Investing in Real Estate has always been an American strategy to begin building wealth. It can generate ongoing passive income and can be a good long term investment if the value increases over time. An additional benefit of vacation home ownership as opposed to annual rentals is the opportunity to personally use your home AND gain additional income through short-term rentals.
Annual VS. Vacation Rental
Every Property has unique features that determine the demand and marketability. Location, amenities like waterfront, water views, pool and rental restrictions will make a difference. Team Duncan will provide an objective analysis of your property’s potential. Once you join our vacation rental program discover the Duncan difference with our boutique style owner service and personal touch. The Duncan Vacation Rental department is uniquely qualified to maximize your vacation rental potential. With the ever growing supply of vacation rentals on the island we proud ourselves that our guests return year after year. Our team members help ensure your home is well cared for in our unique beach environment.
Frequent Owner Questions
For your convenience, we have detailed below frequent questions and key points related to making your property a successful resort rental. Our Vacation Rental Management Agreement will cover all issues in detail.
Please feel free to email our owner coordinator Leesa Schilling or call our office at 941 779 0304 with any further questions to get started earning income with your vacation home.
What services does Duncan Vacation Rentals provide?
As a full-service resort rental company, we handle the following property management functions:
– Reservations, cancellations and disputes
– Renter management and relations
– Opening, closing, check-in, and check-out services
– Property marketing and advertising
– Preparation and enforcement of rental agreements
– Arranging and auditing maintenance and repairs
– Owner statements, disbursements and tax reporting
How long before my property is rented?
The process of inspecting, preparing, certifying, and booking a resort rental typically takes 3 to 6 weeks and can vary depending on the cooperation of the property owner, city scheduling, and resort demand. While it is in everyone’s best interest to get a resort rental producing income as quickly as possible, be wary of anyone promising artificially short start up times – it takes a bit of time to correctly prepare a property for successful resort rental.
What fees are associated with your managing our rental?
After deducting certain customary fees and expenses from gross rental revenue, the owner receives a majority percentage of the net rental revenue. A detailed listing of these fees, expenses, and which will reflect on your monthly owner statement.
How much money can I expect to gross on my rental?
Because so many factors affect lodging demands in our unique beach environment, it would be irresponsible to quote an exact figure. Weather, Gulf conditions and publicity, as well as the rental unit’s condition, location, rental rate, and occupancy all influence the amount of money you ultimately will earn from your vacation home. Once we have had a chance to evaluate your specific rental unit, we’d be happy to give you an estimate.
How and when do I receive income payment?
Owners are mailed checks by the end of the month for income earned in the previous month. Direct deposit is now also an option.
As an owner, what do I need to personally pay for?
Property owners are responsible for maintaining and personally paying any mortgage, utility, HOA, property tax, or insurance payments associated with property ownership. Duncan Vacation Rentals handles payments directly associated with property rental.
How do you handle accounting, payments, and tax reporting?
As professional property managers we are ethically and legally required to follow certain accounting and reporting practices. On behalf of property owners we collect rental income, disburse necessary repair or tax-related payments, and report to various government entities.
What do I need to provide in my rental?
As part of owner preparation we provide a detailed list of required and recommended items each resort rental should have, including basic appliances and furnishings.
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The fee is based on the rent received only. If your property is vacant, there are no fees.
Owner use, Reservations, Maintenance
How often can I use my own property?
We assume owners put their properties into resort rental programs because they are interested in generating income. We also understand that owners sometimes want to use their property themselves and encourage personal use during slower times so it does not cost them money (i.e. fall). With a bit of flexibility it is usually easy for an owner to strike a comfortable balance between personal use and income.
What determines which units get rented first?
First and foremost, a potential renter’s requirements determine which units are presented during the reservation process. After renter requirements, availability, and unit condition is considered, units are then rotated on a fair and equitable basis.
How to maximize my rental income?
Every owner’s goal and expectations are different. To achieve the maximum income several steps can be taken. Realistic rates are a beginning. Your vacation home may command top-dollar during the winter/spring season, but fewer summer and fall travelers on the island mean more properties are competing for the same few customers. Lowering rates in the off season will factor in the decision of travelers that are often more budget-conscious than those who travel in peak season.
Will a rental minimum affect my income?
If your property has a one to three month minimum stay requirement during winter/spring season, consider changing to a one week minimum during the summer and fall if possible. This will allow your property to appeal to families who only get a week or two of vacation. If your property has a one week minimum stay, consider allowing a three day minimum if possible to appeal to weekend travelers.
What fees do you collect from renters?
In addition to the basic rental rate and required taxes, we may also collect addition fees to cover security deposits, housekeeping, cancellations, travel insurance, damage, and any additional services or goods.
What cleaning requirements do you have?
A well-kept vacation home encourages successful resort rental. Both for the protection of the owner’s property and the well-being of guest renters, we require our staff professionally cleans each property once initially when first joining the rental program and then after ANY use. This guideline helps insure we maintain acceptable levels of cleanliness for everyone’s benefit. We have also found that removing the burden of cleaning from renters and owners adds enjoyment to their resort stay. Do you really want to clean during your vacation? Renters are charged for their cleaning, and owners are billed against their rental income for theirs.
What do you do about property repairs and maintenance?”
An important part of our service relieves owners from maintenance and repair hassles. Not only do we recommend and monitor regular preventative maintenance, we also handle emergency repairs that sometimes present themselves in our unique and demanding beach environment. Whenever possible we notify owners in advance for approval. However, in emergency situations advance notification may be impossible requiring us to proceed immediately with repairs on behalf of the owner in order to protect life and property. Maintenance and repair costs are billed directly to the owner.
If the tenant has a maintenance problem, whom do they call?
Tenants can call us directly with their maintenance problem and any other property management related query. Our Property Managers then follow up on any issues reported to ensure that the tenant remains satisfied with their tenancy in your property. We also keep you informed of any major issues that occur in your property or with the tenancy itself. We also have a 24 hour answering service for your convenience.
What if something is stolen or damaged in my property?
If the damaged or stolen item is minor and attributed to the guest or considered an expendable item, we handle replacement or repair at no cost to the owner. In the event of major damage, the owner’s insurance would provide coverage. Our property managers perform a thorough inspection before and after each rental to ensure your property is intact and secure.
Does the tenant have my contact details?
Most clients request that their contact details are withheld from tenants leasing in their properties. We will only hand your contact details to your tenant/s with your prior approval.
Selling your property
If I decide to sell my property, would you take care of the sale for me?
Yes. We have an active and experienced sales division who can help you sell your property.