FAQs
Frequently Asked Questions for Owners
How are my funds handled?
- All deposits and payments are segregated into a separate Trust Account.
- Deposits from OTAs are placed directly into this Trust Account.
- Payments to owners are made after the close of the month and are generally disbursed within 10-15 days.
- Disbursements are handled by a third-party accountant and not by the staff or owners of VRMV.
See detailed description of how funds are handled here.
What is the Commission
- We charge 15% for handling all guest transactions from intial booking to their review.
Due to the hands-on nature, a guest's early check-in or late check-out request is commissioned at 50%
Do I need specialized insurance to rent out my house
Your standard homeowner's insurance may NOT cover your losses if you do not disclose that you are "renting to others"?
We recommend that you call your agent and review your coverage. While you are at it, get a quote from a company called PROPER!
They are the leader in the Vacation Rental Owners Property Insurance space.
Get a quote from PROPER and compare coverages!
Please see the attached brochure.
| Jeff Heggem Account Executive at Proper Insurance® | Coverholder at Lloyd's of London | |||||
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Proper Owner Benefits
- The most comprehensive insurance one can purchase for a vacation rental.
- One policy that covers the building, contents, income, and liability; no need to manage multiple policies.
- One policy that covers triple use of the property; vacation rental use, personal use, and periods of inoccupancy.
Don't get caught exposed.
If you need to cancel write us an email saying so. Once your booking is canceled we will work hard to fill any of your reservation’s dates and try to make our guests whole as best we can. If you booked with an OTA like Airbnb you need to contact them to cancel. They will not refund your booking fees. We cannot rent your reserved time until you are canceled.
Consult your lease for your specific cancelation terms. More information on cancelations and insurance is available on our blog.
Why do I need to control my calendar?
VRMV provides all of our owners with direct access to the Calendar for your property. This is done through our dashboard. You should have received an invitation to it.
You need to make all the changes on your calendar. The reason has to do with how OTAs run their platform.
For example, if I open a date and you end up not being available or wanting to use the house yourself then I am at fault.
If you control the dashboard then if a date is open you have to host the guest if they book it. If you won't or can't host an open date your hosting reputation is damaged and you will still owe fees. The exception is for property damage. All of the OTAs have recently tightened up their policies due to hosts canceling bookings which makes guests leary of using their platform. Think of it like a hotel. Hotels rarely cancel bookings but for some reason owners will cancel and think that there are no negative repercussions. You will see that as a host you are not the OTAs top priority. OTAs are looking out for the Guest.
If you host a short-term vacation stay you need to take the calendar very seriously and make sure you do not open up a date that is not actually available. If your plans change then update your calendar immediately.