Question 1

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

Accepted Answer

CPVR will collect 20% of the rental rate as their fee for services, meaning you, the owner, receive a full 80% of the rental rate.

Question 2

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

Accepted Answer

You can literally expect guests from around the world. Through very aggressive internet marketing we obtain rental leads from Ireland, Finland, Canada, England, Sweden, and around the globe. The centerpiece of our marketing is www.KeysRentalsonline.com. International guests tell us they feel confident booking with a professional company that has a polished web presence and the ability to accept credit cards. Our properties are advertised locally at the Marathon Visitors center which has a high walk in traffic for last minute guests. Quality printed materials are displayed in numerous local restaurants and entertainment venues and the movie theater along with at local festivals and events. We have a database of over 5000 past guests on our email list and a large repeat guest clientele.We employ a very high staff to property ratio to ensure someone is always working to advertise your property, included in our program are ads across a variety of 30+ websites to ensure maximum exposure for your listing. In addition we are a Premier Partner with the HomeAway network and Airbnb, which includes vacationrentals.com and VRBO.com.

Question 3

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

Accepted Answer

CleaningThe cleanliness of your property is one of our main objectives. We hire professional housekeeping companies and train them to uphold our extremely high standards. These housekeepers are held accountable by us to guarantee our standards are met and follow our cleaning checklists. As well as being licensed and insured, We run background checks on all vendors and perform an extensive vetting process on the companies we hire to ensure the safety and security of your home. InspectionsOne of our thoroughly trained & vetted Property Care Specialists will be responsible to review your property after every guest departs and after every clean. Our focus on a large local staff ensures that one of our team members is in your property on a near weekly basis. Property Owners will immediately notice the difference between this double layer of inspections from each guest and how this translates into an exceptionally maintained home.Maintenance If it is a minor repair we try to take care of that for you at no charge during the cleaning or inspection. We staff an in-house maintenance department, meaning that our owners and guests are provided 24/7 service 365 days/year.  Anything we cannot handle we will hire a licensed and vetted contractor to take care of for you. Our goal is not to nickel and dime our owners. In fact, we will change light bulbs, batteries & AC filters for free, along with other minor routine maintenance.

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

1.   Email: Regular communication through email for updates, bookings, and general information. Owner newsletters that are sent my the Operations Director monthly2.   Phone: Direct phone calls for more urgent matters or detailed discussions.3.   Online Portals: Online owner portals where property owners can log in to access information about their properties, including bookings, financial reports, and other relevant details.4.   Financials: Property owners often have access to detailed reports on bookings, revenue, occupancy rates, and expenses.5.   Point of contact: Jessica Willey is Operations Director who utilizes a team to best serve our owners communications needs.

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

Coco Plum Vacation Rentals adheres to Trust accounting principles which ensures the security of your advanced reservation funds. All financial responsibilities for your vacation rental property are handled by our on-staff accounting department. We follow trust accounting principles to handle homeowner’s monies, and all operating expenses are managed separately.

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

Coco Plum Vacation Rentals has succeeded due largely in part, to their innovation and reliance on the latest vacation rental technologies. They were one of the first local area companies to roll out web bookings, utilize a digital guestbook, keyless entry, and implement a dynamic pricing strategy. They are involved in national groups of vacation rental management owners and stay ahead of the pack on innovation.Keysrentalsonline.comOur website is host to our robust vacation rental portfolio and offers the ability for guests to view occupancy and costs. Most importantly, the site offers the capability for direct bookings, integrating seamlessly with our reservations software and dynamic pricing tools, to ensure that our homeowners are receiving the best rates for each and every reservation booked. In this day and age it is more important than ever to allow guests to book directly online when they want and where they want. Dynamic PricingOur unique and proprietary pricing algorithm factors in demand due to local events, national holidays, peak travel weeks and beyond to ensure our owners receive top dollar for every reservation. Through the use of dynamic pricing we are able to take the guess work out of pricing and ensure our owners are making the most off every rented day. Not only does our pricing software take into account local demand, it also makes adjustments in real time, to account for surges in demand. Through this approach to pricing, we have been able to capture rates as high as 30-50% above market average for peak travel weeks.

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

Coco Plum Vacation Rentals brings a number of value added propositions to its property owners. Our large staff, which exceeds industry standards of staff to property ratios, gives owners the advantage of better property care through our inspectors and maintenance department. Dedicated guest services and reservations staff keeps your occupancy high and your guests happy. Besides keeping your property in great shape and full of happy guests, our revenue technology ensures your rates are always maximized to market conditions.

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

Gone are the days of $500 security deposits which often left homeowners open to exposure on large damages. Our guests prefer and our owners are far more secure with a damage waiver insurance policy. Guests no longer have to place an additional $500 on their booking, instead, they pay a policy fee and the homeowner is covered for unintentional damages.

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

We are a unique rental management company that utilizes an algorithm, similar to the airlines or hotels, to analyze pricing based on competition, availability, occupancy, day of the week, special events and other market factors. This will adjust your rates daily and assure your property will rent more often and for more money over the course of the year.In addition to the algorithm, we utilize a feature that now makes these same analyzations but in real time. Meaning that if there is more traffic than anticipated for a given week, our state of the art software will automatically account for that to ensure that our owners are getting the most value for their bookings. Our revenue specialists run weekly audits to your rates and will make data driven updates based on demand as stated above.

Question 10

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

Accepted Answer

As a local & family owned company, we love being involved in the community and giving back to the beautiful island that we call home. We make frequent donations to both the Turtle Hospital and local animal shelter. We are also members of the Chamber of Commerce and you will often find Jessica and her team participating in local events & fundraisers in the community.

Coco Plum

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Coco Plum Reviews

Great company. Responsive

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