posted by orlandovacationhome on Nov 15

Cheap Orlando Vacation Homes

Expect the Orlando vacation home rental rates to drop further for the following reasons:

1. Many current owners are now cash strapped and are willing to rent their homes for less
2. As the recession sets in, less people are visiting driving demand down to rent these homes for their Orlando vacation. Please see our POST on this topic.
3. There are large amounts of these vacation villas entering foreclosure and are being picked up for a fraction of their original price, thus the new owners can rent them out more affordably.

Many of these expansive villas can now be rented at a lesser price than most cramped hotel rooms.

Don’t be afraid to shop around for vacation villas in Orlando, and feel free to ask a lot of questions. Remember, all vacation villas and vacation home management companies are not created equal, so do your homework.

posted by orlandovacationhome on Nov 12

1. Call the Orlando vacation home management company directly- This will give you a feel of the type of customer service the company offers. Are the individuals that answer the phone courteous, professional and knowledgeable? Are you treated like a number or does the staff really try to make suggestions based on your Orlando vacation villa rental needs?
2. Homeowners are not always the best source for directly booking an Orlando vacation villa rental - This often is the cheapest route in terms of rental rate, but if something goes wrong, an owner may not be in town to help you. So if renting by owner, do your homework. If they do not have staff personnel to respond quickly and often the quality assurance of your stay could be in question.(see other related blog posting on this topic).
3. Better Business Bureau Linkage - Look for the BBB sign on the Orlando vacation home management company’s website. You should be able to click on the logo and see the company’s history with vacation home consumer comments. Without this important feature, the vacation villa management company may not be fully disclosing its operational history.
4. Other Affiliations - Look for the vacation home management company to be well established and be members of various other professional organizations in their area. Often these affiliations are clearly shown on their web site. 

Again, there are lots of vacation home management companies in the Orlando area. If you do a little shopping of Orlando vacation home reviews and ratings on this blog, you will greatly increase your odds of having a great Orlando vacation home rental experience with no surprises. Chances are that your overall Orlando vacation will be positive as well.

posted by orlandovacationhome on Nov 11

If you are visiting Orlando Florida and looking for a vacation villa rental, there is great news. There is a huge oversupply of Orlando luxury vacation homes for rent. This means deals to be had abound for your Orlando vacation.

 For about the price of a mid-market hotel room, you can rent a fully equipped vacation villa home with your own private pool and do as much self-catering in a full kitchen as you like.  This would certainly help you cut down on your dining and entertainment bills..

Thousands of homes were built over the last ten years, and now many owners need to rent them. On any single night in Orlando, many of these homes sit empty.

Occupancies Dropping

In Orlando, the hotel industry will be the first to tell you their occupancies plunged in September 2008 over 2007, with room revenues dropping by as much 20-25%.

Many Owners Need to Rent

Many vacation homeowners are now feeling the pinch of the housing crisis, and many of the speculators who bought now need to generate additional income to the pay the mortgage.

What does this mean to you, the renter?

1. Shop around. There are thousands of Orlando villas and hundreds of vacation home rental management companies. Make sure you rent a good home, get a great deal and stay in a great location for your Orlando vacation.
2. Always pay by credit card.
   

   Orlando Vacation Homes - Great Deals for Renters!

posted by orlandovacationhome on Nov 11

SNAD: Significantly Not As Described.

Yes, there is a term for it! You rent an Orlando vacation home or condo that looks great in the photos, but when you get there, the subdivision is less than desired and the house is dirty and has stained carpets.

This is a major problem. The community reviews contained on this blog should give you a leg up on making sure your vacation home meets your expectations.

Your Orlando vacation home management company should be able to provide you with a detailed standardized score of your specific vacation home or condo before you book it. Further, they should warranty the cleanliness of the Orlando vacation home and that the property was inspected the morning of your check-in. You can then pair up this home specific information to the vacation home community reviews we post regularly.

Without this information this can be a difficult process, as some vacation home companies have a vested interest in you booking the homes they manage over someone else’s. As we describe on another blog, absentee homeowners who do not employ a management company may not be in town to inspect the property before it’s occupied by the next guest.

In Orlando, some of the vacation home communities are less than desirable, and some of the homes are just plain poor. If you know where to look, some of the Orlando vacation home community subdivisions are amazing and the homes are wonderful. Please consult our vacation home reviews contained on this site as a reference when booking your Orlando vacation.

Some sites try to provide you information on the homes, but they have vested interests by the owners and managers, as described above. This vacation home blog will continue to provide you with information that will help you make the right choice for your Orlando villa.

Booking with a well managed and professional vacation home management company is key. Ask them what type of quality assurance practices they have in place to assure your vacation home rental is the pinnacle of quality. A well managed vacation home management company will not hesitate to tell you.

The best way to learn is to ask questions. Got a question on a vacation home or a community subdivision? Email us. We respond for free.

posted by orlandovacationhome on Nov 8

The third quarter earnings report for Disney was not pretty. In many investors’ eyes, it raised more questions than answers. Chief Mouse Executive Bob Iger reported that the first half of 2009 looks to be just shy of 10% under last year’s booking pace. He also alarmed analysts by stating that his predictive view of the attendance market is “limited”.

Disney responded by rolling out a new “buy 4 days/nights, get 3 free” promotion. This is strong evidence of the weakness coming into 2009, and the theme park market will need to perform some heavy discounting in the new year to stay on par with last year.

