Nearly every client I speak with who is interested in investing in a condo here in the Riviera Maya asks me,“How do I generate the best rental returns on my condo?” Well,here are a few ways to make that happen.
For those folks who are not planning on living in the Riviera Maya full time,and therefore cannot manage their properties themselves,there are three main ways to rent a property:
1) Using a vacation rental agency to rent it out for you.
2) Buy into a condo-hotel development that has an in-house management that will rent it out for you.
3) Have your very own vacation rental webpage and have a property manager check the renters in and out that you provide.
Of these three methods,hiring your own property manager and generating your own rentals through websites like VRBO,HomeAway,FlipKey,and AirBNB is often the best way to maximize returns. Although this route does require the most effort,since you will have to respond directly to potential rental clients and book your own reservations,it will also save you the 20-30% commission that a vacation rental company will charge.
In fact,I have seen some of my own clients who own very basic condos throughout the Riviera Maya region be able to achieve annual occupancy rates of more than 85% simply because they are great about responding to inquiries and are open to both day,week,and month-long rentals.
Want to save a little extra along the way? Build a cleaning fee into each rental. I would also encourage you to set aside an allowance to determine how much electricity will be included in the rental fee. By all means,it should be more than enough for the renters to keep the place air conditioned while occupying the property,but it will also make them double-check that they turn it off before heading to the beach and will prevent you from getting stuck with an outrageous bill.