According to the Palm Beach County government, the county (which the Village of Royal Palm Beach belongs to) welcomes over 7.3 million visitors every year. While these folks are in town, they spend a staggering $4.6 billion, of which approximately $1.2 billion is for lodging alone.
All those figures show that you can create passive income for vacation properties in Royal Palm Beach, FL. Luckily, you don't have to look far and wide for assistance; our team at PMI Zaboka is here to show you how.
Read on as we've shared vacation real estate income strategies and property management tips to help you get started.
Creating Passive Income for Vacation Properties: The Basics
Passive income refers to money earned with minimal effort. Earnings from rental homes through short-term rentals (STRs) are a perfect example, provided someone else manages the vacation properties on your behalf.
Self-managing STRs (especially in Royal Palm Beach, which has a high demand for accommodations) can be stressful and taxing. For starters, you'd have to secure all the proper permits and pay the Palm Beach County Tourist Development Tax (TDT), a 6% charge on transient rental revenue. You must also:
- Advertise and market your property
- Ensure your vacation rental listings stand out
- Keep your property sparkling clean and guest-ready at all times
So, self-managing vacation rentals isn't a way to earn passive income per se. However, it doesn't have to be this way; you can rely on a full-service professional property management firm to help.
Generating Passive Income With Full-Service Short-Term Management
Choosing the right property management firm can make all the difference between a successful rental experience and one that frustrates you. Here are a few reasons why full-service management is beneficial.
Professional Expertise
Management companies are real estate experts with local knowledge of Royal Palm Beach's tourism industry. They can help you analyze market rates and set competitive vacation rental property pricing.
Advertising and Marketing
Professional services will advertise your property across various platforms to enhance visibility. Some examples are:
- Airbnb
- VRBO
- Booking.com
Guest Communication
With a dedicated property manager, you can simply sit back and relax as they handle all your bookings and guests on your behalf. They will:
- Respond to all inquiries
- Manage booking confirmations
- Communicate with potential and paid guests
Maintenance and Cleaning
Highly experienced and reputable property managers will help maintain your property. They work with highly skilled contractors and vendors and will arrange regular property maintenance and cleaning schedules. They'll ensure your vacation rentals are always guest-ready.
Start Earning and Boosting Rental Income With PMI Zaboka
As you learned in this guide, creating passive income for vacation properties in Royal Palm Beach, FL, requires professional assistance. With a dedicated manager on your team, you'll have real estate experts doing all the hard work on your behalf.
Let PMI Zaboka be the partner you need. With our full-service short-term rental management solutions, we'll help you enjoy the rewards of smart investments with little to no stress and effort on your side. Our family-operated firm is proud to have seasoned experts on board; Christian Aanensen brings 25 years of property management experience, while Cherisse Aanensen has 25 years of real estate experience.
Speak with us today for a free consultation!
