Question 1

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

Accepted Answer

Our commission structure is simple and transparent. We charge a percentage of the gross rental income generated by your property minus cleaning fees, which can vary depending on the needs and amenities of the property. Our standard commission rate is 20% of the gross rental income.Our top goal is to make our services as passive and hands-off for you as possible, so to accomplish this goal when setting up a new property at the beginning, there may be other costs that homeowners may incur that will keep you hands-off. These include:1. Launch consulting and set-up fee: Let us handle all of the property set up so you don't have to pay for each piece of setup one by one! This is a one-time fee of $1,500 that covers the cost of professional photos and videos, Schlage encode lock purchase and install, Ring video camera, StayFi Wifi for guest contact information capture to market for rebooking, product consulting/recommendations, listing creation and maintenance, and Minut sound monitoring system (additional $250 launch fee).2. Supply restock: We will handle inventory management and ordering/receiving, and our homeowners are responsible for the monthly supplies that are not provided by the cleaning team. Items to be provided by the homeowner include toilet paper, trash bags, paper towels, dish soap, dishwasher detergent, hand soap, shampoo, and conditioner. Other supplies could include surface cleaners, window cleaners, floor cleaners, bathroom cleaners, etc. Homeowners are not responsible for ordering these items and Your Home Away Management, LLC is reimbursed out of owner earnings for these items.3. Maintenance: Your Home Away Management will handle  dispatches and repairs for the home which will be conducted by an appropriate vendor or professional.We strive to be transparent about all costs associated with our services, and we are always available to answer any questions you may have.

Question 2

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

Accepted Answer

We use a variety of strategies to market properties to guests, including:1. Listing optimization: We optimize your property listing on Airbnb, VRBO, and other short-term rental platforms to ensure that it appears at the top of search results and attracts the attention of potential guests.2. Professional photography and videography: We use high-quality photos and videos to showcase your property and make it stand out from the competition.3. Dynamic pricing: We use data-driven pricing strategies to adjust your rental rates based on demand, seasonality, and other factors to maximize your rental income.4. Advertising and marketing: We use targeted marketing campaigns to reach past guests to rebook them in your property.5. Guest communication: We provide prompt and professional communication with guests to answer their questions, address their concerns, and ensure a positive guest experience.6. Reviews and ratings: We encourage guests to leave positive reviews and ratings of your property, which can help attract more guests in the future.7. Referral programs: We offer referral programs to incentivize guests to refer their friends and family to your property.As our business grows we are always exploring new marketing strategies and techniques to stay ahead of the competition and attract more guests to your property.

Question 3

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

Accepted Answer

Our property management services include:1. Cleaning: We coordinate and manage approved cleaning companies for each respective turnover. The cost of each cleaning will be charged to the guest, and if appropriate, we will work with a laundry service to keep your linens fresh and clean.2. Inspections: We conduct necessary inspections of your property to ensure that it is well-maintained and collect photos after each clean to help maintain quality control. We also perform pre- and post-rental inspections to identify any damage or issues that need to be addressed.3. Maintenance: Owners are responsible for the cost of all  repairs coordinated by Your Home Away Management, LLC and conducted by an appointed vendor or professional.4. Co-hosting/management services: We provide co-hosting services to help you manage your short-term rental property. This includes listing optimization, guest support and approval, communication and reservations, access management, dynamic pricing, listing advertising and marketing, revenue management, vendor management, monthly property reports, owner portal and on-demand reporting.5. Guest management: We handle all aspects of guest management, including guest communication, check-in and check-out, and responding to guest inquiries and concerns.6. Regulatory compliance: We ensure that your property is in compliance with all local regulations and ordinances related to short-term rentals.7. Financial management: We collect all funds pertaining to short-term rental stays. All expenses, cleaning fees, and management fees will be removed from these funds. Owners will receive payouts by the 15th of the following month.We are committed to providing comprehensive property management services that help you maximize your rental income and minimize your stress and workload.

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 communicate with homeowners through a variety of channels, including email, phone, and an upcoming online owner portal. We provide monthly owner statements that show your revenue, deductions, and payout. The upcoming owner portal allows owners to view all bookings and what channel they came from, financial reports, and other relevant information.Our owner, Jeremy, will be working directly with you, not an overseas virtual assistant who has never seen your home, and he will be your primary point of contact for all property management services. Jeremy will also be available to answer any questions you may have and provide regular updates on your property's performance.We  ensure that all aspects of your property are well-managed and that you receive the highest level of service possible.

