Question 1

How will you protect my home since there's more people coming in and out?

Accepted Answer

We value your property like it's our own. We keep it safe in a variety of ways. We pre-screen all guests who stay at any of Lord Of The Inns locations, and the average stay is 1–6 days. We also have state-of-the-art security systems, including exterior cameras, electronic locks, and 24/7 monitoring. Lastly, we always collect damage deposits and handle any issues that may arise as a result of someone damaging your property. We also perform maintenance inspections to ensure your home stays in immaculate condition on a regular basis. It's in our very best interest to keep your home in perfect condition because otherwise it will reflect poorly in our reviews from our guests.

Question 2

How much money can I make renting my property short term?

Accepted Answer

That depends! This is why we conduct a thorough market analysis after you apply to partner with Lord Of The Inns Properties. We will provide you a detailed estimate of what we think your property will yield in income for you.

Question 3

How does insurance work with this?

Accepted Answer

Like any investment property, it's important for a homeowner to have the right coverage in place to protect their asset. Since Lord Of The Inns Properties has no ownership in your home, it is the homeowner's responsibility to ensure they have proper coverage that also protects their home for short term rentals. If needed, we do have several connections with very reputable insurance companies that do provide this coverage in the event your carrier may not cover short term rentals.

Question 4

How do taxes work with this?

Accepted Answer

Our objective is to make everything as simple and passive as possible for all of our partners, this includes taxes as well. As we manage every reservation and guest that comes through your property, Lord Of The Inns Properties also handles the responsibility of collecting and remitting the appropriate sales taxes and tourism levies on behalf of their clients. Of course, since you are receiving income from your property as a homeowner, you will still have the responsibility of filing this income on your own personal tax returns, but everything else we take care of for you.

Question 5

How much am I going to have to pay to furnish the property?

Accepted Answer

It varies. If you have chosen our Partnership Program, then we offer to have an interior designer review your property and provide an estimate to transform it into a luxury destination. Typically, this varies anywhere from $15,000–$40,000 depending on the size of the property, location, layout, and market demographics. All you need to do is make the investment, and we coordinate everything else to make your property stand out and command high rates.

Question 6

What happens if guests try to throw a party in my home?

Accepted Answer

Valid question! Our motto is that party prevention is the best protection. Before any guest books with us, we have a very diligent screening process where we ensure their profile is verified with their government issued ID's. We ask several questions pertaining to the purpose of trip, number of guests, etc. We also confirm they've read our house rules and understand the consequences, and we collect a damage deposit. In our experience hosting over 10,000 guests, people behave very differently when they know there's a possibility they may not receive their deposit back if they cause damages. Nonetheless, we also have exterior cameras installed at the points of entrance on your home and our team monitors these 24/7. If more guests show up to the house than was listed on the reservation, we also have a private security company under contract that can come to the home and break the party up before it even begins. In short, this occurrence is very rare, but we do have protocols in place to handle this to ensure your home is protected.

Question 7

What if the occupancy rate is less than predicted?

Accepted Answer

While we typically average between 80-90% occupancy year round regardless of seasonality, but, as the old saying goes, past performance is no indication of future results. If you decide to go with our Partnership Program, during our initial onboarding we get very clear on exactly how much income needs to be produced in order to cover your costs on a monthly basis as our baseline target. Of course, it is always our intention to outperform this benchmark. Although we can't outright guarantee performance, our track record our partners have typically produced anywhere from 25–100% more monthly income than they would have by renting their properties as a long-term rental.

Question 8

How are your client agreements structured?

Accepted Answer

We firmly believe that short-term rentals are the most flexible option that exists for a homeowner to get the most use and utility of their properties where they can use the home when they wish and rent it out when they aren't there. We do not believe in locking our clients into rigid, long-term contracts, as we understand circumstances can change for each and every person. While we do encourage our clients to have a long-term outlook for their real estate investment, we do provide flexible exit clauses in our agreements (typically 90 days), so that if a client's situation changes, they do have flexibility to finish out an agreement ahead of schedule.

Frequently Asked Questions

Frequently Asked Questions