Owners in PCB - how are you surviving upcoming slow months

Member since 2023 · 10 posts · 1 vote

Calling Owners in PCB

First time investors in Panama City beach area and experiencing slow month in august and it isn’t even the colder months yet, how do you guys manage during winter months?

Our PM has postings up for long term discounted rentals for colder months but nothing yet. Starting to get worried if this will be the case until spring. Any experiences to share?

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Kyle Momany

Real Estate Agent · Tampa, FL · Member since 2018 · 144 posts · 132 votes

@Keena Santos As an agent and investor in the PCB market, winter can be difficult to get additional income. I tell everyone that 80% of your income is made between March - August. The other 20% is dependent on how you approach the off season.

I'm not sure on the size of your property but, for the past two years we have shut our calendars off at September first and marketed it as a " month to month" or " Mid-term rental ". I recommend doing this at the end of July - early August. For us, Zillow and Furnished Finder are the two platforms we've listed it on. Both times we had tenants who were interested that paid all cash for a 6 month stay ( till March 1 ) which got us through the whole off season and ready for the following summer. If you want to message me, I'm happy to share the listing we built, rental income, etc.

Best of luck!

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Luke CarlPro Member
Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
3y
Hello and welcome!

So, you have to have all of your August and September bookings by now. Gotta work on them early in the season. In a beach market such as PCB you hibernate. And right now being first of September already, you're a squirrel that just realized you have no food for winter. Too late -and you'll starve. So. You have to carry it with cash out of pocket.

Can you get a few stragglers between now and the end of October? You bet. Can you get a snow bird for a few months in winter? Only if it's small and inexpensive. Generally anything bigger than a 2 bedroom condo will not get a snow bird in this market.

The real problem here is that you have a PM and you're not letting them do their job. I totally understand your concern, but you have to let them do their job or you have to fire them and put it with someone else.

You do of course have the option of taking over and doing it yourself which is what most folks on this group do -but of course we realize that's not for everyone.

*There are variables involved with the above based on the size and type property.

Gotta love BP!
Podcast Guest on Show From Surviving on $30/Day to 30+ Properties Thanks to Blue-Collar Skills
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Trent Reeve
Atlanta · Member since 2022 · 711 posts · 642 votes
3y
one of the biggest things is to bank your profits from the busy season leading into the slow season. Bookings in PCB been a little slower this year, but people are also booking closer to the travel dates. Offseason, people will book very near their dates because there is more inventory available. I have no idea where your property is, but many snowbirds will be looking for water views, so if you are off the beach you will be lower on their choices. But this is what happens in a seasonal vacation place.
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Michael BaumPro Member
Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
3y
Hey @Keena Santos, we are not in the PCB area but in north Idaho on Lake Coeur d'Alene. When Nov rolls around, we are pretty much done for the season. We have bookings in Sept and maybe we get one in Oct to ride the bike trail in the fall.

Thanksgiving then Christmas to New Years. Otherwise we are pretty much buttoned up.

Like @Trent Reeve and @Luke Carl said, you have to bank your profits to carry over until it picks up again. For use that is April/May. We are booking out now for 2024.
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Wesley Myers
Rental Property Investor · Inlet Beach, FL · Member since 2019 · 91 posts · 32 votes
3y
We have 2 in PCB. We have decent rentals in Oct and Nov. last year was better but we do have some. Need to stand out from the rest. Separate yourself from everyone else with a unique addition or experience. People are still coming here during those months.
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Brooklyn McCarty
Investor · Member since 2022 · 1k+ posts · 754 votes
3y
Welcome to your first winter season in a beach market.
You gotta work for the winter months, months in advance and save peak revenue to cover your winter costs.
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Kyle Momany
Real Estate Agent · Tampa, FL · Member since 2018 · 144 posts · 132 votes
3y
@Keena Santos As an agent and investor in the PCB market, winter can be difficult to get additional income. I tell everyone that 80% of your income is made between March - August. The other 20% is dependent on how you approach the off season.

I'm not sure on the size of your property but, for the past two years we have shut our calendars off at September first and marketed it as a " month to month" or " Mid-term rental ". I recommend doing this at the end of July - early August. For us, Zillow and Furnished Finder are the two platforms we've listed it on. Both times we had tenants who were interested that paid all cash for a 6 month stay ( till March 1 ) which got us through the whole off season and ready for the following summer. If you want to message me, I'm happy to share the listing we built, rental income, etc.

Best of luck!
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John Carbone
Realtor · Gatlinburg · Member since 2020 · 1k+ posts · 957 votes
3y
I’ll take a month in January/February for 1500 to keep your lights on.
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Pete AppezzatoPro Member
Real Estate Agent · Destin, FL · Member since 2019 · 49 posts · 18 votes
3y
I 100% agree with Luke said above
[email protected]212-300-5102
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Napoleon DeCiutiis
Real Estate Agent · The Short Term Shop / Florida Emerald and Forgotten Coasts · Member since 2022 · 217 posts · 126 votes
3y
Quote from @Keena Santos:

Calling Owners in PCB
First time investors in Panama City beach area and experiencing slow month in august and it isn’t even the colder months yet, how do you guys manage during winter months?
Our PM has postings up for long term discounted rentals for colder months but nothing yet. Starting to get worried if this will be the case until spring. Any experiences to share?

Agree with all above. Save for the winter! What is the size of your rental? Can you put on Furnished Finder and rent it to a Snowbird or Traveling Nurse? If you dont want to take the full punch on the chin, you could rent it out for a month or two at a time (make sure you do a contract) and at least stay a foot or two underwater vice Titanic depths.

We locals are starting to run into each other again here on the Emerald Coast, so that means the crowds are starting to clear up...
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Shirley Dimitro
Member since 2023 · 32 posts · 4 votes
3y
Quote from @Keena Santos:

Calling Owners in PCB
First time investors in Panama City beach area and experiencing slow month in august and it isn’t even the colder months yet, how do you guys manage during winter months?
Our PM has postings up for long term discounted rentals for colder months but nothing yet. Starting to get worried if this will be the case until spring. Any experiences to share?

Hi Keena, I own a property on the beach in Deerfield, FL. We are well booked from December 1st through March 31st. Just like you, though, August & September were dead. October and November have one week booking each so far, and that's it. And just like you, I'm really irritated by that, lol. But honestly, I think that is the market in FL. The snowbirds don't come down in the summer and locals don't have a need for rentals. Also, keep in mind that everyone (and I mean everyone!) went to Europe this year! So hold tight, things will turn around soon!
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John Carbone
Realtor · Gatlinburg · Member since 2020 · 1k+ posts · 957 votes
3y
Quote from @Shirley Dimitro:

Quote from @Keena Santos:

Calling Owners in PCB
First time investors in Panama City beach area and experiencing slow month in august and it isn’t even the colder months yet, how do you guys manage during winter months?
Our PM has postings up for long term discounted rentals for colder months but nothing yet. Starting to get worried if this will be the case until spring. Any experiences to share?

Hi Keena, I own a property on the beach in Deerfield, FL. We are well booked from December 1st through March 31st. Just like you, though, August & September were dead. October and November have one week booking each so far, and that's it. And just like you, I'm really irritated by that, lol. But honestly, I think that is the market in FL. The snowbirds don't come down in the summer and locals don't have a need for rentals. Also, keep in mind that everyone (and I mean everyone!) went to Europe this year! So hold tight, things will turn around soon!

An 8 percent increase in international travel since 2019…a far cry from “everyone”
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