Question 1

1. Commission & Costs: Please explain your commission structure and any additional costs a homeowner might incur.

Accepted Answer

Flat Management Fee: We charge a simple, flat percentage of the gross rental rate based on the estimated gross annual income of the property.  There are no commissions on cleaning fees or taxes.﻿﻿No Nickel & Diming: We do not charge any monthly fees like website fees, supply fees, or pet fees to our owners. Our success is directly tied to yours.

Question 2

2. Marketing: Please detail the strategies you utilize to market properties to guests.

Accepted Answer

Professional Photography: Initial photography, including drone shots, is paid for by McCormick.Online Presence: We market your home on platforms such as VRBO, Airbnb, Google Vacation Rentals, Expedia, Marriott Homes & Villas, and Booking.com. VRBO charges are expensed to the owner. Airbnb expenses to the owner are taken out of the gross income.Guest Remarketing: We use Facebook, Instagram, and email campaigns to keep your property top of mind for returning guests.

Question 3

3. Cleaning & Maintenance: Please outline your property management services, including but not limited to cleaning, inspections and maintenance.

Accepted Answer

Customized Cleaning Fees: Our cleaning fee is determined by the property’s size and features, ensuring fair pricing. Guest-Paid Cleaning: Guests cover the cleaning expense, while we handle the logistics and payment to cleaners.Repairs and Maintenance: We manage all essential repairs, with costs detailed in your monthly statement. For non-emergency repairs exceeding $100, we will ask for your approval.Preventative Maintenance Inspections: We perform a semi-annual 50-point preventative maintenance check at no cost.Hurricane Preparation: We offer storm preparation and post-storm clean-up services at reasonable rates.

Question 4

4. Communication & Reporting: How do you communicate with homeowners and what types of reports do you provide? Who will I be working with on your team? Will I have a dedicated representative or a team approach?

Accepted Answer

Detailed Reporting: We offer a transparent account of your income, management cost and repair expenses, in a monthly statement. Current and past statements are available anytime on your online account.Prompt Payments: All income is distributed by the 15th of each month, either via ACH direct deposit or check.Reporting & Taxes: We handle all monthly state, local, and tourist taxes. An annual 1099 is issued to you for easy year-end tax preparation.

Question 5

5. Financial Management: Please discuss how you handle financial management for the properties you manage. Do you follow trust accounting principles?

Accepted Answer

Trust Based Accounting:  Our monthly Owner Statements are prepared with our CPA.

Question 6

6. Technology: What kind of technology do you employ and how does this technology provide benefits to both homeowners and guests?

Accepted Answer

We utilize the following technology to improve the guest experience and maximize our owner's earnings:		Property Management Software (PMS):Centralizes bookings, payments, and management tasks.Automates communication with guests, including booking confirmations, check-in instructions, and post-stay follow-ups.Provides homeowners with real-time updates on their property's status and earnings.		Channel Manager:Integrates with multiple booking platforms (e.g., Airbnb, Booking.com) to manage listings and synchronize calendars, avoiding double bookings.Distributes property listings to a wider audience, increasing visibility and booking potential.		Smart Locks and Keyless Entry Systems:Offers secure, contactless check-in and check-out, enhancing guest convenience.Allows remote management of property access, useful for maintenance or emergency situations.		Smart Home Devices (Thermostats, Noise Monitoring Systems):Improves energy efficiency, reducing costs for homeowners.Enhances guest comfort and security.Can be remotely controlled and monitored.		Automated Pricing Tools:Dynamically adjusts rental prices based on market demand, seasonality, and local events.Maximizes revenue potential for homeowners.		Guest Experience Platforms:Provides guests with digital guides, local recommendations, and in-stay services (e.g., food delivery, activity bookings).Enhances the overall guest experience, leading to better reviews and repeat bookings.		Maintenance and Housekeeping Coordination Tools:Streamlines scheduling and communication with service staff.Ensures timely and efficient property upkeep.		Review Management Tools:Facilitates the collection and management of guest reviews.Helps maintain a positive online presence and reputation.		Customer Relationship Management (CRM) System:Manages guest data and preferences, enabling personalized communication and services.Aids in marketing efforts and guest loyalty programs.		Website and Booking Engine:Offers direct booking capabilities, reducing reliance on third-party platforms and saving owners money.

Question 7

7. Differentiators: What unique aspects set your company apart from other property management companies, especially in terms of advantages to homeowners?

Accepted Answer

The McCormick Way™: Technology + Relationships = ResultsOutperforming the Market: According to AirDNA.co data, year to date, McCormick has exceeded the market average in terms of revenue growth by 52%. Properties managed by McCormick earn more.Operational Excellence:  87% of our reviews are Five-Star.

Question 8

8. Guest Damage: What is your approach to managing damages caused by guests? Do you require a security deposit or offer damage insurance? If you opt for insurance, how do you establish the coverage details?

Accepted Answer

At no charge to you, we will repair or replace property contents, up to $1,500 per reservation if we determine damage was caused by accidental, non-negligent actions of the Guest. Excludes wear & tear and linens.

Question 9

9. Revenue Management: Please explain your strategy for revenue management? How do you determine pricing to optimize earnings? Do you utilize dynamic pricing software, manage rates manually, or employ a combination of both methods?

Accepted Answer

By combining our knowledge of the local market with advanced pricing algorithms, we not only optimize your nightly rates in real-time but also consistently outpace the local market in both occupancy and revenue. Our results confirm that our dynamic pricing strategy can boost your revenue by as much as 30-40%.

Question 10

10. Community Involvement and Reputation: Are you involved in the local community and do you support local initiatives?

Accepted Answer

I (Adam) serve on the board of directors of the Florida Alliance for Vacation Rentals, advocating for our industry locally and in Tallahassee.

McCormick Vacation Rentals

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