3 Ways Your Property Manager Could Be Keeping Your Vacation Home From Selling

When it comes time to sell your Orlando vacation home the last thing you want to deal with are those little hiccups that might prevent your property from selling or complicate the transaction. One of the biggest problems we often run into when selling a fully booked and turnkey vacation home is property managers who are not cooperative. Because they are the ones controlling most of the access and information about your home, they often have the power to make or break your sale. You can hire the most established, wonderful and highly recommended Realtor in the great town of Orlando but if your property manager isn’t on board with the sale than you can count on it sitting on the market a very long time. Over the years we have seemed to narrow down some of the reasons they might fight against this and what you can do about it in advance so you don’t run into issue:

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1. They are Worried They Will Be Losing the Home to a Different Management Company
It’s natural for a property manager to become insecure and concerned about losing your home from their portfolio and naturally so. They have bookings already in place that they will have to move around if your home is removed from their program after it closes. The best thing you can do is to ensure your property manager understands that you and your Realtor will provide an excellent recommendation to the future buyers and that your Realtor makes sure that the home is advertised as a turnkey property and all bookings stay as long as the management company stays. What sometimes happens is, in a desperate attempt to convince the current buyers to stay with them, the property managers will over promise and exaggerate the homes future bookings and past performance. This only misleads the buyer and causes problems later on during the transaction.

Top Five Most Common Complaints From Kissimmee Vacation Home Renters That Could Cost You Money 

2. They Are Offended You Didn’t Use Them To Sell Your Home
Most property managers also have a real estate license and are able to sell your home. If they don’t they are usually affiliated with someone who is. This doesn’t mean that it is the best choice for you to use. Because they are property managers and their main business is property management, not real estate, they usually do not have the facilities, experience or infrastructure in place to effectively market and sell your home. Any agent can slap your home on the MLS but a true vacation home Realtor will go 10 steps above that with a proven sales system that they have used time and again. Property managers should manage property and Realtors should sell property. To do both is to become half as effective and that is not fair to the customer, which is you. Sometimes, the property manager becomes non-communicative with the Realtor in hopes to prevent their efforts of selling the homes. It sounds crazy and unprofessional but we run into these road blocks all of the time! Be sure your property manager give 100% access to any and all marketing materials that your agent needs to place inside your home in order to help facilitate the sale. Sometimes they will not allow Realtors to advertise that the home is for sale both inside and outside of the home. Your home loses tons of exposure from this.

15 Quick Fix Tips For Getting More Bookings on Your Orlando Vacation Home

3. They Are Afraid of Being Exposed
This is the rough part that your Realtor faces when trying to sell your property. They cannot lie or exaggerate how many bookings are in place to try and attract potential buyers however, the only way they can know how much income is being brought in from that home or its past performance is by relying on what your property manager says. Your Realtor is going to have to provide documents that prove this income is actually coming in and has in the past. Without the booking history and future booking documents for your home most buyers, who want something turnkey, will walk away as your home has no credibility at that point. By not providing those documents your property manager can kill your sale during the due diligence period. If your property manager will not provide these documents to your Realtor or you that you than it might be time to question whether they really have as many bookings in place as they are claiming to. It’s also a great marketing tool for your agent to be able to quote how much income your home produced the past two years.

As much as it sounds like property managers are the bad guy, it’s not the case with all of them. There are hundreds of property management companies in the  Disney area and about a handful of them provide a high level of service, are professional and most important honest. Our job is to seek those companies out and align ourselves and our clients with the most honest and ethical companies. Not the companies who want to pay us to refer them homes. The Flamingo Group never accepts referral fees from any management company for sending them business as we feel it’s a conflict of interest. We’re also experienced in dealing with difficult property management companies and are prepared to do what it takes to get your home sold regardless of the road blocks that may pop up ahead. To find out more about how we can help sell your vacation home and our one of a kind marketing system, please contact us today for a no obligation consultation.

Awkward Family Photos- Disney World

A compilation of some of the most awkward family photos ever taken at Disney World. Got some good ones? Send them on in!

This is what happens when you ride “It’s a Small World” too many times. . .

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Where’s Waldo’s wife and kids?

 

 

That awkward moment where you realize Rupunzel just might be staring at your butt.

 

 

 

 

 

 

 

 

 

 

 

 

View hundreds of not so awkward vacation homes for sale near Disney

Because some people are way too cool for Disney. . 

 

 

 

 

 

 

 

 

 

 

 

 

 

She tried to tell you nicely that she wanted Cinderella but nobody would listen.

 

 

 

 

 

 

 

 

 

 

 

We hope to earn the opportunity of helping you achieve your Orlando investment property goals this year in 2012. For a free, no obligation investment property consultation with our Director of Sales- Lisa Arcia,  please contact us directly at 866-422-6191 and if you have enjoyed this article please consider subscribing to our blog and stay updated on future information.

Photos Courtesy of: AwkwardFamilyPhotos.com, blog.teacollection.com, thatawkwarddisneymoment.tumblr.com

 

The Orlando Vacation Home Real Estate Trends of 2011- What To Expect in 2012

So 2012 is finally here to greet us all with some cold weather but that’s okay because the sun is still shining here in Orlando. If you’re like me, you’ve probably mapped out quite a few goals for the 2012 year that you’d like to try and accomplish if the world doesn’t end this December <joking>. . . I’m sure for many of you, owning a vacation home is probably somewhere on that list. Lets take a look at some of the 2011 trends we noticed and help use them to guide our investment plans for 2012.

