Question 1

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

Accepted Answer

Our commission structure is designed to be flexible and tailored to your property's unique needs and market conditions. The commission rate is determined by the specifics of your property and current market trends and is based solely on the nightly rent, not the gross revenue. This commission includes a comprehensive range of services, such as marketing and listing management, guest communication and support, booking coordination, and housekeeping oversight. We also offer optional services, including interior design assistance, allowing you to customize our program to suit your preferences.Importantly, we do not charge membership fees, nor do we impose additional costs for providing 24/7 guest support. Cleaning fees are exempt from commission, and there are no hidden charges for routine tasks like changing light bulbs, air filters, or batteries. Our commission covers all services, providing a hands-off experience for property owners without the burden of extra fees.

Question 2

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

Accepted Answer

We employ a comprehensive array of proven marketing strategies designed to maximize your property’s visibility and attract a wide audience of potential guests. Our marketing team utilizes state-of-the-art, high-definition professional photography to showcase your property at its best, complemented by 360-degree virtual tours, video walkthroughs, and drone footage, converting lookers into bookers.Your property will be listed on over 160 booking platforms, including top high-traffic sites such as Airbnb, Vrbo, TripAdvisor, Expedia, and Booking.com. A key pillar of our marketing strategy is our direct website, which generates over 30% of our reservations. We also feature properties on premier platforms like Marriott Homes & Villas, granting access to luxury travelers through the Bonvoy membership. For spontaneous travelers, we partner with last-minute booking channels to capture real-time opportunities. Our marketing team leverages advanced search engine optimization (SEO) across booking platforms, social media, and targeted ads to further boost visibility. Additionally, we offer a personalized guest relationship management (CRM) system supported by professional lead acquisition tools to enhance guest interaction and streamline booking processes.

Question 3

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

Accepted Answer

5-Star In-House DreamClean Property Care, Maintenance & Linen ProgramWe understand that guests expect nothing less than a perfectly clean home. That’s why we’ve developed an in-house team of professionally trained housekeepers dedicated to ensuring your property looks its absolute best. Our commitment to cleanliness ensures that your guests leave with excellent reviews.After our housekeeping team performs their thorough cleaning, we conduct a second review to guarantee everything is immaculate and in top working order. This ensures that your home meets our high standards of cleanliness and is fully prepared for the arrival of your next guests.

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 prioritize clear and consistent communication with homeowners through several key channels:Online Owner Portal: Available 24/7, this portal allows you to monitor your vacation home, check guest bookings, manage important documents (such as financial statements and bills), and access unbiased guest reviews.Dedicated Partner Support Team: Available seven days a week, this team will assist you through the onboarding process and serve as your primary contact once your property is live.Local Property Manager: Assigned to handle operational matters, including maintenance and on-site requests, ensuring your property's needs are addressed promptly.This multifaceted approach ensures you receive specialized support for both general inquiries and specific property management needs, offering you comprehensive and reliable service.

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

At DreamStay Vacation Rentals, we prioritize meticulous financial management, adhering to strict industry trust accounting standards to ensure your funds are safeguarded. Unlike the 95% of vacation rental managers who commonly co-mingle funds, we maintain the highest level of transparency and security.Here’s how we manage finances for the properties we oversee:Clarity and Transparency: By using your customizable owner portal, you can access all the information about your investment in one convenient location anywhere, anytime. Everything is organized and transparent, eliminating the need for extensive searches and providing you with immediate clarity.Trust Account Management: We use a dedicated trust account for all funds associated with your properties, keeping your money separate from our operational funds. This ensures both transparency and security.Funds Access Control: Funds remain in the trust account and are only transferred to our payout account after guest check-out, ensuring they are secure and inaccessible until services are rendered.Timely Payouts: Following guest check-out, funds are promptly transferred to our payout account and paid out to you without delays or discrepancies, ensuring timely receipt of your payments and statements.Financial Reporting: Receive detailed financial statements and reports that offer full visibility into your property’s income and expenses. This transparency helps you stay informed and confident in your investment.Adherence to Trust Accounting Principles: We strictly follow trust accounting principles, which is crucial for protecting your funds. Choosing a manager who adheres to these standards minimizes risks and enhances financial security.Our commitment to rigorous trust accounting principles and transparent financial management distinguishes us in the vacation rental management industry, ensuring your investment is managed with the utmost integrity.

