want to strongly consider an Ormond Beach, Florida, vacation rental for your next investment.

Investing in an Ormond Beach Condo

Condos are popular to live in, but that isn’t the only reason to invest in them. Several factors make them especially attractive to real estate investment beginners. 

When it’s done right, investing in an Ormond Beach condo can yield incredible returns with relatively few management complications. As is the case with any investment, the specific outcome will depend on a variety of factors.

The Benefits of Investing in a Condo

Investing in an Ormond Beach condo has much potential as a lucrative investment vehicle. Some of the top reasons why you should consider a condo for your next investment include:

• Condos are consistently in high demand
• Buying new means there are fewer repairs than with single-family homes
• Smaller living spaces are particularly popular
• Resale demand for condos is high
• They are typically less expensive than single-family homes
• Condo owners pay condo fees for maintenance or upkeep
• Condos offer several attractive features and amenities that attract renters

The lower cost of condos compared to single-family homes lowers the barrier to entry, while the high resale demand gives you an excellent exit strategy if you decide to sell later.

The fees paid by condo owners can significantly reduce your own expenses and simplify the process of paying for repairs and maintenance. Furthermore, the interests of condo investors are looked after by an elected condo board or HOA, which also helps with the day-to-day management of your investment.

In addition, if you are considering investing in a new development condo, you should know that these typically have low mortgage deposit requirements and a generous deposit nature. This means you likely won’t have to put 20-40% down to complete the sale.

Add all of these reasons to the fact that the value of most condos appreciates over time, and you have a strong argument in favor of your next investment being a condo in Ormond Beach.

 

One of the most difficult parts about owning vacation rental property is keeping it occupied. When your unit is vacant, you’ll be losing money without seeing a reprieve on your monthly operating expenses. It’s important to create a strategy for finding good renters as quickly as possible each time your rental is vacant. Use these 4 steps:

1. Create an Evergreen Profile

Before you can start advertising a vacancy in your Ormond Beach, Florida, vacation rental, you will have to create a listing. You can save time and resources if you write one listing that you can use over and over. The listing should provide the reader with a basic impression of the property’s location, amenities, and features.

Stage beautiful photos that you can upload with every listing. Photos should show each room in the rental, but you can also have pictures of any special features that you want to emphasize. All of your pictures should be crisp and clear.

2. Share Your Ormond Beach, Florida Vacation Rental on Social Media

Advertising a vacation rental vacancy is very similar to marketing any other type of business or product. You should take advantage of any digital marketing resources that are available to small business owners, and that includes using your social media accounts.

Let your followers know about your rental. You never know who among them is planning an Ormond Beach vacation.

In using social media, you can also experiment with paid advertising. Every site offers advertising in the form of promotional podcasts, direct ads, and boosted accounts.

When you use these marketing tools, you can set your budget, choose a target demographic, and refine your ads in other ways. These adjustments will give you greater control over your reach.

3. Know Where to List Your Short-Term Rental

You should bookmark real estate listing sites so you can easily find them when you want to post a new listing. Additionally, join groups on social media sites that allow you to post short-term rental listings. If you have a website with a blog, talk to other vacation rental owners about advertising each other’s rentals on your respective blogs.

4. Make Your Listings SEO-Friendly

There are little things you can do to make sure your listing comes up in searches made by people who are looking for a great vacation rental in Ormond Beach. Use keyword phrases that people will search for in looking for a rental. You can also use geo-tagging, which simply means including your rental’s location several times throughout the listing.

Ideally, you should book your vacation rental several months in advance. Doing so will ensure a new renter will arrive shortly after the previous renter has vacated the property. While you will need time to clean and make minor repairs, you should plan on minimizing vacancy time as much as possible.

 

 

When you own a condo that you plan to use for rental income, you’ll be entering into a situation that requires a great deal of attention. From dealing with tenants to maintaining the condition of the property, there will be plenty to keep you busy. This work can be a problem if you also have your own career or other rentals to manage.

A solution that’s growing in popularity among real estate investors is the use of property management services. Professional property managers will provide you with a long list of services that will be beneficial for you. Let’s look at 4 potential benefits:

1. Spend Less Time at Your Ormond Beach Condo

The free time you’ll enjoy may be one of the most desirable benefits of hiring property managers. Taking care of your condo can quickly become a full-time job, but a property manager will look after your condo for you. This assistance gives you the free time to pursue other real estate investments without neglecting your condo rental property.