Trend #1: Lots of Cash Flowing into Florida
In 2011 we noticed many foreign investors starting to move their money into US bank accounts and many domestic investors liquidating their non-performing assets and gearing up to move their money into Florida real estate. According to Jani Lowdell at Centerstate Bank in Davenport, of those foreign nationals who opened a US bank account last year, all purchased a vacation home within 90 days. Those who did jump into the market in 2011 got amazing deals but many held out in hopes the prices would drop in 2012. There have been so many rumors flying around that banks were going to release a ton of inventory and flood the market this year with homes causing prices to drop again.

What To Expect in 2012
I’m not an economist however, based on my hyper local knowledge of THIS real estate niche in Orlando (vacation rentals) I’m about 98% sure that prices are not going to drop at all in 2012, unless there is some terrible natural disaster which nobody can predict, except of course the Mayans (I couldn’t resist that one). Despite rumors, most professionals do not believe the banks are going to allow another real estate collapse by flooding the market with all of their inventory at once. We might see maybe a 5% increase in inventory this year but that’s not enough to cause prices to drop. Especially when the demand for vacation homes has never been higher.

Search Kissimmee Vacation Home Foreclosures

Trend #2: Tourists Staying in Vacation Homes vs. Hotels Has Increased
The amount of people traveling to Orlando this year was up about 20% according to Stephen Walker, owner of Signature Villas Orlando. A vacation rental management company in Kissimmee. He said they had their best year yet and they were so busy they needed to find more homes to accommodate all of the people wanting to book their homes. The really sweet part about that- they had more direct retail bookings this year than any other year.

What to Expect in 2012
Expect the tourism industry to continue to boom, mostly driven by countries like Brazil who are currently experience a booming economy and seem to have taken a specific liking to the Orlando area. Also expect to see more families that would normally be staying in a hotel start staying in a vacation home due to the growing awareness. We haven’t been able to nail down any specific reason for the rise in vacation home awareness in 2011 however due to the viral power of Facebook and the internet we only expect it to double in 2012. If you haven’t yet jumped in on vacation rental investment, 2012 might be your year to supply the growing demand.

Tips for Orlando Vacation Home Renting 

Trend #3: Tenanted and Turkey Properties Were a Hot Number This Year
Tenanted properties were always a hot seller for long term rental investors because they offer immediate income and very little, if any, hassle. The same for booked short term rentals. Many investors were willing to pay a premium this year to not have to deal with all of this hassle versus having to start from scratch, renovate, secure a tenant and place into management. At the end of the day, when you add up what your saving on a vacant property you usually end up the same as if you would have paid a bit extra for tenanted because of the vacancy time and renovation costs.

What to Expect In 2012
Expect an increase of tenanted properties hitting the market. Even the banks are starting to recognize the value in selling a tenanted property that they are letting tenants stay in the homes in hopes to attract an investor looking for immediate rental income. Also watch as the rental demand increases tremendously on long term rental properties causing rents to rise and making landlords very happy they own a rental property. You’ll notice more turnkey properties popping on the market in the vacation rental world also. They offer so much value to the investor who doesn’t have the time or want to deal with all the hassle of getting it up and running themselves.

Most Profitable Turnkey Vacation Home Community in Kissimmee

We hope to earn the opportunity of helping you achieve your investment property goals this year in 2012. For a free, no obligation investment property consultation with our Director of Sales- Lisa Arcia,  please contact us directly at 866-422-6191 and if you have enjoyed this article please consider subscribing to our blog and stay updated on future information.

 

5 Reasons Why Your Offers Keep Getting Rejected on an Orlando Investment Property

Perhaps you know this situation all too well, you’ve been trying to acquire an investment in the Orlando area for quite some time now and you’ve placed offer after offer after offer but still nothing. You start to question your Realtor and/or perhaps even yourself. You’re a cash buyer, who wouldn’t want to take an offer from a cash buyer, right? Wrong. Let’s take a look at some of the main reasons why your offer’s are getting rejected on not just bank owned properties but other hot ticket properties.

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The Market Is Stronger Than You Think
Maybe it’s you? . . . One of the biggest reasons I see investors losing out on fantastic houses everyday is because of their perception of the market. The have listened to too many friends or family members talking about how depressed the Florida real estate market is that they have formed this idea that they are going to fly down and have the prime selection at hundreds of houses that banks and residents are just desperate to unload.

Reality Check- This may have been true back in 2007 and 2008 but it’s now 2011 and the investment property market in Orlando (vacation homes and income properties) are the hottest commodity to the foreign group and just like you, they are also all cash buyers many of which are educated on what the market is really like. So when you place low ball cash offers on these properties your offer is sent in with about a dozen other cash offer by investors who are NOT lowballing.

Private Listings Not Available on MLS- Davenport Resort Townhouses from $103,000

Your Offers Are Weak. . . but Why?
Your offers are too weak and so is your investment strategy. If your goal is to actually secure a property sometime this year than you really need to evaluate your reasons as to why you keep lowballing on properties that are already undervalued. If you keep low-balling and missing out on amazing deals the only one who loses if you. The seller is going to get their asking price, if not more, and you’re not going to get a property. If you are low-balling because you can’t afford to pay full price in the budget you are looking in than you need to look at properties in a lower budget that you can afford to place full price, or higher, offers on and still be in your comfort zone.

