Question 1

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

Accepted Answer

20% commission on net accommodation rate (ie. after distribution commission has been deducted).  Owners also pay a small property management fee and housekeeping fee dependent on the number of bedrooms their property has.

Question 2

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

Accepted Answer

Direct bookings - through our reservations team and Nox websiteOTAs - linked to the usual OTAs and some local distribution sitesTrade - We have a long and successful relationship with numerous travel agents and tour operators/

Question 3

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

Accepted Answer

We are an all-in-one solution so the team assigned to the property takes care of all maintenance and management of the property.  This includes housekeeping, with the dedicated housekeeper coming to the property 6 times a week regardless of occupancy status, hosts that look after guests and do inspections, and a property manager who oversees the operation of the property and reports to the owner.

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

We have a comprehensive owner log in that gives every owner access to all the information on their property.  From reservations stats to monthly statements and signed contracts.

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

I believe so, we make payments on behalf of our owners and then deduct those costs from their monthly income.  Detailed statements are then uploaded to the owner app that allows our owners to access and cross-reference the detail with the information on the owner app.

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 are quite involved with tech, from a vacation rental designed management system that automates a lot of communications and reports.  Dynamic pricing, noise monitoring devices, integrated maintenance and management tools and the aforementioned owner app are some of the tech that we employ.  The introduction of AI to improve customer service is next on the agenda...

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

Unlike most of our competitors, we understand that looking after the property is as important to an owner as generating revenue.  We spend a lot more time and effort on this than the rest of the pack.  That said, we are also market leaders in revenue generation, we are one of the only companies I know of that has e-commerce on their own website and the ability to take online bookings directly from guests.  We are working hard on generating more direct business so that we can cut costs that impact our owners and Nox.  Additionally, we have a long-term rentals and Sales team.  That means we have created a fantastic property ecosystem whereby we can assist our clients with multiple solutions depending on their requirements or market conditions.  Want to buy another property?  We'll make sure that it is one that will meet your needs.  Long-term market struggling, let's swap over to short term to increase your return.  We are nimble, flexible and ahead of the rest.

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

We have a guest insurance policy that all guests have to register with before getting access to the properties.  This takes the place of the deposit.  The insurance is managed by a partner company in the UK.

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 employ dymanic pricing for all properties.  However, pricing and occupancy are reviewed regularly to ensure that we have our rates set correctly.  Different owners have different requirements, but we will customise the pricing on each property to ensure that we are able to achieve the owner's goals.

Question 10

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

Accepted Answer

As much as we can!  The company takes part in local beach clean-ups and often donates to local charities that are trying to make a difference in our community.

Nox

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