You need to rent out your Florida home so that it will as far as possible be self-financing during the time that you are not enjoying it yourself. You will want to have an idea of the number of bookings per year (the occupancy rate) and the average income (the rental rate) you will need to achieve this. But first I want to look at various sources of rental bookings, at their relative merits and their potential contribution to the profitability of your home.

There are four principal sources of bookings:

Friends, neighbors, relatives and co-workers
Repeat bookings and referrals from past guests
Rentals supplied by your Property Management Company
Rentals you generate yourself by promoting your own villa

Friends, neighbors, relatives and co-workers can be useful sources of occasional bookings, but don't expect that they will go far towards filling your bookings schedule. Unless you have vast numbers of personal contacts it is unlikely that you will take more than a handful of bookings a year.

Remember, too, that friends and relatives will usually be looking for a special rate, so you could easily find yourself filling prime high season slots at lower rates than you could achieve elsewhere.

Repeat bookings by past guests will generate one or two bookings a year if you treat your guests well, maybe a few more after you have owned for home for several years. Offering a discount to previous guests will help a little, but you are up against a fundamental fact - many visitors to Central Florida are on a once-in-a-lifetime vacation. Those who return every year will usually shop around for the best villas at the best rates each time.

Few renters will remain loyal to one property, however attractive, unless it is available to them at a substantial discount. Most returning guests will look around to see if they can do better elsewhere. Don't underestimate the importance of guest loyalty, though. If you give your renters a good experience they will be more likely to come back to you, and more importantly they will be more likely to tell everyone back home what a great home you have. Referral business from past guests is profitable, so you need to make sure you earn it.