Reality Check- If you now know that, on almost any given property that is in decent shape and in a decent location, you’ll be going up against at least a dozen other offers than you need to pony up your highest and best offer up front. If you’re trying to play the back and fourth game you missed the boat on that. You only get one shot to buy these homes in a multiple offer situation (which is usually always the case) so don’t fart around trying to play games. If you want to get something thousands under market value than you should consider buying directly from the courthouse. . . but remember you save money on the sale price but you inherit all the liens. Do your homework first.

Read Also: 5 Things to Consider Before Buying a Kissimmee Condo

Your Realtor is Not Presenting Your Offers
This is not a conspiracy theory, it really happens and it could be happening to you. Unfortunately, because of the nature of the market there are some Realtors who just don’t want to deal with the hassle of submitting your offer because they don’t think it will get accepted, you didn’t offer what they suggested, there was too much paperwork on the back end, they really want to buy it for themselves etc etc, . Not only is this unethical but it’s downright nasty and against the Realtor code of ethics. It’s so important in this market to be working with a Realtor you trust because it’s a cut throat market out there and Florida is full of wolves in sheep’s clothing.

Reality Check- If you suspect your Realtor isn’t submitting your offers you may have to do some legwork to find out but there is a way that you can find out for sure. You will need to track down the listing agent of the property and call to find out if your offer has truly been submitted. They will be able to verify for you if an offer was submitted matching your info. If you don’t want to have to take it that far, you can ask your agent for some type of email confirmation from the bank or listing agent that the offer was received. In all honesty, if you have to second guess your Realtor this much and go through this much effort to confirm suspicions than you probably aren’t working with the right agent to begin with.

Read Also: Six Signs You May Be Ready For An Orlando Vacation Rental Home Investment

Your Terms Are Not Attractive To The Sellers!
So maybe you are putting in full price, or over, cash offers and your Realtor is presenting them but you still keep getting outbid. It’s possible that the rest of the terms in your contract are just not attractive! Terms are things such as closings dates, inspection periods, seller concessions, home sale contingencies etc. All of these factors play a role in making your offer stronger or weaker. Cash is king but so is a quick closing, short inspection time frame and no requests for contributions from the seller.

Reality Check- From one investor to another, put your self in the sellers shoes every time you go to submit an offer. Pretend you have five contracts sitting in front of you and they are all 5 thousand over asking price. One can close in two weeks with a 5 day inspection time frame and the rest are 30-40 day closings with a 15 day inspection period. You know which one you would take. . . banks and sellers are no different. When buying from a bank, you are just a number to them. Your offer will get submitted into an automated system with dozens of others and the asset manager will select the highest and best and reject the others. It’s nothing personal so don’t ever take it personal if your offer gets rejected.

You Don’t Have All the Facts
This happens quite often and it’s usually not your fault. You’ve found a great house and you get so anxious to bid on it that you call your Realtor in a frenzy to get a contract typed up right away for full price. Your Realtor assumes you know the value of what you’re bidding on and gets it over to you. Lets stop right there; If you’re bidding on a house that is listed for 10% under what every other home in the neighborhood sold for, you need to know this because the home will sell for 10% more than the asking price!! The only way to know this is to make sure your review the comparable sales for the past six months in the community before settling on your offer price. Full price isn’t always full value and properties (unless they are trashed) are not selling under market value.

Reality Check- When reviewing comps and deciding what to offer, don’t offer the lowest amount of all the comps. You have no idea why that home sold for so much less, it could have been trashed, have mold, chinese drywall, who knows! Good properties in this market will sell for the highest market value and sellers (banks especially) are educated on what that value is. It’s not worth losing out on good deals because you’re too busy trying to be cheap. Cheap investors never win in the end because they miss the boat and end up buying high, when it’s too late. Listen to the advice of your Realtor, it’s their job to do everything possible to help your offers get accepted and pushed through. If you don’t listen to their advice than you have only one person to blame when you miss out on a great property.

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Scratching Your Florida Vacation Home Niche: Week One

I was just chatting with one of my past clients via email yesterday about how she is doing with her Davenport vacation rental home since she closed. I was so happy to hear about how well she is doing. In her email she mentioned, “We have been over 100% on projected rental weeks and bottom line dollars for quite a while now. It’s paying down it’s own mortgage”. That’s so exciting for any Orlando vacation home owner to be able to say that. I had no doubt she would as she’s a very ambitious woman!! (Check out her awesome vacation home HERE)

She brought up the topic of trying to find a niche for her vacation rental when discussing about how she wants to take things to the next level and I thought it would make such a great topic to share with other prospective and current Orlando vacation homeowners. In the next four weeks I will be writing a series of blog posts on how you can carve out a niche for your Florida vacation rental to help keep you booked solid throughout the year.

Why Niche, Why Now?

In today’s market there is so much competition with owner’s undercutting one another that it’s almost essential to have a reason for vacation renters to choose your unit over someone else’s. Go look on VRBO and Homeaway, what do you see? I see hundreds of vacation home owner’s all running the same ad over and over again with the same boring headlines and photos trying to target anybody and everybody.

