Short Term Rental Guide

A Guide to Renting Your Property to Short Term Guest

Southeast Michigan (248) 208-3882 rmo@rentalmanagementone.com 25800 Northwestern Hwy, Southfield, MI 48075 @rentalmgmtone

Index

2

What We Do

3

Testimonials

4

Getting Started

5-6

Keys

7

Building Your Listing

8

Preparing Your Home

9-13

Pricing & Payout

14

Rent Comparisons

15

FAQs

16-17

Insurance

18

Where We Manage

19

Contact Us

20

What We Do Profile Creation & Photography Online Calendar Dashboard

Booking Notifications

Laundry Services

Earnings Direct Deposit

Reservation Management

Guest Communication

Housekeeping Services

Check Out Inspections

Assist with Claims & Emergency Maintenance

3

What Our Clients Are Saying I have a few of my units under Rental Management One, and I can say without uncertainty that they do a great job.

- Eric R.

We have a home under management with RMO and we couldn't be happier with the levels of professional tact, reasonableness, and communication that our manager provides. We value our tenants and we appreciate our manager feeling the same way.

- Ray F.

This company is very good. I rarely say great on a review, so this is high praise. RMO gets 5 stars because I have no complaints about them.

- Natalie G.

5

Getting Started Step: 1

Schedule an Informational Call

Whether you are completely new to renting out your space or you are a pro, this call will give you a chance to ask questions about our services and meet the property managers.

Step: 2

Your Property Details

Once you are ready to move forward, we will need to schedule a property visit to complete a listing information form.

We need to know your property like the back of our hand to better guide guests, resolve issues, and manage your listing.

6

Tailoring Your Listing Step: 3

Photo Session

Most renters determine their next home from the photos before they ever step foot in the door. This is why property photos are very important. If you don't have current property photos, we will take these for you. Professional photos are available for an additional cost.

Step: 4

ID Verification & Tax Information

We will need some documents from you to verify your identity and property ownership and to set up your direct deposit payments.

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Keys We will need 3 sets of keys, fobs, or whatever is needed for your home.

Tenants Property Manager Maintenance Alternatively, smart locks and keycode access are welcome, actually preferred.

They can save money on lock changes and some allow you to change the code remotely.

SmartLock Keypad Access

8 Next, we build your property into our state-of-the-art property management software. The entire process will take our team up to 2 days. Here's a behind the scenes look at what we do.

Upload Photos We get your place looking it's best.

Marketing

Pricing

Leasing

We select keywords that will make your property stand out.

We price your home by comparing comps to ensure we are getting the best rate.

We know exactly how to get your listing the most views.

Next, it's time to get your property occupied.

WiFi, Heat/AC, Hot Water, Appliances, Lawn & Snow All basic utilities must be in working order in order to rent your place. If something is broken that makes the space inhospitable, please resolve the issue prior to opening up dates on your calendar. Lawn care and snow removal also need to be set up.

Valuables & Sentimental Items We recommend locking all personal property you do not want to be touched or potentially damaged/lost in a locked closet or other locked space. Sentimental or personal items such as photos, clothes, personal toiletries should be put away for safety and general cleanliness.

Restricted Spaces/Items If there are items that are not possible to remove from your space but you do NOT want guests to use them, please let us know and we will put this in your House Rules.

9

Preparing Your Home For Tenants

Required Supplies For Hosting

Even if you have a dishwasher, it's important to provide guest a way to clean dishes themselves.*

You will need to provide laundry detergent for guests and housekeeping. *

Please make sure you provide hand soap for each bathroom.*

Decorating shower curtains can make your home more inviting but at a minimum, you need a waterproof shower curtain hung before they arrive. *We can refiill for you periodically

10

Required Supplies For Hosting

Basic cleaning supplies need to be at the property for the guest's use.

Broom and Dustpan Mop Vaccum Toilet Brush Plunger

There should be enough plates, cups, and utensils for the maximum number of guests permitted in your listing.

If you have a coffee pot, make sure you also have coffee cups!

If your listing has a kitchen, your guest will expect to be able to cook a basic meal there. That means having basic supplies at a minimum.

Pots and Pans Baking Sheets Spatula and Spoons Sharp Knives Bottle Opener

Can Opener Cutting Board Mixing Bowls Olive Oil Salt & Pepper

If you have a lakefront property that includes kayaks, paddle boats, or watercraft; lifejackets should be provided. A fire extinguisher is also required.

11

Linens All bedding and towels should be white. Additionally, we recommend that you protect each mattress with a mattress protector.

If you do not have this quantity or need to purchase more, we recommend the following products on Amazon: Comforters: Amazon Basics Comforter Sheets: Amazon Basics Sheets, Utopia Brand Sheets Towels: Amazon Basics Towels, Utopia Brand Towels Bath Mats: Amazon Basics Bath Mats, Utopia Brand Mats

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Bonus Features

Hair Dryer

Kettle

Coffee Maker

First Aid Kit

Measuring Cups

Strainer

Hangers

Blinds/Curtain

Air Conditioner

13

Iron & Ironing Board

Oven Mitts

Televisions

Pricing & Payout

14

20-35% commission

Our services are covered by a 20-35% commission on the total rent revenue of each reservation.