2. Reduce Interactions with Your Tenants

If you don’t consider yourself to be a “people person” or you have a very busy lifestyle, interacting with tenants may not be something you enjoy. When you hire property managers to oversee your condo rental, you can trust them to interact with your tenants.

A property management firm will act as a buffer between you and your tenants. They will respond to maintenance requests, screen potential new tenants, and collect rent in Ormond Beach, FL.

3. Manage Your Books

When you use an Ormond Beach condo for rental income, you should keep the financial records for that property separate from other investments. Property managers will record expenses and income for you, and they can generate any financial reports you may need. At the end of the year, they can also assist with filing taxes for the property.

4. Fill Vacancies Faster

Property managers will also have the expertise and infrastructure needed to fill a vacancy faster. They will already have the social media and advertising accounts set up to market your vacancy. As applications start coming in, they will also know how to screen potential tenants to help you avoid bad situations.

Each property management firm offers different services, so it’s important to search for a company that will be the most beneficial for your situation. In addition to evaluating the services offered, take time to interact with the staff at each company. This approach will give you a better impression of the quality of service each company offers.

Purchasing a property in a popular vacation destination with the intent to rent it out to visitors both long and short-term is a smart investment that could lead to significant passive income.

One great way to do this is to purchase an oceanfront condo in Ormond Beach, FL, a popular vacation spot that attracts thousands of visitors each year with its gorgeous beaches and lovely weather.

Before you sign the documents purchasing a vacation property, however, it’s important to consider a few factors that might play into the success of your business venture. One of the most important factors for high-value vacation properties is location.

The Importance of Location for an Oceanfront Condo in Ormond Beach, FL

Many people have to plan and save for their vacations for a long period of time, which means they won’t want to vacation just anywhere; they want to visit somewhere with gorgeous views, opportunities for relaxation, and lots of activities to participate in, such as Florida’s Atlantic coast.

That’s why you’re likely to see a lot more success owning a rental property for vacationers in a place like Ormond Beach than somewhere with less natural beauty or convenient amenities to enjoy.

Plus, Ormond Beach isn’t far from bustling Daytona Beach — which means you’ll attract lots of vacationers who want easy access to that exciting city while also enjoying a more relaxed beach town atmosphere.

Other Factors to Consider for a Rental Condo

Though location may be the most important consideration when purchasing a condo to rent, there are a few other details that you shouldn’t ignore as you make your decision. Even if you find a condo to rent out in the perfect vacation destination, things like local regulations and seasonal vacation activities could affect the overall value of the property.

Local Regulations

Make sure to check local regulations around vacation rental properties. Unfortunately, some cities and communities restrict vacation rentals, making it difficult to have success with a condo rental in those areas. Luckily, you shouldn’t have an issue with local ordinances for your vacation rental in Ormond Beach.

Seasonal Activity

Are you going to receive requests for your condo year-round, or is your vacation destination of choice only popular during a certain time of year? A year-round vacation spot like Ormond Beach will lead to more bookings, which means a greater, more consistent return on investment for you.

As the owner of a vacation rental in Ormond Beach, there are many tasks you have to perform in order to keep your property looking great and functioning properly for your renters. Collecting rent is one of the most important duties of property owners, and there are many different ways to do so.

How to Collect Rent Payments on Your Vacation Rental in Ormond Beach

Are you interested in renting out your beachside property to vacationers but not sure how to go about collecting rent in Ormond Beach, FL? Below are a few of the best rent collection methods that benefit both landlords and tenants in different ways.

Personal Check

Personal checks issued by a bank are a great way to collect rent. They’re convenient for landlords to cash and convenient for renters to write, as most people already have a checkbook.

However, there is some risk involved when accepting personal checks — as there’s no guarantee that the funds will be available in your renter’s account when you cash the check.

Cashier’s Check

Cashier’s checks can only be acquired at your renter’s bank, and they’ll need to have the funds present and pay a fee to receive a cashier’s check. This method is more trustworthy for property owners, though it’s less convenient for tenants.

