Quick Tips For New PCB Investors
Quick Tips For New PCB Investors
No one has to tell you that Panama City Beach is one of the most popular outdoor areas in the entire state. With miles and miles of beautiful beaches resting against the emerald waters of the Gulf of Mexico, it’s almost impossible to find a spot in PCB that isn’t packed with tourists throughout the year. If you’re looking to invest in the area, keep these tips in mind.
Know what renters want.
Before you start choosing condos, it’s a good idea to take a look at existing properties to see which amenities appeal the most. Visit PCB rentals is located in the beautiful Sunrise Beach Resort, which features a heated pools, hot tubs, and even a children’s play area.
Look at the location.
Once you have narrowed down the kind of amenities that you would like to provide for your guests (and yourself), you can then take a look at condo locations. Ideally, you can have a condo with a Gulf view. But, if that’s not in the budget, at least make sure that you’re in close proximity to major attractions. Another location attribute that might make your property more desirable than another is having a phenomenal sunset view. There are many different bars and restaurants in the area known for their sunset views, so look for something close to these if you have yet to visit in person. Remember, location is one of the biggest influencers of rental price, so choose wisely.
Make it modern.
The way that your condo is decorated will also play a factor in rental fees. A good rule of thumb is to keep it clean, bright, beachy, and modern. A quick look at Sunrise 1802 can give you a good idea of what a well-decorated condo looks like. You’ll also want to invest in a smart security system.
Calculate your cost.
There are many costs that go into opening your own vacation rental business. One that is often overlooked by aspiring condo owners in the early days is insurance. Don’t fall into the mistaken belief that your homeowner insurance covers your short-term rental, even if you occupy the unit some of the time. You also need to look into rental management fees if you don’t plan to handle the leasing and maintenance scheduling of the property yourself. Finally, don’t forget about property taxes, maintenance, association fees, and advertising costs.
Learn how to market.
Speaking of advertising, you also need to know how to do some of it yourself. Start with social media and rental sites, such as Airbnb or VRBO. But don’t count out more traditional marketing methods, such as business cards and brochures. Even if you don’t have exceptional graphic design skills, you can use an online pamphlet template, which allows you to upload your own images and information into a professional-looking printed piece that you can pass out to spread the word.
Give up the best weekends.
Something many investors think is that having a vacation condo means they will have access to the beach at any time. While this is technically true, you will get the best returns during the most popular times to visit Panama City Beach. The Compass And Coastline blog notes that June, July, August, and March are the most crowded. This is also when you are most likely to be able to charge the highest rent. If you’re looking to make the most money, you’ll have to give up some of the peak season.
Owning a rental means more than just putting the money into it; you also have to put in the work. This means knowing the subtle nuances of ownership. You will learn more along the way (including how to keep sand out of your unit most effectively) but, for now, get to know the core elements. Soon, you’ll be the proud owner of an income-producing property.
VisitPCB Condo Rentals
Sunrise Beach Resort
14825 Front Beach Rd.,
Panama City Beach, FL 32413