Turn a vacant home into income

The internet has turned vacation home rentals into a new haven for scammers, crooks and thieves as slick websites and false reviews have taken the place of checking licenses and real references by legitimate real estate offices. The Uber mentality when it comes to short-term vacation home rentals is probably not the best approach when you arrive in Lake or Sumter counties and find out that the home you thought you had rented doesn’t exist or wasn’t even available for rent by the internet company that took your payment.

“Before renting a property from an internet broker, please verify who you are renting from by checking their license on MyFlorida.com, because we have some brokers in this area who are renting properties without a license or a license that has been expired for two years,” said Brian Feldman, director of property management for RE/MAX Premier Realty.

There have been winter residents show up for homes this year where none were available, Feldman said, and their vacations were ruined. In these cases, the unscrupulous broker had a website that looked professional and legitimate, complete with pictures and reviews, but they there were not licensed.

A great tool for homeowners and renters is real estate property management services, and dealing with a licensed, legitimate real estate professional is paramount. For the potential renter, a licensed professional will ensure the home is in good shape and that the property is clean with all the necessary amenities. Plus, if there is a problem or maintenance issue a real estate property management firm has a team that can handle these problems so that vacation time is not ruined. Renting from a single homeowner on a website can be tricky, especially if the homeowner is out of town. A legitimate property management company can be trusted with deposits, and you will hear from them with all the details to make your stay comfortable.

For the homeowner renting the property, the property management professional will ensure that only high-quality, vetted renters are being placed in their home. “A short-term rental is not a motel,” said Feldman. He also says that a substantial security deposit and vetting process ensures the home will not be destroyed. The property manager removes the owner from the process of collecting money, maintenance calls and issues with housekeeping. The owner is only involved when the issue becomes larger than typical daily maintenance items. Most importantly, a property manager can properly market the home across the internet to legitimate real estate sites that can be trusted.

According to Feldman, it is not uncommon to rent a two- or three-bedroom home in The Villages area during February and March for $3,000 to $4,000 per month, depending on the location. Outside the primary winter season, short-term monthly rentals are normally well over $1,200.

“We have residents go visit a family member during this time to pay for their vacation later in the year, and it is not uncommon for winter residents who cannot come down for the season to call us to rent their home while they are not here,” said Feldman.

Rental demand in the local area generally remains strong throughout the year and Feldman encourages secondary homeowners to turn their vacant home into income.

There are some hurdles to overcome when deciding to offer a home for short-term rentals. Valuables and sentimental items should be removed. Plus, expect the typical breakage and damage around the home as if you were living there. Good upfront planning, vetting and security deposits will normally keep problems down to a minimum. Hiring the right property management company can eliminate headaches and make the process seamless. Understand, nothing beats checking licenses and old-fashioned references when making these decisions.

Utilizing real estate property management services is a great way to supplement your income or help pay for a secondary home, and using a licensed, local property manager is the best way to rent a home from far away.

Don Magruder is the CEO of Ro-Mac Lumber & Supply Inc. He is also the host of the Around the House radio show heard every Monday at noon on My790AM WLBE in Leesburg.