Creating a niche for your Florida rental property shouldn’t be something that you do on the side it should be the core focus of your marketing plan! A niche marketing plan does three very important things for your Florida vacation rental home:

1. It Builds Value: There is not enough that can be said about creating value when you are trying to market, sell or even rent a property. You need to create value and give prospective renter’s a darn good reason why they should spend the money to rent your property over the next guy’s. I’m not just talking lots of pictures of your glorious games room but something bigger than that. Something that hits their emotional triggers. If zeroed in on a small group of people, lets just say golfers for examples sake, and you really marketed your property to hit their emotional triggers than chances are you will get their booking every time over Mrs. Plain Jane’s home up the street who has little more to say than how great her pool is.

Next Week: Establishing Your Niche! Subscribe Today To Have These Posts Delivered Directly To Your Inbox!!

2. It Sets Your Home Apart: In today’s market everyone has a pool, a games room, Plasma TV’s and many even have themed bedrooms. Why is your home special? Well, if you had a niche your home would be extremely special to a small focus group of people because it offers everything they could ever want in a vacation home. It would literally be their home away from home and once that group of people stays at your place why would they ever stay anywhere else? And guess what, people talk. Especially people who are part of a group, a team or share the same hobby. I’m going with the golfer example again here, if your property is set up to cater specifically to golfers and golfers are the main group of people that stay at your home well now you have the perfect setting for your home to go viral, and I’m not talking Influenza (for those of you not familiar with the term viral, it refers to the fast spreading of news both online and off). Golfers are some of the chattiest people I know (and believe me I know!). They love to tell their buddies about their family, vacations and business while on the course. Just think about how many people your golfer guests are going to tell about your vacation home that was the only place they ever rented that catered to them. They had they best golfing trip in years and their friends back home will hear about it!

Next Week: Establishing Your Niche! Subscribe Today To Have These Posts Delivered Directly To Your Inbox!!

3. It Establishes Credibility: Credibility is everything in business. Without that you’re nothing more than a hole in the wall with a fancy sign out front. People need to believe your home is the only home they would go and stay at when they come to Orlando. If people don’t, you will be nothing more than that guy in the ad below or above you and you’ll book randomly just like everyone else. You need to establish your home as the ultimate choice for your target group. Once you have established this and found your niche just work it!! Put everything you have into your target group and don’t worry about the rest. I am speaking from experience, I own a marketing company where I am retained by small companies to market for them. My company only services specific types of businesses such as doctors and attorneys. If I tried to focus on everyone I would be losing out. When you focus on trying to market effectively to a smaller group of people you will attract less people but less will be more because you will have a higher conversion rate and more repeat and referral business. That means less uninterested inquiries and phone calls that go nowhere. LESS IS MORE in marketing!!

Next Week: Establishing Your Niche! Subscribe Today To Have These Posts Delivered Directly To Your Inbox!!

Five Things To Consider Before Buying a Kissimmee Condo

Condo investments are the most popular investment choice right now in the Disney and Orlando areas. Many people are flocking to them due to their very inexpensive price tag and convenience with upkeep and maintenance. There are factors you need to consider before you just jump into bed with a condo community here in Orlando. The last thing you want to do is wake up with regrets when you get slammed with a huge special assessment shortly after the closing and you find out your condo association is broke!

1. Know the Vacation Rental Restrictions Up Front!
Most people read the condo association bylaws after they are under contract to buy a property. . . this is not the best time to be reading that heaping piles of rules and regulations. You always want to get a copy of the bylaws before your due diligence period starts so you have one less thing to worry about. What are you looking for in the bylaws? Rental restrictions of course. Some of the most common are short term rental restrictions, just because the community is zoned for short term renting doesn’t mean there still aren’t restrictions on the minimum time period a renter must stay. You also want to make sure you aren’t buying in an age restricted community if you plan on being able to rent to all ages!

View Exclusive Condo Private  Inventory Not Found on MLS

2. Condo Association Stability!
Orlando, Kisimmee and Davenport Condo associations are going bankrupt left and right due to the foreclosure epidemic. What that means to you is you could be buying into a community that is not financially stable and you may end up having to pick up the slack for other people who aren’t paying, what do I mean by slack? SPECIAL ASSESSMENTS!!  You need to make sure the association is not in debt, they have a healthy reserve fund, all major renovations such as new roofs, landscaping projects or structural issues such as elevators have been recently replaced and when the last increase in the fees were.

Watch Quick Video Tip on Condo Association Stability

3. Do They Have a Private Management Company?
Many condo associations outsource their property management to larger companies who handle several associations and they are not present onsite. It’s always good to live in a condo community that has an onsite property management company for both the homeowner’s and the renters. This means they will be able to address your concerns faster, deal with any emergency issues quicker and you can walk right over to the office and speak with them if you need anything.

Top Three Recommended Disney Area Condo Communities For Vacation Rental: Windsor Hills, Windsor Palms, Bahama Bay.

4. How Vacation Rental Friendly is the Condo Community?
Many vacation rental zoned condo communities are a large mix of both long term renters, owners, snowbirds and vacation renters. If your goal is to book, book, book than you really want to stick with he communities that are vacation rental friendly and have the resort style amenities such as fitness centers, convenience stores, move theaters, fancy clubhouses with restaurants and extravagant pool areas. Those are the communities that are going to attract more short term vacation renters than long term.

