All Forum Posts by: Alice Horn

Quote from @David Sanders:

I appreciate all the insight and for the most part I do agree with you all on this being the typical experience with STR's. However it seems to me like the units that are themed really well do significantly better than others. From my research, a well themed unit can easily bring twice the nightly rent of a lower end, same size house and the occupancy is higher as well.

I know themeing is expensive, but I was planning on doing that myself (I own an artisan construction company). I'm not just talking matching bed spreads with a wall mural, but more like a castle bed that you can walk into with a slide, for example. That's what I refer to as more "functional" theming.

Honestly I'm not looking to buy this as just an investment, I want it as my own vacation place for my family, but I'd like the net costs to be as low as possible and I'd like for it to be a long term investment if possible. and if it could make money, that would be a super bonus.

@David Sanders thanks for clarifying on the theming. We would consider a “walk-in castle bed with a slide” to be highly themed. That will make all the difference in the rates. We don’t have any good examples of 4 bedrooms with that type of theming, but a nicely themed 5-6 bedroom in Emerald Island or WH should gross anywhere between $55k-$70k, maybe more. That gets you closer to your goal of $48k net profit (after commission, but before expenses) if I understand correctly. Happy to run some numbers on specific homes if that helps - shoot me a DM!

@Danae Pitcher I’m always surprised how few questions people ask when they’re getting to know us as a vacation rental manager. Here are some questions they SHOULD be asking 😀

1. How long have you been managing vacation rental properties and how many do you manage?

2. What is the average occupancy rate for the properties you manage?

3. What services do you provide for property owners?

4. How do you communicate with property owners and guests? Who will be my main point of contact if I choose you as a PM?

5.How do you handle maintenance issues and respond to emergencies in your homes? 

6. What marketing channels and other strategies do you use to book your vacation rental properties?

7. What are your management fees and commissions?

8. Can you provide examples of positive guest reviews? How do you respond to negative reviews?

9. How do you ensure that properties comply with local regulations and ordinances?

10.  Do you carry liability insurance? Worker’s comp? 

11.  Do you pay the local taxes on my property?

12.  How do you screen potential guests to ensure they are suitable for the property?

13. Can you provide data on rental performance and revenue for properties you manage? How do they compare to other local listings?

14. What kind of lock systems are you using to ensure the security of guests? If there is a pool, how do you handle pool safety?

If you are self-managing or using a co-host, this list might also serve as a useful checklist to make sure all the bases are covered. Hope it helps!

Quote from @John Underwood:

Quote from @JD Martin:

I wouldn't do it right now unless you plan on adding a good AC system to the garage. I don't know if you've ever used a game room in a garage in Davenport/Four Corners in the summer but it is an excruciating hell hole without AC. Double hell if your garages faces south or west, even if the door is insulated (most homes down here are not). 

We have a game room inside the house (not in the garage), in the AC, and it doesn't get used anywhere near as much as you might imagine. We have retro video games, basketball hoop shooting game (with soft basketballs!), board & card games, etc. If you go for a pool table you are going to want to get something really good quality or count on replacing it often because unless you get something with a real slate top the cheaper tables will be worn out quickly. 

Keep in mind that most people coming into this area are spending a lot of their time at the parks or in the pool, and that we rarely get heavy, all-day rains here that keep people stuck inside for many hours at a time. Also, right now bookings are really slack down here so you are unlikely to get much of a return on your money at this time. 

 JD, how are you finding out what is used a lot and what isn't?

Are you asking each guest, or going of what appears to be used?

Just a few more game room observations. Indeed, it is hot in Florida. Adding a split AC or portable AC unit is a must. You can keep the garage door, but it's helpful to insulate the inside of the door. I don't believe you need a permit since it's not a full renovation done this way. However some HOA's don't permit game rooms in the garage, so you will want to check on that.

We know from observation and positive reviews that well-equipped game rooms are used extensively by guests in our market. Homes without game rooms don't book as well, based on our booking data. Some owners will compensate by adding some gaming equipment to an upstairs loft or another living area. Hope this helps!

Hi @Caesar Bhagroo and welcome! We are vacation rental managers in the Disney market -Kissimmee and Davenport. Happy to chat if you would like to learn more about the STR space locally!

Quote from @Cynthia Leite:

Hello BP community, 

I was hoping to get a few suggestions here since there are a lot of realtors in this group. I am struggling to find a CRM that combines my Real estate as an agent part of the business and my acquisition as an investor going after properties. Has anyone found a good CRM that works for both businesses? TX in advance for your input

We use Zoho and you can customize it however you want.

Quote from @Chris Schneider:

Hey All!

I currently worked with a client who wanted to buy a STR but every municipality I called told me they're illegal. I still saw a ton of STR on Airbnb regardless.

Can people still get away with buying STR even if they are illegal?

@Chris Schneider the actual enforcement will vary depending on the area. For instance in NYC, the city is now enforcing a complete ban as of 2023. Not a risk worth taking, in my opinion.

Here in the Kissimmee/Disney area, you never have to worry about the legality of STRs. We have tons to choose from in completely legal, purpose-built STR communities like Championsgate or Storey Lake. Might be worth taking a look if you are flexible on the area.

Quote from @Danae Pitcher:

Hi Aaron -  you will definitely want to have a game room and the best use of space is to normally convert the garage.  Most management companies will tell you that games rooms definitely increase revenue.  Agree with most of the comments regarding painting the walls, putting a finish on the floor, and adding some gaming systems unless you have a loft area inside to do the Playstation / X box setup.  I would also do some theming or have someone do mural work - anything to make it stand out in photos.  One thing to remember is that it gets very hot in the garages in the summer, so you should consider getting a portable AC system that can be vented out.  That really helps and isn't very expensive to do.  Best of luck with your rental.  You hopefully will have it in time for the summer rush.  @Alice Horn - any other advise for Aaron?

Absolutely! With the intense competition in the Disney market, a game room is a great way to make your home stand out. As vacation rental operators in this market, we aren't just renting sleeping accommodations. We are selling a fun EXPERIENCE. We have homes with unique game rooms (for instance Batman or Star Wars themed, or graffiti-inspired hand-painted murals) that easily rent for 20% more than homes without the game rooms. This goes hand in hand with theming the bedrooms. The ROI is definitely there. Make sure you add some cool lighting to really make the room pop!

Hi @Alicia Falls we are property managers with properties throughout the Disney area. Happy to share a bit about the pros and cons of the various communities and home types so you can make an informed decision! Shoot me a DM and we can chat.

Quote from @Aaron Washington:

Thank you everyone for your recommendations. For those of you with homes or rentals in Florida, especially the interior like Orlando, do you opt for Wind/hurricane coverage? 

Thanks in advance,

Aaron

We use Fudge insurance which is based here in Orlando and specializes in Orlando area STRs. Yes, you should ask about wind insurance as we do get wind damage occasionally from hurricanes although it is far milder than the coastal areas.

 A ton of risk with short term rentals.  Neighborhoods are trying to get them banned and they are a lot of work every week.  Learn how to flip or partner with somebody who does.  Great returns and limited commitment if you do it right.  

The Disney area vacation rentals in Kissimmee and Davenport are not at risk of being banned. They are purpose-built vacation rental communities and are zoned as such.