Commission does not include: 1. Airbnb Service Fee (3-4% of gross rental revenue) 2. Cleaning Fee (Paid by the guest and distributed to the housekeeping) 3. Property Maintenance/Repairs or restocking of supplies 4. RMO start-up fee (This fee includes 50% of your VRBO annual fee, professional photos, technology set up and intake)

Simple Payouts

You will receive a month-end statement detailing your bookings for the prior month and any expenses that were paid out. Your earnings will be direct deposited to you.

Rent Comparisons

16

Long Term

Short Term

$21,600

$62,730

The average rental rate for 3 bedroom home in Royal Oak is $1800 per month or $21,600 gross annually.

The average nightly rental rate for short term is $246 per night with an average of 255 nights rented per year. Thats $62,730 gross annually

FAQs

16 What will happen if there is a maintenance issue at my place?

If there is a maintenance issue (plumbing problem, leaks, broken appliances, etc.) we are happy to oversee the repair for you. If it is a small and easily fixable problem, we will attempt to resolve it ourselves. If it is a larger repair that we are unable to fix on our own, we will contact you immediately and with your permission, contract someone to help with the repair.

What happens if something in my place is damaged or goes missing?

Rental Management One is not responsible for property damage or loss caused by guests. In the rare event there is damage to the property or something in the property, we will take the following steps: 1. We will mediate directly with the guest. If they agree to cover the loss or damage, we will send you a direct deposit for the item.

2. In the event that they decline the claim, we will file a claim through Airbnb's Host Guarantee. Final reimbursement will be determined by Airbnb. Their decision is not disputable.

3. In the event, it was a VRBO reservation, RMO holds the guest's deposit and will simply apply the damages against their incidental deposit.

FAQs

17

How often does my place get cleaned?

Your place will get a thorough professional cleaning between each booking and after your stays if you elect to have professionally cleaning performed.

How do I restock my cleaning supplies, toilet paper and paper towels?

We will happily restock your cleaning supplies, laundry detergent, hand soap, toilet paper and paper towel for you. You will be billed for the amount of the supplies and a $25 restocking fee. The billed amount will be deducted from the gross revenue for that given month.

What sort of wear and tear should I expect from having guests in my home?

By opening up your home to visitors, you are increasing the foot traffic, and therefore, your home may become a little more "lived in". There might be scuffs or marks made on furniture, walls, floor coverings, etc. that we cannot avoid.

FAQs

18 Will I have to handle the sales tax?

Not at all. If you are not familiar with vacation rental sales taxes or need help, we are here for you. With your permission, we can handle the collection and filing of taxes on your property.

Do I have to allow pets?

We leave that up to you. There are a few perks as well as downsides to allowing pets. Pets can increase the chances of property damage, on the other hand, allowing them also brings in larger revenue.

Rental Management One charges tenants with pets an additional fee to cover cleaning costs. However, a larger portion of the pet fee goes directly to your business. Any pet-related damages will be taken out of the deposit.

Do I have to winterize my property in the winter months?

You have options. You may winterize your property to reduce some costs, however many choose one of the other options we offer. We can lease your home for a 3-6 month period and have a tenant in the home during this time. We can also keep your home available for nightly, weekly, and monthly terms and drop the rates during the off-season.

FAQs

19 How do I schedule personal time at my property?

This is easy. You can block off dates in your Owner App that syndicates with all calendars or you can simply tell us when you're coming and we can do it for you.

Will I know when someone books my home?

Yes, you will receive automatic notifications of every booking. Of course, if this is something you don't want to be notified of, we can adjust those settings.

What is the difference between Rental Management One and Airbnb or VRBO? Rental Management One is a full-service property management company. On the other hand, companies like Airbnb, VRBO, and HomeAway are simply rental listing websites.

Unlike us, these companies only handle listings and bookings. We go a step further to manage the property and optimize your listing for you.

20

Owning a second home or vacation rental property is an extension of the American dream. Just like your primary home has costs, upkeep and liability concerns, the same goes for your vacation rental property.

Will my homeowners policy cover my vacation home?

Property Insurance

If you’re renting out the vacation property for money, it’s considered a business activity and probably not covered by the homeowners policy. Even if you don’t earn a lot from the rental income, insurance companies still consider it a business activity and may even exclude vacation rental homes from coverage.

How much does vacation rental insurance cost?

The cost of vacation property rental insurance depends on a number of factors. They include your deductible, the replacement cost value of the home, the location, amenities and amount of coverage selected. Vacation rental insurance policies are usually more expensive than primary homeowners insurance, because the home sits vacant more frequently and there’s a higher likelihood of filing a claim.

For a free quote on the proper insurance contact:

800-752-0680

Where We Manage

With offices in Traverse City, Ann Arbor and Southfield we are able to manage properties throughout the entire "Mitten State".

21

Now relax.

We've got it from here.

Contact us today to get started. rmo@rentalmanagementone.com (248) 208-3882