Search All Condo Communities For Sale in the Orlando Disney Areas

5. What type of  Vacation Rental Rates Can You Expect To Get?
That’s the million dollar question right there. In most cases you get our of it what you put into it. If you’re buying in a cheap, run down condo community and there are very little amenities for guests you’re not going to be raking in the big bucks on rental revenue. You’re going to get discounted rates for a discounted place. With condos being so inexpensive right now, it makes sense to spend a little more for the nicer community  because you will be earning more with rental rates. Always check the rates that other owners are asking for condos in the community you are looking. You can do that on VRBO.

Did you find this information useful? If so, consider subscribing and get our Free Report: Top 20 Most Critical and Frequently Asked Questions About Buying and Owning an Orlando Vacation Rental Home

Top Five Most Common Complaints From Kissimmee Vacation Home Renters That Could Cost You Money

I had the pleasure of speaking with one of the reservations managers recently at Global Resort Homes and had a nice chat with her about the most commonly complained about items when renters get to their vacation rental home. Many owners lose bookings due to these factors and it costs them money.

Complaint #1. Pool Heat Not Working
This is the number one complaint by guests staying at Orlando vacation rental homes.  The pool heat issues seems to happen quite frequently and it upsets many guests as they were looking forward to jumping in that warm pool after their long flight to Orlando.  They will asked to be credited money back for the pool heat and in many cases if the issue cannot be resolved quickly they will want to switch houses.

Watch Video- Orlando Property Tip: Pool

Complaint #2. No Pool Cover (To Trap Heat)
This is one of those things that many owners don’t really think about but the guests certainly do.  They complain about the pool not having a cover to trap the pool heat and surprisingly it’s a common complaint. I know many owners don’t have a pool cover for their pool as they find it unnecessary because the pool is locate din a screened enclosure but if the money is in the budget it may be worth investing in one.

Watch Video- Orlando Property Tip: Hidden Fees

Complaint #3. Carpets are Stained
The simplest things in life are sometimes the most overlooked things.  If your carpets are stained and dirty your guests will request to be switched to another property almost immediately.  One of the biggest reasons that people rent a vacation home in Orlando is because they don’t like nasty hotels.  The last thing they want to do is walk into a nasty house.  Keep your carpets clean and as free of stains as possible. Ask your management company to have your carpets steam cleaned at least once per year. I recommend every six months if you have a busy property.

Watch Video- Orlando Property Tip: Furnishing

Complaint #4. Ugly Furnishings
For the love of all things vacation homes. . . DON’T GO CHEAP ON YOUR FURNISHINGS! The less you invest the less you get in return.  There are so many other properties in Orlando that owners have put in extra time and effort into the furnishings, this is your competition.  You property may still rent with cheap, ugly floral couches but you certainly won’t be getting the high rent on the street and what you will be attracting is discount renters.  If your goal is to make money at this whole vacation home thing than invest in your investment!

Watch Video- Orlando Property Tip: Gamesroom

Complaint #5. Too Far From Clubhouse
This can be a big deal for some communities. If you’re all the way back at the end of the neighborhood and you don’t supply any type of bikes at your rental property than people are going to get tire very quickly of walking back and fourth to the clubhouse, especially in the middle of summer when it’s blazing hot.  If you found a property and it’s an amazing deal but at the back of the neighborhood, don’t sweat it just supply your property with some bikes.  I personally am a big fan of Radio Flyer wagons!

Did you find this information useful? If so, consider subscribing and get our Free Report: Top 20 Most Critical and Frequently Asked Questions About Buying and Owning an Orlando Vacation Rental Home

Six Signs You May Be Ready For an Orlando Vacation Rental Home Investment

1. Taking Frequent Vacations to Orlando
Do you find you and your family are taking frequent vacations to Orlando? Maybe it’s Disney World or Universal. Whatever the attraction, consider how much money you spend on lodging, dining and activities.  Generally the cost of all that combined annually could be a down payment on a vacation home.  When you’re not using it you can rent the property out which helps offset the cost of owning it.

Search Properties For Sale in Kissimmee’s Top Notch Vacation Rental Neighborhoods

2. Already Own a Timeshare
Timeshares are great for some people but with the real estate market at rock bottom prices on vacation homes have never been lower. Unlike a timeshare, if you own a vacation home you can visit the property as much or as little as you like and there are no penalties and unlike a timeshare you can rent your property out when you’re not using it.  Often times, the carrying costs of owning a vacation home that is being rented out ends up being almost the same as an upscale timeshare.

Everything You Wish You Knew BEFORE Buying a Florida Vacation Rental Home

3. Planning Your Retirement
Many people who plan their retirement already have a set place in mind that they would like to retire to.  If you are one of those people consider the financial benefits to investing in a vacation home for your retirement.  The ability to offset the cost of owning the property until retirement and still use the home for vacations is a huge perk as well as the equity that you will be building towards your retirement nest egg.

4. 1031 Exchange
Many investors who are selling off their investment properties are looking to take advantage of the 1031 exchange for tax purposes.  What a great opportunity to invest your gain into a vacation rental property.  You not only save on taxes but now you gain a vacation home that you can retreat to as well as offset the carrying costs of owning.

5. House Exchange
Ever wish you could be part of a house exchange and travel across the world all while living like a local? The only downside to house exchanges are if you don’t own a vacation home, you would have to rent out your own personal residence to strangers.  I don’t know many people who would be okay with that.  Owning a vacation home now gives you the flexibility to trade up your house with someone else’s and not have to worry about personal belongings.

