One option to maximize your rental income on your vacation property in the Caribbean are platforms such as Airbnb or VRBO. These platforms are ideal for bringing together home owners and those looking for accomodations. It doesn’t take away the need for a property manager altogether but it can decrease your costs and increase your revenue.
Airbnb is now active in 24 Caribbean destinations now, with more on the horizon. Here are just a few of the countries with a strong presence on the platform:
Dominican Republic, Jamaica, Aruba, The Bahamas, the BVI, St Maarten, US Virgin Islands, and Puerto Rico.
Some countries have not been as quick to adopt or embrace these platforms. One reason for this is the inability or difficulty in collecting taxes on homeowners as they technically fall into the hospitality industry. Control over this industry is much easier to do when handled through full service property management companies.
The truth is, these platforms are the new norm and are here to stay, so it’s an uphill battle trying to resist this technology. Countries would be better off embracing these companies to increase their tourist base.
As mentioned above, this is the new norm and it’s only a matter of time before more locations (officially) get on board. In the meantime, these platforms will still drive people to your property, and today there are no shortage of digital options. Choose your destination because you love it, first and foremost.
We do always recommend talking to property managers, realtors and experts in the tourist industry before making such a large purchase. If you are relying on income to service the property, it’s even more important. In which case we recommend exploring your mortgage options with Carib Capital as well, as you need to know how much your property will cost every month.