Having trouble finding a beach vacation home to rent? Here are some tips
Experts recommend renters reach out to properties that are for sale
FOX Business’ Jeff Flock breaks down summer rental trends and what to know before booking a popular summer vacation destination.
Grabbing that needed vacation home by the beach may be harder than ever before – but not impossible.
Experts tell FOX Business that potential renters or buyers just need to think outside the box. In some cases, that may mean directly asking homeowners trying to sell their home if they are willing to rent it out while it's on the market.
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It's a move that Adam Mahfouda, the chief executive of Oxford Property Group, calls a win-win for both renters and sellers.
A property in Cedar Point Farm, Maryland (Oxford Property Group/Adam Mahfouda)
"You could actually reach out to properties that are for sale that haven't necessarily sold, maybe for whatever reason they're overpriced or they just haven't sold yet, and ask if they would rent it for the season," Mahfouda said.
Renters, he said, can even offer to let potential buyers see the property while it's being rented. This would allow the seller to gain some extra income while still trying to sell the property.
A home in Sarasota, Florida. (Coastal Home Tours )
"And it's kind of like a win-win scenario … generally speaking. They're not closing in 30 days," he said. "So by the time they do close, you get to enjoy the property for at least two months."
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In other cases, Mahfouda said it may be wise to look for longer-term rentals.
He said that he was one of many others who have opted for a six-month lease for an unfurnished home.
"We just kind of went on Wayfair and Craigslist and sort of like furnished it with the essentials," he said.
A home in Sarasota, Florida. (CMS)
As a result, you could be saving tens of thousands of dollars, he said. In some cases, you can get a longer-term rental that comes unfurnished for about $3,000 per month compared to short-term furnished rentals which can swell up to $15,000 per month on online sites like Airbnb, according to Mahfouda.
"You're paying for that convenience and short-term rates … utilities are included," he said. "You don't have to do anything. You just sort of pay online and you show up and then you leave."
Meanwhile, real estate agent Mike Warm with Premier Sotheby's International Realty told FOX Business that one of the best ways to find out what's on or about to hit the market is by making connections with the locals.
"It's just a matter of getting out there, opening your mouth," Warm said. "Really that's what all this business is about, it's about making connections, opening your mouth and talking."
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In one instance, Warm worked with a client who talked to neighbors in the area where they were renting and discovered someone was going to put their house up for sale.
As a result, "they made the transaction among themselves," he said.
A home in Sarasota, Florida. (CMS)
Another way to get in touch with the locals is by going on social media groups that may be filled with residents in a particular area that they want to rent or buy, Warm said.
"They can post and say, 'Hey, I'm looking to come up to the area. I can't find a rental. Does anybody know of temporary or long-term rental?'" he said.
Since these are people that live in town, Warm said they can "better direct" potential renters or homebuyers to upcoming opportunities.
It's "just friends helping friends, neighbors helping neighbors."