Windsor Hills Resort Homes For Sale in Kissimmee

6. You Just Want a Good Florida Real Estate Investment
If only for the reason that you’re looking for a property that will appreciate in value than buying a vacation home could be the best investment you ever make. Vacation rental properties are in a specialized category of real estate and due to their zoning flexibility for short term renting, there is always a demand for this type of property from international investors.  Vacation rental homes, in my opinion, could be one of the safest real estate investments you can buy.

Did you find this information useful? If so, consider subscribing and get our Free Report: Top 20 Most Critical and Frequently Asked Questions About Buying and Owning an Orlando Vacation Rental Home

Largest Modern Day Palace in Orlando Goes Up For Sale

The largest modern day family home in not just Orlando but all of America goes up for sale this week. This extravagant mansion, currently under construction in the Reserve at Lake Butler Sound in Winderemere, FL;  is fit for a king and is actually modeled after the royal palace of Louis XVI. If you know anything about Windermere, FL you know that it’s not only home to the famed golf legend Tiger Woods but many other well known athletes and celebrities such as Shaquille O’Neil and is one of the golf capitols of America.

View All Properties For Sale in the Reserve at Lake Butler Sound Here

What type of price tag can you expect to roll out for a Windermere mansion the size of approximately 40 average single family homes? $100,000.00 is the listing price of this Butler Chain of Lakes beauty. So what exactly does your $100,000.00  buy you beside a Windermere address, celebrity neighbors and some fancy architecture? Here are some of the features you can expect in this unique Windermere gem:

Windermere Second Homes For Sale

The property is located on a 10+ acre peninsula with 12,000 square feet of shoreline on the famed Lake Butler chain of lakes. The property has 13 Bedrooms and 23 Bathrooms, Three Pools, a 20 Car Garage, 60×120 Grand Hall, 47 ft high Stained Glass Dome, a 6,000 sq ft. Master Bedroom, Fitness Center, Multiple Spas, Children and Adults Theaters, Arcade, Bowling and Two Tennis Courts, a Boathouse, 1 Story Gatehouse with Apartment, a Baseball Field, 10 Satellite Kitchens, Two Story Wine Cellar, Rock Grotto with Three Separate Spas behind an 80 Ft. Waterfall, Indoor Roller Rink, a Japanese Steakhouse Island that seats 12, a His and Her Office with a 12 ft. two sided Aquarium and the list goes on! So how’s that for a Windermere, FL vacation home?

Orlando Mansion Foreclosures For Sale

If you would like to know more about this property or other properties for sale in the South West Orlando area you can contact us today or begin searching Orlando homes here.  For a free, private consultation on owning a second home in the Orlando area you can contact us here.  We’re happy to answer all of your vacation and second home questions!

How To Ditch Your Bad Florida Realtor

If You Don’t Like Your Florida Realtor

So your Realtor was great over the phone, did their job, always got back to you and helped you get everything prepared but after you met and started working together he/she just didn’t seem to hold up to their first impression they gave you. This would be an unfortunate situation to find yourself in after you’ve spent all the time and money on your trip down here to purchase a property. If it’s just an issue of your personalities not meshing well than my advice would be- If they know what they’re doing and are experienced you may want to try to work through the personality issues.  At this point you run the risk of choosing someone new out of desperation and could end up with someone worse.

If your Realtor just doesn’t know what they are doing and can’t seem to give you any relevant information about the properties or even worse, doesn’t even show up than I have a couple of suggestions for you that shouldn’t waste too much of your inspection trip time:

• Contact their broker and let the broker know about your concerns and your experience with this Realtor so far and see if they have someone else in that office they can refer you to.
• Pull out that original list you made when you were interviewing Realtors and try contacting one of the other two Realtors.  They just might have some availability and can squeeze you in.
• If you are staying in a vacation home neighborhood, go to the nearest shopping center and see if there is a real estate company within that plaza, trying walking in and explaining your situation.  Explain to them what you are looking for in a Realtor and see if they have someone who is willing to take you out on last minutes notice.

I certainly don’t advise finding another Realtor at the last minute as that usually ends up in disaster however, sometimes these things just happen and Realtors just don’t workout.  Try and prepare for this situation ahead       of time and maybe have a Realtor in the back of your mind as a back up plan. Make sure you hold on to that itinerary, your next Realtor will need this so they know which properties you want to see before you leave.  If          you do switch Realtors, as a professional courtesy, let your current Realtor know that you are no longer going to be working with them so they don’t wonder what happened to you.

Remember, when it comes to buying vacation property in Orlando, if you fail to plan than you plan to fail. For a complete road map and guideline to getting from point A to Z and avoiding all the pitfalls in between when buying your vacation rental home in Florida be sure to check out our up and coming e-course “Everything You Wish You Knew Before Buying a Florida Vacation Rental Home”

Legacy Dunes Condos- Expect To Pay More in Kissimmee’s Best Value Vacation Condo Resort

I’ve been getting a lot of inquiries on Legacy Dunes this past week from investors that are just looking for a solid, inexpensive investment in the Disney area.  Many of the investors who are buying property in here don’t have any intention of using it for short term.  Some plan on renting it for a year and then trying to flip it, some just want to rent it full time and live in it for retirement and some are just buying it because it’s cheap and they will figure out the details later.  Whatever the case may be there is one thing that is certain. . .

