Selling a short-term rental property in South Florida

The session also focused on the approaches Realtors can use to attract investors interested in purchasing a short-term rental property. Thomas said a thorough understanding of the local laws, pitfalls, expenses and opportunity will go a long way in building trust with investor clients. A buyer shouldn't be surprised by any local fees and taxes a short-term rental owner must pay.

"Make sure they understand that they may have to buy in areas that are more expensive for the potential for a higher yield," said Thomas. "Ask clients what they want to achieve and help deliver on it."

Even with the potential dangers and expenses involved, the panel all agreed that being a short-term rental owner can be extremely profitable.

"Especially in markets where hotel occupancy is limited or pricey, seeking out residential properties for vacation and weekend getaways is becoming more popular among travelers," said Copeland. "Homeowners interested in renting out their property will succeed by marketing and pricing accordingly and staying attuned to big events such as sports, concerts and festivals."

Data from NAR's 2016 Investment and Vacation Home Buyers Survey show that homeowner interest in renting out their property for a short period of time is rising. According to the survey, 42 percent of recent investment buyers did or tried to rent their property in 2015 for less than 30 days and plan to do so again this year.

NAR recently released a white paper on residential rentals that's available online (password required). The paper analyzes the issues raised by different regulatory approaches, provides Realtors with ways to address short-term rental obstacles, and outlines best practice approaches to rental housing that Realtors can use in discussions with local government officials.

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