Podcasts
VRS456 – The Cost of Doing Business & Dealing with Damage To Your Short-Term Rental
What is the cost of doing this business?
Is it in terms of monetary value of items that have been damaged and need replacement or repair, or is it reputation management?
The phrase is used across Facebook groups and forums and is garnering its own acronym – COB. It’s a topic every host and manager must grapple with on a day-to-day basis as they make decisions, handle conflict from multiple directions, and risk losing goodwill.
Sharon Michie is a seasoned property manager with over 2 decades of hospitality experience running Cottages to Castles in Sanibel and Captiva. Her portfolio of properties includes many upscale and luxury homes, where repairs and replacement can run into thousands of dollars.
In this episode, we explore the highly charged topic of damage management, from big-ticket items to the more mundane, with lots of practical examples.
From building owner expectations to damage prevention strategies and insurance options, this is a must-listen episode.
You’ll hear:
- Sharon’s pragmatic take on the cost of doing business & the uniqueness of every home (and owner)
- What she brings to a discussion with owners prior to them registering their property
- Why owners need to clarify their emotional attachment to items at the outset
- The clause in her rental agreement that deters negative reviews
- How to guest-proof furniture and make it less prone to damage
- Her absolute rule on responding to a complaint
- What to avoid putting in a vacation rental to prevent accidental damage
- Why a $3,500 table had to be replaced a week after it was put in place
- Options for insurance and damage waivers
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