If you plan on investing in a Legacy Dunes condo in Kissimmee you can plan to pay above asking price!

The comps don’t lie.  I’ve comped out every sold condo recorded in the MLS for the past six months and 70% of them sold for over asking price.  Some were a mere thousand over asking and some were as much as $16,000 OVER ASKING PRICE! What this tells me is that if people are willing to continuously pay over asking price for these condos that our market has absolutely hit a rock bottom and the comps are reflecting that.  

Legacy Dunes Bank Owned Condos For Sale

Legacy Dunes used to be a place where the average investor who just wanted a cheap vacation rental condo in Orlando could get a great deal.  Now it’s turned into a feeding frenzy for investors looking to cash in on the rock bottom short term rental investment that is still in decent condition.

If you’re up for the challenge of trying to buy a condo in Legacy Dunes, here are the new rules of the game:

Rule #1: Don’t underbid or you won’t get the condo!

Rule #2: Submit your highest and best offer.  In most cases, you only get one shot of submitting your bid so make sure it’s the highest you’re willing to pay.

Request the Full Legacy Dunes Sold List For 2009

Rule #3: Be ready to jump on the listing right away! Time is of the essence when you have 20 other hungry investors trying to buy the same condo.

Rule #4: Have your rental strategy mapped out ahead of time.  If you plan on renting it, make sure it’s rental ready asap so you don’t get stuck with it too long! Those condo fees are high and will start to eat a hole into your bottom line.

View All Condos For Sale in Legacy Dunes Kissimmee

What To Look Out For When Renting a Condo Near Disney World

Condo vacation rentals are a popular option for those not wanting to stay in a cheap and sleazy Orlando hotel but are  looking for a value vacation rental alternative in Orlando. Many of the Orlando condo resorts offer a both five star amenities as well as top of the line decor all for often half the price of a vacation home. When shopping for a vacation condo in Orlando be sure to find out about these five things before booking the unit.  You won’t regret asking these questions.

1. What floor is the vacation condo located on?
It may look fabulous in the pictures and the view may seem incredible but if it’s on the second floor and it’s a five story building you may run into noise issues. The middle floors are usually the nosiest floors to be located on and though they offer a great view, they may not be the best option if you are traveling with a small baby who wakes easily through the night.  The last thing you want to be on your Orlando vacation is sleep deprived!

Orlando Vacation Condos For Sale Under $70,000

2. Does it have an elevator?
In follow up to the question above, if your condo is not on the first or second floor it’s vital to find out if the building has an elevator.  Believe it or not, not all Orlando condo resorts have elevators and you could be stuck walking up three flights of stairs everyday.  That may not seem so bad first thing in the morning but try doing it after you just walked three theme parks all day.  Happy camper? I think not.

3. Is it gated?
Most Orlando condo vacation rental resorts are gated but it doesn’t hurt to ask.  The benefit to being in a gated community is obviously security.  Often times you will get locals looking for a free place to hang out for the day who sometimes utilize the facilities of non-gated communities and it causes the pool areas to get overcrowded.  Go for the gates, you’ll be happy you did in the end.

The 9 Best Kissimmee Vacation Home Communities To Own a Vacation Home In

4. Does it back up to a shopping plaza?
Always ask what your unit backs up to.  Many of the Orlando condo resorts back up to shopping plazas or are built near commercial strip plazas.  This isn’t so bad if you want to be walking distance to a strip plaza but to walk out onto your balcony and watch Uncle Vito dumping the trash out at the local Italian restaurant everyday just won’t feel so glamourous.

5. How close to the pool is the unit?
In an recent post I briefly discussed how important it is to be close to the clubhouse and pool if you plan on using it.  Not only is it a pain in the rear to get into your car and schlep everything in and out everyday just to drive two minutes to the pool it’s more annoying if you’re not renting a car and you have to walk about 10 minutes in the blazing hot peaks of summer which, I promise, will suck the life out of you before you even get to the pool.  Always stay close to the clubhouse if you want an enjoyable vacation!

Did you enjoy this post? Consider subscribing and get our Free Report: Top 20 Most Critical and Frequently Asked Questions About Buying and Owning an Orlando Vacation Home

The Best of The Pink Flamingo From 2009

2009 was a great year for Orlando vacation home buyers and owners.  It was also the Pink Flamingo’s first year up and running as an official vacation home blog.  I’m really looking forward to 2010 and can’t wait to tell you all about the awesome stuff that is up and coming here.  To start the year off with a bang I thought I’d post the most popular articles from 2009.  Enjoy!

How NOT To Furnish Your Orlando Vacation Rental Home If  You Want Bookings

The 9 Best Kissimmee Gated Communities to Own a Vacation Home In

Why Orlando Is a Great Choice For Canadians To Own a Vacation Home

50+ Sites To Market Your Orlando, Florida Vacation Villa On

The Chuck Norris Guide To Closing On Your Orlando Vacation Home In 30 Days or Less

6 Most Common Expenses Associated With Owning a Disney Area Vacation Rental Home

Everything You Need To Know About Legacy Dunes Condos in Kissimmee & Why They are So Cheap!

10 Questions You Must Ask Before Hiring Any Orlando Property Management Company

How Sticking Your Hand In Toilet Water Can Save You Thousands on Your Kissimmee Home Purchase

Hidden Expenses Your Short Term Rental Management Company Doesn’t Want You To Know About

15 Quick Fix Tips For Getting More Bookings On Your Orlando Vacation Home

6 Common Sense Reasons Why You Should Never List Your Orlando Vacation Home For Sale With a Property Management Company

Are Orlando Vacation Homeowner’s That Self Manage A Threat To Management Companies?