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

We follow trust accounting principles to ensure that all funds related to short-term rental stays are properly managed and accounted for. We collect all funds pertaining to short-term rental stays, including rental fees, cleaning fees, and other charges. We then deduct all expenses, cleaning fees, and management commission fees from these funds before disbursing the remaining balance to the property owner.We maintain separate budgets for each property we manage to ensure that all funds are properly accounted for. We also maintain detailed records of all financial transactions related to each property, including rental income, expenses, and payouts.Our financial management services include monthly owner statements that show your revenue, deductions, and payout.We take financial management very seriously and are committed to providing transparent and accurate accounting services to all of our clients.

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 employ a variety of technology solutions to provide benefits to both homeowners and guests. Here are some examples:Dynamic Pricing: We use advanced software to adjust pricing based on factors such as demand, seasonality, and local events. By using dynamic pricing, we can help you maximize your rental income and occupancy rates, while also staying competitive in the market. Additionally, we offer revenue management, which involves analyzing market trends and adjusting pricing strategies accordingly to optimize your rental income.Channel management software: We use advanced channel management software to optimize your property's listing across multiple platforms, including Airbnb, VRBO, and Booking.com. This software allows us to adjust pricing, availability, and other factors in real-time to maximize your rental income and occupancy rates.Property management software: We use property management software to streamline our operations and provide better service to our clients. This software allows us to manage reservations, track expenses, schedule cleanings and maintenance, and generate detailed reports on your property's performance.Smart home technology: We recommend and install smart home technology, such as WiFi locks, Ring doorbell cameras, and Minut noise monitoring, to enhance the guest experience and improve security. These devices allow guests to easily access the property, communicate with us, and feel safe and secure during their stay.Digital Guidebook: We create a comprehensive digital guidebook of our homes which helps to enhance the experience of our guests by efficiently communicating the special things about your home, local tips, restaurant and activity recommendations, as well as important instructions and house rules.Online booking and payment processing: We offer online booking and payment processing to make it easy for guests to book your property and for you to receive payments. Our online booking system is secure and user-friendly, and allows guests to easily search for properties, view availability, and make reservations.Overall, our use of technology allows us to provide a more efficient and effective short-term rental management service to our clients, while also enhancing the guest experience and improving the security and safety of your 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

At Your Home Away Management, LLC, we pride ourselves on offering a comprehensive suite of services that are tailored to meet the unique needs of each homeowner. We treat your home as its own business. We purposely keep our portfolio lean and work to strategically partner with owners who want their homes to be secure and stable. Our growth as a company is achieved by improving and increasing the revenue for the homes we manage. Our growth model is not solely dependent on bringing more clients into the Your Home Away Management family. We grow slowly and strategically to help our owners achieve their goals with their home, while also achieving our goals as a management company.

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

The best way to prevent damages is to have great guests, and we work hard to price our homes appropriately to attract respectful guests that will treat your home well. In the rare instance that there is damage, we have a comprehensive approach to managing damages caused by guests. Depending on the booking platform, we may require a security deposit from guests to cover any damages that may occur during their stay. For all stays, we offer damage protection through our partner, Waivo. Our management company will manage all claims processing the homeowner. We will also manage guest cancellations, should a guest not pass the background check and/or is deemed to be a threat to your property by Your Home Away Management, LLC. The cost for this is paid for by the guest. If you have any further questions about our approach to managing damages or our damage protection coverage, please let us know.

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

Your Home Away Management uses a combination of both dynamic pricing software and manual rate management to optimize earnings for our clients. Our dynamic pricing software takes into account a variety of factors, including demand, seasonality, local events, and competitor pricing, to adjust rates. This allows us to stay competitive in the market and maximize occupancy rates and rental income. In addition, we also manually manage rates to ensure that they are aligned with our clients' goals and expectations. We analyze market trends and adjust pricing strategies accordingly to optimize rental income. We are constantly monitoring the market and adjusting pricing strategies to ensure that our clients are getting the best possible return on their investment.

Question 10

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

Accepted Answer

Yes, Your Home Away Management is actively engaged with multiple host groups and our owner, Jeremy, is in multiple mastermind groups that have hundreds of the top vacation rental managers. We are involved in the local military community by hosting families in town for the various military graduations that occur on a weekly basis.

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