Maria Dudley directly addresses camera:  Building a niche working with short-term rental investors can be fun and profitable.
I'm Maria Dudley with Rev Realty in Destin. I've been working with vacation rentals since 1991. Let's take five minutes to talk about some strategies you can use to build this niche.
It's wonderful working with buyers who vacation in our state. Many times, it's a dream for them to own a property in Florida that they can rent out when they aren't using it, providing a bit of income for them. ® benefit to you, the REALTOR® is that most buyers do not need to be pre-qualified. Short-term rental investors often have high incomes.  They know their worth, and the know they can afford it.
If its your first time developing an investor clientele: Join a brokerage already in this niche. I've always been with a brokerage with a vacation rental operation and real estate sales. It's helpful because you sell them the property, they sign on to your company for vacation rentals and when they are ready to sell, they work with you. It's a full-circle operation. Another strategy is to join an onsite office at a condo building that does vacation rentals. If you can lease out a little office space, you can be the onsite agent for the vacation rental properties.
Next, you must know the regulations and restrictions for your area. You must know how vacation rental works in your city, municipality and county. It would help if you also understood the loan programs available to buyers. In addition, each neighborhood or condo building has its own rules and procedures. Some properties can only be rented out for seven nights or more. Some require 30 days or more, and some only require one, two, or three nights.
Obtain your Resort and Second Home Property designation from the National Association of Realtors. The classes give you valuable knowledge that you can pass on to potential buyers, such as rental income projections based on the property type and location. Buyers want to know what they could net, the gross income and the expenses that come with it, particularly insurance, taxes and management fees. Buyers also like to know how to register. Florida requires second homeowners to register their vacation rental property with the state. Florida Realtors has a resort and second home think tank committee, where you can network with like-minded professionals.
So, how do you reach potential investors? I go to the Information Management Network conferences, which are held in Miami in January and Austin, Texas in June. It's a way to get in front of and build relationships with vacation rental companies that don't have real estate so you can work their leads. It's a great referral source.
Direct mail works for us. We print just listed and just sold postcards. I know it's old school, but the people in our database don't live in Florida or the area, so it's the best way to get in front of them. Of course, social media is also valuable. I network with real estate agents from the biggest feeder markets, such as Atlanta, Nashville, Houston and New Orleans. These agents may have people who want to buy in Florida and can refer business to you. While it's not done as much anymore, you can also advertise in local area magazines for more affluent neighborhoods.
The key to working with short-term rental investors is knowledge. The more you know about restrictions, regulations, neighborhoods and potential income, the more sought after you'll become. Once you have that, your business will blossom.