Online Payment Platform

A wide variety of online payment platforms available today allow renters to conveniently send payments to their landlords through an app.

While some landlords use peer-to-peer online payment methods to collect rent, many rent-specific platforms are considered to be safer. These platforms generally transfer the funds from the renter’s account to the landlord’s in approximately one business day.

Money Order

Money orders are similar to cashier’s checks in that your renter has to have the funds available to secure them. However, this method is typically more convenient than a cashier’s check as it can be obtained at any bank or even the post office.

Which Payment Method Is Best?

Personal checks and online payments are convenient, but not always perfectly secure. Conversely, cashier’s checks and money orders may guarantee that you’ll receive the funds you’re owed, but these methods could dissuade potential renters due to inconvenience.

To determine which rent payment method is best for you as the vacation rental property owner, you’ll need to weigh the different factors and choose one that is most practical (and secure) for your unique situation.

When you own a condo in a coastal region, you’ll want to start preparing it for seasonal rentals early. This involves undertaking a few different tasks that will boost the appeal of your condo to renters. Considering the competitiveness in coastal rentals, this is no small task. Here are a few tips to help you bring out your condo’s beauty.

1. Update Your Short-Term Rentals

Your first step should always be to tour your vacant condo to see what needs to be repaired or updated. There may be a cracked mirror, missing outlet plate, or other minor wear and tear damages.

If your previous tenant wasn’t respectful of your property, you might need to make more extensive repairs. At the very least, you should consider adding a fresh coat of paint.

2. Perform a Deep Cleaning

Before listing any short-term rentals, it’s important to consider the health of your next tenants. While you can clean the condo yourself, you’ll get much better results from a professional cleaning company.

They can shampoo your carpets, wash your windows, and thoroughly clean the grout in your tiled kitchen and bathroom. You can also ask them to use eco-friendly or hypoallergenic cleaning solutions.

3. Update the Decor

If the artwork looks outdated in your long-term rentals, this is the ideal time to switch them out. Add sculptures or new paintings from local artists.

Towels, washcloths, and other linens may be worn and threadbare. Replace them with newer items for a brighter look. You should also replace throw pillows and other decorative accessories.

4. Check the Patio or Porch

Don’t forget to check and update your outdoor entertaining areas. Concrete surfaces should be pressure washed. You should wipe down wooden furnishings with a good quality oil soap. Repaint chipped furnishings. If your patio furniture is older or seems frail, this is a good time to invest in new furnishings.

5. Schedule an HVAC Inspection

Your HVAC system should be inspected twice per year. As the property owner, the best time to schedule these inspections is when the unit is vacant. This lets you know about heating and cooling problems before new tenants move in.

You can also simplify this process by requesting the help of a rental management firm. They can help you prepare your condo and keep it occupied throughout the season. This type of service will help you manage your property more easily and save you time that you can better spend elsewhere.

As the new rental season approaches, now is the time to begin preparing your oceanfront condo for new tenants.

Taking the time to prepare your property in advance will save you from rushing through this process later. You’ll also save time and money by beating other condo owners to the resources you’ll need to update your condo.

1. Start with the Repairs

Even the best tenant will have caused minor wear and tear damage after a long-term rental, so it’s important to get those things fixed. This requires being meticulous in looking over the condo.

Look for burned-out light bulbs, cracked mirrors, or missing outlet covers. Pay attention to every detail to catch damage that might also grab the attention of prospective tenants.

This is also the time to check the safety features in your oceanfront condo in Ormond Beach, FL. Verify that the smoke alarm, sprinkler system, and fire extinguishers are all in good working condition. Make sure window and door locks function properly and test your condo’s alarm system.

2. Give the Interior a Fresh Look

Even if you like the color and design of your vacation rental in Ormond Beach, you should give it a fresh look. Have professional painters give the trim and walls a fresh coat. Enlisting the help of professionals will help you protect your flooring and ceiling from accidental drips.

Determine whether the flooring needs to be replaced. If your condo’s carpeting or vinyl flooring looks outdated, it may be time for a change.

In some cases, a fresh coat of wax for hardwood flooring or a shampoo for carpets may be enough. If the flooring is older, you might consider replacing it for an updated look.