Disney Earnings Impact Orlando Vacation Villa Homes

Presumably area hotels must do the same to bring in their market share of tourist dollars. Vacation home rates will almost assuredly follow suit because staying in a home is an upgrade from the regular hotel stay, and that consumers may not be in the financial mood to take advantage of that upgraded experience. The dollar has also appreciated making foreign exchange rates less attractive for international travelers. Although air travel pricing has been sluggish to drop, gasoline pricing has been cooperative for the consumer lately. We suspect that regional drive-to traffic may need to replace lost international traffic in 2009 if Orlando vacation home rentals are to keep pace with last year’s figures. In that light, vacation home marketers must do a better job of highlighting the advantages of a vacation home over a hotel stay and then delivering on that Orlando vacation promise.

posted by orlandovacationhome on Oct 31

We think good Vacation Home Management includes, but is not limited to:

1. All rental mark ups are fully disclosed to owners
2. All repair costs are fully disclosed in detail
3. Accounts can be accessed on line at anytime to see all bookings, fees and revenues
4. Any conflicts of interest are always fully disclosed by the managing entity
5. The cost of property maintenance is clearly broken down
6. The ability to opt out of the management agreement at any time
7. Quality assurance scores and complete inspection photos are disclosed monthly
8. Quarterly contacts to go over the scores by the manager
9. Realistic estimates formulated on the level and type of rental income the home can generate
10. Enabling owners to escrow for capital (major repairs) in an account the owner controls

Please see our other blog posts for additional tips and suggestions for choosing a vacation home management company.

posted by orlandovacationhome on Oct 29

At a dinner party in our home town of Frome, England, we recently met a couple who told us they just bought a vacation home in Orlando, Florida.

As we go to Orlando all the time and our mum owns two vacation homes, we had a lot in common. Our new friends told us where they bought the home, so we looked it up on the Internet. When we visited Kissimmee the following week, we met with our management company and started talking about the home. The owners told us they paid $220K cash for the house. Our property manager said this was ridiculous, because there were at least 8 homes of the same model selling for less than $160K (all bank owned).

If you are from out of town, it is an easy mistake to pay above market value for a vacation home. With the foreclosure crisis in full swing in Central Florida, this same mistake would be very expensive.

In America, there are various real estate professionals that can help you. To ensure you are getting the best deal possible, directly hire your own independent professional advisors. Your cost for this type of advice will be several hundred dollars for an appraiser as an example. Hiring a professional to do some market research could have saved our friends almost $60,000. Don’t make the same mistake!

So if you are looking to buy a vacation home in the Orlando, Kissimmee, Clermont or Davenport area, do your homework and directly hire a team of independent professionals these might include CPAs, Appraisers and Attorneys. As always we just express an opinion and don’t offer professional advice. We are incompetent.

posted by orlandovacationhome on Oct 28

Foreclosures Devastate Orlando Vacation Home Market.

The level of foreclosures in the Orlando vacation home market are now at devastating levels. As many of these vacation homes in the area are second homes and many were bought by speculators, the prices in many communities have dropped significantly. It would seem that many owners have simply walked away due in part that the rents from such homes are not enough to cover larger mortages. Some of the communities hardest hit are those that saw the greatest appreciation. 

Vacation Home Foreclosures Soar in Central Florida

Unlike regular homes, vacation homes have few, if any, permanent resident owners that help stabilize the area or neighborhood.

Currently, some banks will no longer lend on vacation homes. This is further holding demand down and pushing up supply. The number of homes for sale has grown, but relatively few people have been buying.

As we have indicated in our blog, this creates potential rental opportunities at great pricing for savvy consumers.

The data above is based on research for a typical Kissimmee vacation home subdivision over the last 5 years showing the actual average price per heated square foot for the same two month period. 2008 shows values plummeting 41% from the same period a year earlier.

Orlando Florida Vacation Home Foreclosures

So what will happen to the Orlando vacation home market in the future? No one knows, and it is pure opinion and speculation at best. If we knew, we would be sitting on an island in Tahiti sipping a beer rather than worrying about the general state of the market. Having said that, our best guess is that home values will continue to come in line relative to the net rental revenues they generate to cover the monthly mortgage. Once that comes back in line, we’ll then most likely see prices stabilize.

posted by orlandovacationhome on Oct 12

Renting an Orlando Vacation Home Rental in the Foreclosure Crisis - 10 Tips

Orlando vacation home foreclosure

Renting an Orlando Vacation Home - In Foreclosure?

1. Try and book the home rental as close to your travel date as possible.
2. Ask if the home you are reserving is behind on its mortgage
3. Ask how many homes in the subdivision have been abandoned
4. Ask what percentage of the development you are staying in contains vacant lots
5. Ask if the community facilities have been completed
6. Ask what percentage of homes in the community have overgrown lawns
7. Pay by credit card only
8. Use a reputable rental management company. If a home they manage is repossessed, they have others.
9. If booking direct from an owner, you must be able to verify the rental home will not be repossessed by the bank by the time your stay comes around.
10. If in doubt, keep asking questions. There are hundreds of management companies handling rental homes - so pick a good one!

posted by orlandovacationhome on Oct 5

Good Vacation Home Management

So you own a vacation home? Join about 40,000 other owners in the Orlando, Kissimmee, Disney, Clermont or Davenport area.

What Homeowners should demand from their management company:

1. The option to opt out of the management contract at any time if you are not happy with the company.
2. The ability to rent out your home at least 65% of the year.
3. A quarterly quality assurance and inspection report with photos and scores for all aspects of your home from the AC system to pool.
4. Assurance that home repairs are completed at cost, and that a detailed report is provided of work completed
5. All capital projects are bid out in writing to at least three bidders for items such as roof repair, ac replacement, pool resurfacing etc.
6. Minor repairs are billed at a rate no higher than $35 an hour.
7. You can login-in to your account 24 hours a day to view all bookings, maintenance and account details.
8. They are licensed and insured, and can provide all documentation
9. They provide resumes of their key staff
10. They respond quickly and professionally to your requests and answer their phones by the third ring 24/7