Palm Beach Area- Self Managing

9 Replies

Hi All Any investor self managing a vacation rental in Palm beach Area? Any tips on effectively self managing or just better to pass on to property management if not in area?

Hi @Giannina Biala I have an apartment in Fort Lauderdale that we rent out during the months we don't use it and I self manage it. I found that self managing is better due to the high cost of property management, especially if its only one unit. I use an online property management tool to manage it that I have found to be helpful. If you'd like to DM me I'd be happy to help you.  

@Joseph DiNardi-Mack thanks for the reply. Yes the property management looking for 10% on monthly rent (is that the range you’ve seen)given i don’t expect too many issues I am leaning towards self managing once I have a tenant in place for the short term (6months). Do you have a team in place at Fort Lauderdale like cleaning crew, plumber, electrician, key drop off? Also not sure if your condo has many requirements for tenant approval and abiding by rules for any short term rental so do you find it be relatively simple to handle from another state? Also I will dm you (just don’t know how to do so via app) for the tool you use.
Thanks again!

@Giannina Biala Yeah that is a typical rate, and that's only for their services not even including cost of maintenance. Is the unit you are trying to rent a condo? I don't have a team in place, the building I'm in is actually very helpful and allows me to use their maintenance service for a fee. They charge a little more than if I were to go out and find a team, but for sheer convinces it is worth the little extra to have everything I need right in the building. For the buildings requirements I just cannot have anyone stay for under a month, and they must abide by all the buildings posted rules or I am charged with a fine and responsible for getting them out. I find it to be fairly easy to manage out of state, the only real difficult part is tenant turnover. I found an agent down there who handles the showings for a small fee, so long as I am the one who finds the tenant and sets everything up. And you're welcome looking forward to talking with you!

@Joseph DiNardi-Mack right that's exactly what the property management mentioned the cost would not cover any maintenance. So I'm assuming this other potential issues might add on to the costs if they happen to occur. 

Yes it's a condo and I would need to ensure that the tenant abides by the rules and can only rent 2x a year so I'm really only considering 6 month stay and possibly 3 month stay in the summer (although not imperative). 

On your other point, I will see if the management offers the use of their maintenance service for an additional fee if the need should come up.

How do you market for the short term rentals (30 days plus) through airbnb, vrbo, and homeaway? I have used airbnb to see the interest for  potential vacationers for a 3 month period but it doesn't seem to get much attention. I haven't tried the other sites since I think it requires upfront costs(don't recall). Appreciate any feedback! thanks

@Giannina Biala for short term rentals I use Airbnb as well, for the most part. When I have trouble finding a tenant I sometimes use a combination of Craigslist and Facebook to help me find a tenant and than a separate property management platform to collect the payments. 

Also you are right vrbo and homeaway do both charge up front. Fun fact they are also both owned by the same company. I believe they only have annual subscriptions in the $400 range, but they may have monthly I am not positive. I do know that vrbo does offer pay by the booking, but they charge 8% of the booking versus Airbnb's 3%. 

@Joseph DiNardi-Mack I'll take your advice on Craigslist and Facebook for the shorter stay (3month) to see if I get any interest. I've used vrbo/homeaway previously but found then to be less active for some reason. I also used tripadvisor which I believe add a commission fee as well so I might look into that one again. 

Appreciate your feedback!

@Giannina Biala If you are only going to rent 2x year then I would highly recommend self-managing.

You should install a keyless lock so you don't have to coordinate key-drop offs (if your condo allows it). Cleaning would be straightforward as you would only be renting 2x year and guests would only pay for the check-out clean (unless they request midstay cleans) so maintenance would be the major key to your self-management.

If your listing has not had a great response on VRBO you may need to look into hiring a professional photographer as VRBO receives alot more inquiries than Airbnb in South FL.

@Richard Ibeh thanks for the feedback I just realized that the condo will provide a spare key to named individual for a small fee. Right the cleaning would the major key as I would want someone reliable and professional. I will check out VRBO for longer term stays (3month/6months) as I haven't a good response on Airbnb (as I stipulate a minimum of 60 days+).

Which condo building in Palm Beach?

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