According to multiple researches nationwide, Panama City Beach, Florida is ranking extremely high for the best areas to invest in for the past few years. The Emerald water, pristine beaches and wonderful weather are some of the factors for vacationers to seek exactly this particular destination.
That is why some of the best investment properties are concentrated in PCB!
The biggest question for most investors is:
“WHERE TO BUY, SO I GET THE MOST FOR MY MONEY?”
Even though, ZIA Vacation Rentals is not a real estate company, a lot of realtors in the area reach out to us for advice when they have someone looking for the sole reason of TOP DOLLAR return. Our rich portfolio of condos, town homes and private homes allows us to compare the best of the best in Panama City Beach. We value the fact that this particular beach resort attracts a lot of second home owners, who are also looking to rent out their beach homes while they are not using them and cover most expenses. That is why we believe the approach of finding the right property when creating this long term relationship with the property is the most important when doing your research in the area.
This article comes in the perfect time post Hurricane Michael when we have the wealth of information of who withstand the storm the best and is it worth investing after seeing the devastation in some nearby areas?
The short answer is: MORE THAN EVER!
WHAT ARE THE MOST IMPORTANT FACTORS:
HOW TO ACHIEVE A GREAT ROI?
The High Return On Investment is the driving force for everyone looking to purchase a property. To create a healthy NET rental income you have to have the right tools and set up your property to perform well.
Having the right team in place, who will guide you through the process of creating a successful investment property should be Your TOP priority. The numbers do not lie. Our spreadsheets confirm that the knowledge and experience in the vacation rental industry have given us the perfect formula to outperform any other rental company in the area. Our portfolio of Investors and second home owners proves we have created the environment for our properties to double their income once owners switch to our program. Here are some important questions to answer, when deciding where to invest:
- Perfect bedding configuration
- Spotless Space
- Welcoming Environment
- Perfect Decor
- Different Approach In Creating The Perfect Description
- Outstanding Photos
- Providing Your Guests with Comfortable Setting for a Perfect Getaway
- Responsive Vacation Team In Place
- WOWing your guests with High Quality Linens and Towels and Bath Products
- Creating an Attractive listing
- Perfect Amenities
- Raving Reviews
- Tons of Returning Guests
WHAT ATTRACTS GUESTS, WHEN BROWSING THROUGH THOUSANDS OF PLACES TO CHOOSE FROM?
Having professional photos is the cliche, everyone talks about but it is the most important factor and makes up the travelers mind 90% of the time. They already know if they would want to rent your place after seeing your photos. The ranking of your listing is also important as there are thousands of listings available for rent in PCB and you do not want to be visible only when everyone else is booked. Being a “Premier Partner” and “Super Host” should be your goal in the third party channels, available to post your listing on. Managing it will take some time, handling a fast response rate will bring you high in the rankings.
Remember, guests will choose your space not because what they see, but they will remember of how your place made them feel, looking at your photos and how they imagine themselves and their families staying in the perfect spot. Create the perfect ambiance that would make them feel yours is the perfect one for them!
Setting the right prices is another important factor. Browsing guests will not even click on your listing if the price is too low or too high. They do not want to stay in the least expensive space as they would feel their vacation will not be special enough but will be willing to spend the “Right Amount for The Right Place”. Managing the rates is an ongoing process, so you can optimize the rental income of your home.
Your current guests are your ambassadors for any future vacationers still looking at making the decision of choosing THE ONE and only for them!
Create the raving reviews to complete your perfect spot everyone knows is right for them: CASE STUDY: AQUA REVIEWS
WHICH COMPLEXES OFFER THE LOWEST HOA DUES?
HOA dues are an extremely important factor when looking into investing in the area. They vary a lot by the complex. There a few complexes in Panama City Beach that offer these healthy monthly dues that will not eat all of your rental income. A few to look into when buying are Tidewater, Grand Panama and Aqua. For a complete list of complexes, please reach out to 850-610-1860.
WHAT EXPENSES SHOULD I PLAN FOR WHEN I PURCHASE A PROPERTY?
Calculating the expenses of your investment property is crucial to estimate your accurate ROI.
PRIVATE HOME vs A CONDO UNIT?
Most condos have most of the expenses, like cable, water, sewer, trash included in the monthly fee. If you are looking into getting a single family home, you will have to pay these and other expenses like lawn care and pool or hot tub maintenance every month.
- HOA dues
- Utilities not included in your dues (cable, internet, power)
- Property Insurance
- Annual Maintenance Cost
- Misc. Expenses
Single Family Home Expenses:
- Pool Expenses
- Hot Tub Expenses
- Lawn Care
- Property Insurance
- Annual Maintenance
- Misc. Expenses
To get detailed financials for your possible investment property done by our professional team, reach out to us at 850-610-1860.
THE BEST RATED COMPLEXES IN PANAMA CITY BEACH
Where you buy matters! Not all complexes are set up equally. Some have better amenities, vacation feel, better views and overall offer better hospitality, so guests will want to come back over and over. The listing price of the individual property is the driving factor in your return on investment. Some of the most reasonable complexes to buy currently are Tidewater Beach Resort, Sterling Breeze, Origin at Seahaven, Laketown Wharf, etc. For a complete list, please contact us at 850-610-1860. These and a few more will bring in high numbers for every investor, who will set up their unit with the proper tools that create a high demand from vacationers coming to the area.
LOCATION, LOCATION, LOCATION
This old fashioned real estate saying is extremely relevant in the vacation rental industry as well. In Panama City Beach you would want to look into properties that are either beach front or across the beach from the beach. Having a brand new townhome half a mile away from the beach will not create the profitable investment property. It will be booked during the peak summer months but will stay open the rest of the year. This is what makes the difference for creating a high rental income. Keep your focus on Front Beach Road!
AGE OF THE BUILDING
Hurricane Michael hit the area in the fall of 2018. One of the strongest storms in the US. Panama City Beach withstand the Cat 4 winds extremely well. All the complexes built after the 2000’s turnes out to be built extremely well and have been able to come out without a scratch. Just 2 days after Michael hit, all of our properties were hosting emergency personnel to help rebuilt the neighboring towns that were destroyed. There are a few older beachfront buildings that were affected, mostly built in the 70’s and 80’s. That is why age does matter when buying a property in PCB.
HIRE THE RIGHT MANAGEMENT TEAM IN PANAMA CITY BEACH
The most important decision you will make when looking for a high return on your investment is partnering with the best vacation rental agency who will produce the top dollar for your property and provide the best upkeep. At ZIA Vacation Rentals we have the best local innovative team who creates the trends for the industry, others try to follow. Our different approach is designed to create a piece of mind for each owner and investor that their properties are in the best hands and things will get done without any “nickeling and diming”. If you want to find out how we are different and how we are able to outperform any of our competitors, contact us at 850-610-1860.