A) What is your property management commission? 20% or 25%. 20% is our standard commission and the vast majority of our new owners choose our 20% program. Our 25% commission level is simply the same as 20% however requires our revenue manager to receive authorization to change rates below our 0, 10, or 20% discount level which are established by the owner. Island Real Estate is only paid on the gross rental income. If we rent your property for $1,000 then in this example $800 would be provided to the owner and $200 to Island Real Estate Vacations if the owner is signed up on our 20% program.
B) What are start-up and recurring costs for the IREV program?
a. Potential Start-Up costs
i. Professional photos if none are available - $300
ii. Yale Electronic lock for remote entry where door allows - $425
iii. Villa Control transfer if currently have Villa Control - $50
iv. For New rentals to market safety items may be needed - $150
v. Replenishment of turnkey furnishing inventory – TBD
vi. City license transfer fee of $55. New License Fee - TBD
b. Recurring costs
i. Monthly Maintenance - $60 to $110 per month.
ii. Annual lock fee from Villa Control - $120 - $170
iii. Owner stay departure cleans and linen use
iv. Annual City License fee. Varies based on bedrooms and City
C) Professional photos if needed? Who owns? What does this include? – Many Vacation Rentals (VR) already have accurate high resolution photos. If that is the case no professional photos are required. If professional photos are needed a member of the IREV staff stages the vacation rental to be sure the photos are perfect and show the rental in the most positive light. The Owner will own the professional images.
D) Electronic lock if entry door allows? Who owns ? – Many entry doors on AMI have hurricane prevention devices. If that is the case an electronic lock is not financially feasible and not required. In some cases condos have multiple entry codes for a gate, elevator, etc and we find in those cases implementation of an electronic lock is extremely difficult. Many properties on Vacation Rental programs utilize Yale electronic locks and in that case no new lock is needed however a Zwave gateway is still required if not available. The estimated one time cost is $100. Our electronic locks produce unique codes for each guest to enter the property. Owners have a code as well as each member of our staff. Our rental owners will own the lock if purchase is required.
E) What safety items are required? Most Vacation Rentals (VR) already have the required safety items such as fire extinguishers, smoke detectors, emergency lights, etc. If the VR is new to the rental market then very likely all these items will be required to purchase.
F) What are examples of replenishing turnkey items? Most Vacation Rental programs on the island do not maintain turnkey inventory which results in guest complaints. We require 1.5 times the occupancy of items like silverware, plates, etc. While after each stay IREV reviews the rental property for wear and tear each year our staff counts inventory such as dishes, silverware etc and replenishes the inventory with the rental owners approval.
G.) The minimum decor requirement is gold? What does that entail? Gold status is defined as upscale, well appointed accommodations with a designer touch, featuring excellent furnishings, special features and top quality kitchen, baths and amenities.
H) What is monthly maintenance and is it required? Yes, our monthly maintenance is required. An IREV maintenance technician walks through the property monthly. Our maintenance person is employed with more than a 50 point checklist. There are many free repairs covered with the monthly maintenance program. For example, if a guest calls and requests a light bulb to be replaced there is no fee for that visit due to our monthly maintenance program. The monthly maintenance program motivates Island Real Estate Vacations (IREV) to proactively repair and replace items on a monthly basis to reduce calls from guests and ultimately put more money in our owners pockets.
I) May I have more than one property manager book my property on the IREV program? No. From our vast experience we find other property managers do not maintain the property during their guest stays and IREV spends significant time for our guest check ins to meet our minimum standard expectations.
J) May I book my property myself? – Yes, however we require you send the guest information to IREV and we will manage the guest, cleaning, payments, etc for a reduced commission of 5% for that guest AND for future visits to the owners vacation rental. We do facilitate third party marketing vacation rental marketing such as VRBO and AirBNB. Some owners take calls and emails for their vacation rental as they like to be involved with the reservation process however IREV does provide a free VRBO membership currently for all new owners.
K) May I clean or deep clean my property myself? – Due to COVID concerns, cleaning requires extreme diligence from professional cleaners. At this time we must enlist professionals cleaning all our vacation rentals.
L) Will Island Real Estate Vacations consider changes to your property management agreement? - Yes, we often get our best ideas from dialogue with our owners. We love to hear your feedback which allows us to make the process of signing on with IREV easier for all!
M) Where will IREV market our vacation rental? IREV utilizes primarily web marketing for our vacation rentals however we do understand our mature guests in the Winter prefer print marketing. We market locally in the Islander newspaper on Anna Maria Island as well as print thousands of rack cards provided by both retail locations for Island Real Estate as well as at the Anna Maria Island Chamber of Commerce. IREV will place your vacation rental on both IslandReal.com and AnnaMariaIsland.com. Both websites provide real time availability as well as online booking capabilities. As mentioned above we use various third party booking sources like AirBNB and VRBO.
Thank you for considering Island Real Estate Vacations, LLC.
Co-Owner – Chief Executive Officer
ISLAND REAL ESTATE VACATIONS, LLC.