The vacation home industry is growing by leaps and bounds and was one of the most popular choice of accommodations for families traveling to Disney World and other Florida areas in 2009.  With the popularity of vacation homes and consumer awareness growing it’s starting to become a bit more competitive to market vacation rentals online than it used to be.  VRBO, a popular vacation rental by owner site,  is currently dominating the world of direct owner bookings and though there are management companies advertising on the site most of what’s available is listed directly by the owners.

Windsor Hills Resort Bank Owned Vacation Rental Homes For Sale

One of the trends I’m noticing with owners is that many think that if they cut the middle man out (management company) they can market their home at a discounted rate and still receive a larger portion of that money.  This works for many owners who utilize their vacation home rental as a full time business but what about the other owners who don’t want to make marketing and renting their vacation home a full time job and are dependent upon a property management company renting out their property?  These steeply discounted rates that owners are offering on VRBO are in direct competition with what your management company is trying to rent your vacation home for.  Any prospective renter who understands the internet is able to log on and check to see what rentals are going for in your neighborhood and will see these discounted rates being offered by owners.  If your management company is any good at securing retail bookings than they will be aware of this fact up front and know how to up-sell the renter on the benefits of working with a management company over booking directly with the owner (as will owners do the same).  I personally, do not have a preference as to which one is better but there are specific facts about both that should be brought to the renters attention before they make a decision.

Everything You Wish You Knew Before Buying a Florida Vacation Rental Home

Pros of Booking Directly With The Vacation Homeowner

• Homeowner will give a better rate.  Since the middle man is being cut out the homeowner can afford to offer a steeply discounted rate to the renter.
• Homeowner can be more accommodating. Since you are dealing directly with the owner you can ask specific questions about the property that a reservationist at a management company may not be able to answer in as much detail for you such the closest local Italian restaurant or the best view of the Disney fireworks in town.

Cons of Booking Directly With The Vacation Homeowner

• Time difference and emergencies. If the homeowner lives in another country and there is an emergency that requires immediate assistance than it is possible that you could be waiting for a response back for several hours as many homeowners do not have a full time on call maintenance staff to deal with these issues.
• No quality assurance. Some homeowners that manage their own vacation rental properties rely solely on a cleaning crew to maintain their home between guests which means there is more risk of the home not being cleaned to your standards when you arrive.  If you complain to the owner they cannot move you to a new property as most of the time they only own one.

Hidden Expenses Your Short Term Rental Management Company Doesn’t Want You To Know About

The Best of Both Worlds?
There are renters out there who will just always feel more comfortable renting a property that they know is being professionally managed.  With that being said, owners can still cash in on their own bookings while utilizing the assistance of a rental manager.  Many owners will list their properties for rent by owner and secure the booking themselves but have the management company handle the rental aspect of it and pay them a small owner booking fee.  This is a win-win for both the owner and the renter as the renter gets a peace of mind knowing that if something goes wrong with the property they will be accommodated immediately and the owner get their chunk on the booking revenue while doing a quarter of the work that a self managing owner would do.

What is your take on self-managing vacation homeowners offering competitive rates to undercut rental manager bookings?

Four Features That Set An Orlando Vacation Home Rental Above The Rest

When renting an Orlando vacation home there are specific features you want to look for in that home to get the most value for your money.  Many people who rent a vacation home in Orlando for the first time go at it blind and don’t know what questions to ask when inquiring about vacation rentals.  These are the top four most requested features for an Orlando vacation rental property and for good reason.

1. Distance to the Clubhouse
Ever rent a vacation property located in a neighborhood the size of Texas only to have to walk or drive all the way to the other side just to go to the clubhouse? That’s not fun for anyone especially in the middle of the blazing hot summer and you have to walk.  If utilizing the community clubhouse is a priority for you than by all means make sure the property is located within close walking distance.

2. Pool Heat with South Facing Pool
Pool heat is by far one of the single most requested features in a vacation home during the winter in Florida.  The great thing about Florida is that most of the time in Winter, if you have pool heat, it’s still not too cold to go swimming outside (at least for the snowbirds). If you want to be able to utilize the private pool in winter make sure it has a heater.  There will be an additional charge for pool heat. A South facing pool with get the most sun exposure throughout the day.

Don’t forget to join the waiting list for The Pink Flamingo’s up and coming e-book “Everything You Wish You Knew BEFORE Buying a Florida Vacation Rental Home“

3. Lake or Conservation View: There is nothing more peaceful than waking up every morning, having a hot cup of tea and looking out at your beautiful view of either the lake or nature.  If you’re going to spend the money on a vacation rental you may as well have something with a view.  It’s also a privacy factor for many people, they do not want the neighbors behind them staring at them while they are sunbathing or lounging in the private pool.

4. Updated Furniture: For the love of all things vacation homes don’t get stuck with floral couches! There are many Florida vacation homes out there that look like the furniture has not been updated since the industrial revolution and many of them are charging the same amount in rent as their neighbor who has a modern updated pad complete with a games room and flat screen television.  Always check out a virtual tour of the property before renting to make sure you get a good look at what you will be living in for a week or two.

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