If you own an oceanfront condominium you probably have considered at some point, or are actively engaged in, a short term or long term rental program. As with any endeavor, there are high points and low points associated with generating income from your rental property. If you have a condominium on the short term rental market, consider some of these tips to make your unit more desirable.
1. Make your furniture comfortable and your unit attractive. Nothing screams “I’m in it for the money” like white walls, contractor grade flooring and bland furniture. Dress up your unit as you would your own home by adding some colored walls, throw pillows and rugs.
2. Commit to freshening up your unit after each summer rental season. If your unit received a high rate of occupancy over the summer months you very well may find some broken or soiled items, missing pots and pans or malfunctioning appliances.
3. Deep clean upholstery, drapes and area rugs and carpets after the season to give your unit a fresh smell and appearance.
4. Avoid wall to wall carpets and opt for wood flooring or tile floors with throw rugs. While wall to wall carpet might be ideal for your personal home, rental condominiums can and will have excess sand and dirt brought in from the beach, spilled items and who knows what else. Inexpensive throw rugs are ideal as they can be thrown away if they’re beyond saving.
5. Never leave anything of value in your rental unit, be it monetary value or sentimental value. There is a high probability it could be stolen or broken.
6. Consider contracting with a friend, relative or outside company to perform a monthly inspection of your unit to ensure your rental company to protecting your interest. If you live far away and visits to check on your unit are few and far between, this could prove to be invaluable as your rental company wants the income and could tell you anything. An ounce of prevention is worth a pound of cure.
While Property Management Systems, Inc., does not actively engage in rental management, a significant number of condominiums we provide association management for are on the rental market. With nearly 30 years of association management experience, we have seen, heard or experienced a number of issues. If you would like more information on our condominium management programs, please feel free to contact us today.