The Process

THE PROCESS FOR VACATION RENTAL MANAGEMENT

The vacation rental property management process can be very challenging because it takes a lot to get a property ready for rental.  From staging it, to listing it and then to manage it in a day by day.

We guarantee you that if you try to do it yourself, it is almost impossible and the only way to get your hands around this task is to either do it many times for many years or have the time and the know how on how to do it.  Most of the times we have found that it is difficult for an owner to have all this knowledge.

The fact is that there are many parts to the puzzle of a vacation rental and if you don't have the expertise or time, a couple of things can happen, either you will not rent your property enough in the month, or if you rent it, you will have issues with the guests, refunds, or relocations with the travel channels.  Any one of this can erase all your earnings.

What we have tried to do is to simplify this process into 4 simple tasks.  See below for the details;

1. Property Evaluation

Request a free consultation to see if your home qualifies

  • We take great care and concern for our owner clients, their homes and our shared guests. We also invest a tremendous amount of time, energy and resources into each of our properties.

  • For that reason we maintain a simple but effective strategy for deciding which properties and owners we represent, its also our mission statement:  Provide an amazing experience for the owners, the guests and the travel channels

  • This is a challenging enterprise and we view our clients as our partners. Having a solid foundation and working relationship is critical to our mutual success.

  • An amazing experience means that every guest enters, stays and leaves each of our homes with a feeling of belonging, home, safety and comfort. Every owner is happy with the way that the guest found their property, rent it and the condition that they left the property.  The travel channels are happy when guests use their services, pay the owners and they get their commission headache free.

3. Property Management Staging Fees

For our Staging Fees, we charge a "flat fee" which is based on the intricacies of the project, size of spaces/ (sf.), number of rooms being worked on, timeline of project, and client specific needs. If amenable to all, an hourly rate can be applied.

Note: Staging is an optional phase and it depends on the property and also on your business plan (highest nightly rental price)

  • This service includes our designer doing everything from determining the look & feel of each room, sourcing furnishings*, purchasing/ordering, arranging shipment, staging and removal of any current items. This involves a combination of VRBO Network staff and designer on site work.
  • Please note: VRBO Network does not purchase furnishings without a full pre paid deposit by Client in advance. A 10% service fee separate from our flat-fee-per-room consulting fee may apply.
  • Outdoor area does not include landscape design or drawings of plantings, trees, eg. Outdoor area refers to the staging and design for seating, lounging, entertaining based upon the existing hard and soft scape. Only the dominant outdoor area will be developed by our designers, such that if a home has both a front yard and backyard, then only the yard that is prescribed for entertainment will be developed
  • Retainer & Remainder: When you pay for this service, you are paying an upfront retainer now. Upon dialogue and discussion and based on your budget, an additional amount may be due such that the Design Fee includes an additional amount.
  • Our minimum project design fee starts at $3,500 for studios and one bedrooms and scales up between $1500-$2500 for each additional bedroom.

 

4a. Property Management - Retainer

We have a monthly retainer that may go between $100-$300 a month.  This includes all the monthly work related to the property.  This fee includes:

  • Basic on-boarding support
  • Inquiry Response and Communication
  • Guest Verification
  • Managing the Guests.  Meeting them, welcome message, walk-ins as needed
  • 24/7 Guest and Property Availability
  • Maintenance Oversight and Management
  • First responders for anything that breaks in the property.  This may include bulbs burning out, insects, plumbing issues, cleaning issues, anything that breaks while guests are using.

2. Discovery - Onboarding

We charge a small fee for the discovery phase or on-boarding but you get a lot for that small fee

We work with you to come up with the perfect rental structure specifically designed for you.  Do you prefer long term or short term.  Are you planning to use the property.  Would you like to have it rented according to the national average or you would like to go above the average.

These are some of the questions we will answer for you.  In addition we will evaluate the property and will provide you with a step by step plan on how to get the property ready to rent.

We will work together on choosing the best channels to place your property and also we will create a marketing recommendation.

We will devote time to preparing you for the rental opportunity. This includes meeting you at the property and addressing all questions, inquiries, concerns you might have.

We will advise you on the types of permits, taxes, and HOA paperwork that may be needed.  This includes transient occupancy taxes, insurance, licenses, permits as needed

We will create Rental Profit and Rental Occupancy Evaluation specific to your property

Please note this only confirms our working relationship and we will send additional requests for detailed house information as well as attend to the property in person before listing the home online.

  • Hourly consult is not offered but it could be arranged if the owner agreed to that business model.
  • A benefit of our flat fee structure is that we are able to provide trade discounting directly to you at stores such as DWR, West Elm, CB2, Crate & Barrel, Pottery Barn, Land of Nod, Serena & Lily, Blu Dot, Lamps Plus, Wayfair, Allmodern, Lawson Fenning, HD Buttercup, Viesso, and many more.
  • Please note: We do not purchase furnishings without a full pre paid deposit by Client in advance or a credit card on our company name.

 

4b. Property Management - Commission

Our commission fees covers for the following:

  • Listing and Price Optimization.  Worth between a 10%-40% improvement in revenue, our dynamic pricing software allows us to update your home’s pricing daily, adjusting for price based on seasonality, inquiry activity, comparable home prices, nearby hotels, actual reservations and even competitor homes and their booking frequencies and amounts
  • Professional Photograph. The success (and pricing and occupancy) of a home can vary greatly depending on the photography (amateur vs. professional) utilized. If you have high quality photos, great we will use those! If not, and if you'd prefer to achieve the highest revenue possible, we highly recommend engaging one of our professional photographers.
  • We have staff in the area that can go to and from the home, meet with guests (when available), oversee cleanings and generally be your eyes and ears to the home. Visits to the property in between reservations means that you and your home have our eyes and ears at all times. It also means that damages and anything missing are accounted for and professionally attended to
  • Guest Communication.  Around the clock response team for booking inquiries, guest support and maintenance as needed. 24x 7 support. This means that middle of the night reservation requests are not missed or lost to a competitor home, or that your guests or your home suffer any emergency maintenance gaps or delays.  VRBO Network manages the guest selection. We rely on many factors to determine a good guest candidate for your home. Over 4,000 guests have stayed with us and we've been wrong almost quite literally, less than .001% of the time. We also handle all accounting and reporting on a monthly basis for your review
  • Multiple touchpoint with the guests, for example:
    • Welcome Email
    • Add access code to the smart lock door
    • Create an arrival email package for your guests
    • Welcome basket or gift
    • Manage Arrival and Departure POC (point of contact) for the guests
  • Setup Promotions/Campaigns on your property
    • Weekly promotions on the travel platforms
    • Social media postings via VRBO Network
    • Social media interaction for your property
  • Management of the property
    • Manage Payment options thru channels
    • Manage calendar occupancy
    • Manage Special Events
    • Manage Reviews
    • Manage maintenance issues
    • Managing contractors working on the repairs
    • Handle any Issues during the guests stay
    • Manage cleaning crew
    • Manage damage deposit
    • Inventory of the property
    • Replace or fix any missing items
  • Landlord communication.  Provide landlord with a property dashboard where property financials are summarize