In the Orlando and Central Florida area vacation property management is a huge industry. The business caters to mostly to out-of-town tourists looking to stay more in a house setting than a hotel setting when spending time in Orlando. Vacation property management handles what the real estate industry calls, short-term rentals, with most rentals lasting anywhere from a few days to a few months.
Vacation property management companies have two sets of clients they must work with. The first set of clients are the home owners. Many of these home owners use the homes themselves at certain times of the year, others have purchased these homes as an investment. These home owners typically hire property management companies to watch over their homes while they are not in the area. Many of them are located overseas. The property management company makes sure the lawns are mowed, pools are cleaned, and the homes are cleaned and well cared for. The property management company owner will either take on some of these tasks themselves or hires out subcontractors.
The second set of clients that a vacation property management company must cater to are the guests. The homes need to be well managed and well maintained. They also need to be cleaned before and after guests stay at the home.
The majority of these homes are located in the Polk, Osceola, and Lake County areas. Orange and Seminole Counties pretty much do not allow short-term rentals within county limits. Many of the homes managed have anywhere from 3 to 6 bedrooms and have swimming pools. Overall it is a pretty straightforward business to buy in the Orlando area with a lot of room for growth. Many people from overseas have been known to purchase them because they are easy to understand and they provide sustainable income year round. Because they are short-term rental companies, Florida allows people to rent out short-term rentals without the need for a real estate license whereas someone would need to be licensed to rent out a long-term rental.
If you have an interest in purchasing a short-term rental or vacation property management business or selling one, give Crowne Atlantic Business Brokers a call at 407-478-4101.