3. Update the Exterior of Your Oceanfront Condo in Ormond Beach, FL

Curb appeal is especially important for a successful rental season. Make sure your landscapers give the lawn and garden an update before you start marketing your condo. They should replace dying flowers, edge the lawn around walkways and the driveway, and treat your grass to give it a healthier appearance.

Consider pressure washing your condo’s siding. This should include washing the condo’s street numbers, mailbox, and other exterior fixtures. Give patio furniture a good cleaning as well. Your tenants may want to take a break from exploring Ormond Beach by relaxing outside on the patio.

You may find that there are other things you need to do to get your condo ready for new tenants. Since you started this process earlier, you’ll have extra time to complete those minor tasks. When the first prospective tenant views your condo, you can rest easy knowing it’s as idyllic as possible.

If you own a condo that you want to rent out for short periods during the vacation season, it’s a good idea to know when to start advertising the vacancy. If you start marketing the condo too late, you may not find a tenant in time for the season. If you start too early, your condo may sit on the market longer, and that can dissuade renters.

Months to Avoid Listing Your Condo

If possible, you should avoid listing your Ormond Beach condo during the holiday-heavy months of September through December. No one will be

looking for vacation rentals at the end of the year, which means you’ll be wasting the money you’re paying for the listings. The real estate market in all niches takes a dive at this time.

The New Year Is Still Early to Advertise a Vacation Rental in Ormond Beach

Some condo owners market their units at the start of the new year. Even though January through March is still early, you can reach eager vacationers and get ahead of competing condo owners by advertising at this time.

Some people like to plan ahead for their spring or summer vacation to get deals on travel and amenities. You might be able to lock in renters sooner if you list your condo at the start of the year. This can also help you get more renters throughout the season to ensure your condo will stay occupied.

Don’t Wait Past April

As soon as spring hits, your vacation rental in Ormond Beach should already be listed for rent. People looking for a short-term rental will be browsing availabilities by the first of April.

Make sure your listing features plenty of photos to help entice people who are traveling from far away. If the listing is digital, it can help to include a video tour that highlights the strengths of your condo. Share the listing on social media, and make sure to use hashtags to reach more potential renters. You’ll want to do everything you can to entice people looking for a great vacation spot.

By refining when you list your condo for lease, you can feel more confident that you’ll find tenants in time to take full advantage of the season. It will also give you the time to spruce up the property and make it more appealing to quality renters. That will help you maximize the passive income your condo earns for you.

There are several factors to consider before buying an investment property. This is especially true when you want to buy property that can be used for short-term vacation rentals. These factors will influence which properties will be the most lucrative for you, so it’s important to do your research. This guide can help you get started.

1. Study the Market

Before looking at specific properties, take the time to study the market. Talk to professionals in the area and network with other investors to learn more about each community.

Your goal will be to look for signs of growth that will potentially drive up the rent in Ormond Beach, FL. You’ll want to know that the rental rates will rise along with the cost of living in that area.

2. Know What Type of Ormond Beach, Florida Vacation Rental Is Right for You

You should decide ahead of time on the type of investment property you want as your first choice. While a condo may seem like a good option, keep in mind that there may be

condo board restrictions that may affect how you try to lease the unit. Other investment options include townhomes, single-family residences, and bungalows.

3. Consider Your Expenses

As you plan to buy an Ormond Beach, Florida, vacation rental, think about what it will cost to get the unit ready for a renter. Some of these expenses will include HOA or condo dues or fees. You should also take into account your mortgage and interest. Don’t forget the costs associated with updating or repairing the property.

All of these expenses should be totaled and subtracted from the rent amount to give you an estimate of your potential profit. If you end up with a negative number, you may need to keep looking. You want a property that will cost you the least while netting you the most possible rent. Otherwise, you’ll lose money each month.

4. Find Your Contractors

You’ll save time and money if you know which remodeling crew, electrician, plumber, and other contractors you’ll use. Trying to do this type of work on your own will likely cost you more than you planned and put your investment in the red. Finding good contractors ahead of time is also a worthwhile investment.

If you’re not familiar with a vacation area, take the time to get acquainted with it so you can verify that you’re investing in a popular vacation spot. Doing your due diligence will ensure that you invest in a property that will earn you passive income for many years to come.