Terms Sheet

This is a simple outline of the main business points that govern our relationship with our property owners. If you wish to proceed with listing with VRMV, a more formal agreement will flesh out these points. The main purpose of this document is to save you from having to read an entire contract.

• Listing: The Owner shall accurately describe the Unit, including all material facts. This is essential to set guest expectations.
• Term: The Owner can cancel this agreement annually in September. Any leases previously written must be honored.
• Marketing: VRMV shall act as the sole property manager on behalf of the Owner and provide all the marketing, care, management, and booking for guests who shall occupy the Unit.
• Calendar: VRMV shall maintain the calendar and rates. Any other sites (if any) shall be linked to and use the VRMV calendar and rates. This is otherwise known as a single source of truth.
• Rental Rates and Revenue Management: The agreed-upon starting rates will be adjusted by VRMV Pricing Algorithms to take into account local demand and occupancy levels. Allowing the algorithms to do their work (within guardrails) will maximize the Owner’s income.
• Availability and Bookings: The owner must honor any open dates. The owner can control the open dates using our dashboard.
• Use by the Owner and their Guests: The Owner, his family, and complimentary personal guests of the Owner may occupy the Unit when the Unit is not previously booked and has been blocked off using the Owner dashboard.
• Owner Payments: The Owner shall pay VRMV a 15% commission. Payments are made via ACH 15 days after the end of each month. Funds are kept sequestered in a trust account.
• Owner Incentive: The owner may book their Unit up to three times a year on the VRMV website for a rental guest that the Owner sources. In such a case, VRMV shall reduce its commission to 7.5%
• Exclusivity: When we set the rates and control the calendar, you will get the best results, and your service will be a cut above.
• Broker Incentive: Rental referrals from other realtors are allowed. Their commission is negotiated and added to the rent that the guest pays.
• Cleaning, Maintenance: Owners shall arrange all maintenance, repairs, cleaning, and laundry for the Unit. VRMV will pay 100% of the cleaning fees directly to the Owner.
• Comprehensive Management: We can provide additional services to an Owner separate from this agreement, such as cleaning, landscaping, repair, and caretaking services. Please Inquire.
• Taxes, Permits, and Compliance: VRMV shall calculate and pay all local rental taxes to the appropriate authorities and work with the Owner to ensure compliance with all local regulations.
• Property Damage Protection: VRMV provides three key protections to the Owner (1) Property Damage Protection (“PDP”) for each stay (2) A Security Deposit (3) a Tough as Nails supplementary lease. OTAs provide additional insurance up to $1,000,000.
• Smart Home Monitoring: We can assist in installing smart home systems such as Automatic Door Locks, Thermostats, Alarms, Video Cameras, Irrigation, and other similar tech.

Owner Responsibilities

• Listing: A clean and safe rental property legally registered with the state of MA.
• Availability: A commitment to list the property throughout the summer season.
• Trust: Trust us to take away the hassle of vacation rental ownership and make you money!

FAQS

• Why exclusive: We still work with other realtors but your service is better when we are working just with you. We focus on your property.
• Cleaner and Caretaker: These people are key to ensuring your property is well cared for. They are the ones who will examine your property between guests to ensure that all is as it was before the rental. Damage and lost items need to be accounted for and in a timely way. Insurance will lapse in a week, and the deposit will be returned in a few days. That is why these folks have to report while still at the premises.
• Photography is the single most important part of listing your house. You can take your own, but it requires a very good phone/camera and a good photographer. Where possible, we recommend a professional. We will advise on the proper format and technique.
• Registration: You are responsible for registering your own property with the Mass. Dept. of Revenue. You will need a registration form and a number that starts with a C. We will assist you in getting started on this task but we cannot do it for you.
• Additional Services: We charge an hourly rate of between $75 and $195 an hour to perform tasks that our outside of the scope of work outlined here.

Please do not hesitate to ask any questions you may have.