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

DreamStay utilizes cutting-edge technology that combines top-tier software with our proprietary intelligence layer. This integration ensures a dynamic and efficient operational framework, allowing us to innovate quickly and offer benefits that resonate with both homeowners and guests. Our advanced technology enhances the guest experience by streamlining check-ins, facilitating seamless property interactions, and providing real-time insights for homeowners. Automated systems and platforms enable efficient communication, improving guest satisfaction. For homeowners, our technology offers tailored marketing solutions and increased property security. Our smart home system provides unique, one-time access codes for each guest, ensuring both safety and peace of mind. This tech-driven approach not only improves operational efficiency but also enhances the value and security of the property.

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

Our program stands out with a range of unique benefits tailored specifically for homeowners. We deliver unparalleled peace of mind and exceptional results while granting you unrestricted access to your property. Our trust accounting methods offer constant access to financial statements through a real-time performance portal. We also provide complimentary consultancy for investment inquiries and ideas, offering expert advice to help you maximize your property's potential.In addition, our accounting enhancement service manages utility payments—such as water, electricity, internet, and phone—along with collecting hotel and lodging taxes on your behalf, thereby streamlining your management responsibilities. At year-end, we furnish you with an electronic tax package for easy submission to your CPA. This combination of unrestricted property access, transparent financial tracking, comprehensive tax reporting, and personalized investment support differentiates us from other property management companies.In a nutshell:Free setup & onboardingOne complimentary electronic door lock100% satisfaction guarantee with the option to cancel anytimeNo linen feesNo vendor markupsNo management feeLow competitive  commission rate

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 DreamStay, the peace of mind and security of our property owners are our top priorities. To safeguard against potential damages caused by guests, we offer an extensive Peace of Mind Guarantee. This guarantee provides coverage for both intentional and accidental damages up to $5,000 per reservation, ensuring that you are protected without incurring any additional costs. With this guarantee, you can enjoy the confidence of knowing your property is well-protected.

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

How do we maximize your revenue?The optimal price for your home fluctuates constantly. If your price is set too high, potential guests will bypass your listing in favor of others, leading to lost bookings. Conversely, setting the price too low can result in missed revenue opportunities. Our dedicated revenue team meticulously monitors market conditions to ensure your home is priced accurately every night.How It WorksWe utilize comprehensive data and market research to maximize your earnings. Our approach includes:Analyzing the rates and availability of over 200 comparable rental homes in your areaReviewing current trends across major booking platforms (Airbnb, VRBO, Booking.com, etc.)Considering crucial factors such as local events, conventions, concerts, seasonal changes, weather conditions, days of the week, length of stay, and travel patterns to nearby airportsWe then apply advanced algorithms and sophisticated software to determine the optimal nightly rate for your rental.A Tailored Pricing StrategyYour vacation home is unique, and your pricing should reflect its distinct features.Whether you've recently redecorated, boast a stunning view, or offer special amenities like a game room, outdoor grill, ping-pong table, or home theater, these elements enhance your property's value. We tailor our pricing strategy to each individual home, creating a custom revenue profile that ensures you earn every dollar your property deserves.

Question 10

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

Accepted Answer

DreamStay is steadfast in its commitment to actively engaging with and contributing to the local East Tennessee community. We hold positions on various community boards and industry associations, including the Vacation Rental Managers Association (VRMA) and others, demonstrating our dedication to fostering growth and collaboration. Beyond our organizational involvement, we take immense pride in our philanthropic efforts. We regularly organize donation drives, training sessions, classes, and other initiatives designed to uplift and support our community. Through these endeavors, DreamStay aims to make a meaningful impact and strengthen our ties with the local area.

DreamStay Vacation Rentals

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