Question 1

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

Accepted Answer

Our management fee varies, depending on the property and owner’s needs, but generally ranges from 20 to 25%. Additionally, we offer design services to start properties from scratch or perform a design refresh. We also offer a comprehensive maintenance program with services that owners can select on an à la cart basis. Our fees for design and maintenance services are variable relative to the scope of work performed.

Question 2

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

Accepted Answer

We are long-standing Airbnb Superhosts as well as a Vrbo Premier Host and our listings perform very well on both platforms. We are making strides in growing our own direct booking business as well. We offer complementary professional photography, and are developing an enhanced marketing package for elite properties with dedicated social channels, property website, and videography.

Question 3

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

Accepted Answer

We manage every aspect of the turnover process. We hire, train and manage cleaners according to our detailed cleaning protocols each clean is then inspected bye another team member and certified as “guest-ready” for the next guest.Routine maintenance issues are handled properly by our in-house handyman, and we have an excellent core group of contractor partners for any HVAC, plumbing, electrical, ground maintenance, or other maintenance needs.

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 provide monthly owner statements and direct deposit payments as well as a year end statement and 1099 for our clients. Each property owner has access to an owners portal, which provides all of the basic data that most owners are interested in seeing including the booking calendar, occupancy percentage, nightly rates, etc. We also carefully document any expenses and provide access to a cloud drive folder, where receipts are stored for full transparency.

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 do follow trust accounting principles, which simply means that the funds we take in as rental revenue are kept separate from our businesses operating account. Each property is essentially operated like its own business, which not only helps us stay financially organized, but also ensures that our clients’ funds are always properly accounted for and never in jeopardy of being used for anything else.

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 best in class property management software to manage our reservations, guest communications, and accounting. We also utilize the industry leading software for managing cleaning, inspections, and maintenance. We furnish smart locks for all properties which are synced to our software, allowing a unique code to be generated for each guest, which is then deleted immediately following their stay. We’ve also implemented a branded Wi-Fi product which allows us to capture email addresses of any guest who logs onto the network so we are able to re-market to them directly. This helps us increase direct bookings and is a symbiotic benefit to all properties in our portfolio.our technology allows us to automate mini repetitive functions, but in a world where so many things have become automated and impersonal we have adopted a philosophy around automation that is simply this: we will automate something if it makes the guest experience or the property owner’s experience better. We will not automate something just because it makes it easier for us at the expense of the guest experience or the property owner’s experience. We believe automation should be used to improve the experience of our customers and clients, not to enable us to be lazy about things that really ought to receive hands-on attention.

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

In recent years, there have been a lot of people that jumped into the short term rental business as a side hustle or because an internet guru told them they could make tons of money in their sleep on autopilot by simply automating everything (see our thoughts and automation above).It’s so important to remember that this is a hospitality business. It’s about taking care of people. This is also an asset management business. A big part of our job is financial stewardship and protecting the value of our client’s asset through diligent cleaning and property maintenance. Doing all of these things really well requires a diverse knowledge base and skill set that few people possess, but our team is uniquely qualified to perform.The Milwaukee market is not a traditional vacation rental market with many established full-service vacation rental management companies. The business model of a full service management company like you might find in traditional vacation markets that can handle not only the marketing and management of reservations, but also the full care of the property and proper financial practices, is not something that existed in the Milwaukee market previously. It is that level of professionalism and comprehensive service that StayMKE brings to our market. We are members of the Vacation Rental Management Association (VRMA) and Visit Milwaukee. We want to establish StayMKE as the most recognizable name in short term rental homes within Milwaukee’s hospitality landscape.

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

An ounce of prevention is worth a pound of cure. The best practice for dealing with damages is to avoid them in the first place by screening potentially problematic guests and not allowing rates to go too low. If damages do occur, we have several lines of recourse depending on the platform. We collect security deposits, have strong house rules and we do collect signed rental agreements from guests accepting those terms.As a backstop, our company also maintains a Damage Fund as an extra layer of protection for our property owners. These are funds that are set aside for a worst case scenario where we are unable to recoup funds for damages through other means.

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 utilize industry leading dynamic pricing software to monitor rates in the marketplace and capitalize on opportunities or “compression events“.This is not a set and forget it endeavor, however. We actively monitor and make adjustments to each properties pricing on a weekly basis and are frequently consulting with industry experts from around the country to identify new strategies and opportunities.revenue is a balance between occupancy percentage, and the nightly rates we were able to charge. Our philosophy is that higher nightly rates and lower occupancy percentage is a superior way to generate revenue versus low rates and high occupancy percentage. This yields higher quality guests which reduces risk and also moderates pressure on the home and the neighborhood.

Question 10

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

Accepted Answer

In addition to being a visit, Milwaukee sponsor, we are rolling out a “Good Neighbor Initiative” in 2024 that will include outreach to neighbors of properties that we manage, picking up trash on the blocks where our properties are located, and potential sponsorship of hyper local neighborhood events. Will also be taking an active role in advocacy efforts to steer any regulatory efforts around the Milwaukee region in a sensible direction that protects property rights and the ability for our business to be viable, while also ensuring that properties are managed professionally and the interests of neighbors and communities are protected.

StayMKE LLC

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