Despite the challenges brought about by Hurricane Ian, Fort Myers tourism still raked in $683 million between April and June 2023. This highlights the staying power of the short-term rental market in this area.
It also means things can (and will) only get better, making now a good time to invest in rental properties if you want to see growing returns year upon year.
Where do you get started renting a home in Fort Myers, though? Keep reading to find out.
Research Relevant Laws
In Florida, you require a license to operate a short-term rental business. Additionally, you must comply with Ordinance 18-01 if you own a vacation rental in Fort Myers.
Florida offers attractive tax laws for residents. The state can afford to do this as it derives substantial income from tourism. As a short-term rental owner, you must charge sales tax on your rental rates and distribute this income to the Florida Department of Revenue.
In Lee County, you must also pay a 5% Tourist Development Tax on the gross rental amount. When you set your short-term rental rates, you should include these factors in your calculations.
Decide on an Effective Short-Term Rental Strategy
You have two options for managing your rental property. You can do all the work yourself or hire a professional short-term rental property manager.
Managing a rental property involves many time-consuming and ongoing tasks. These include:
- Managing guest inquiries, bookings, arrivals, and check-outs
- Cleaning the rental property
- Repairs and routine maintenance
- Restocking the unit with necessary consumables
Apart from these routine chores, whoever is managing the property must be available 24/7 to handle guest requests and attend to them promptly.
As an investor, these tasks can take up a lot of your time. In this light, it's worth paying a short-term rental management firm a monthly fee to take care of everything on your behalf.
Marketing Your Property for Short-Term Rental Success
Online travel agents are an excellent platform for advertising your vacation property, but you need to set up a few things before you get started. The first thing you need to consider is setting a price per night for your rental property.
You should base this on comparable short-term rental homes in the area.
Next, hire a professional photographer to take flattering images of the home, highlighting its most attractive features. Finally, compose an appealing title and description of the home.
It's best to enhance these listings with a multi-faceted marketing plan incorporating social media, paid advertising, and other online resources.
Getting the Most Out of Your Vacation Rental Property
The secret to maximizing passive income properties is to minimize the work involved in dealing with guests, maintenance, cleaning, marketing, guest queries, and paperwork.
Hiring a property manager is the best way to do this. Not only will you save time and effort, but you'll also benefit from their years of experience in the industry and their community connections.
Get in touch for expert assistance with getting your short-term rental ideas off the ground in Fort Myers, Florida.
