Not sure if you’re making the most out of your rental apartments? Contact us and we’ll be happy to assist and guide you with projections of potential rental income of your property.
At DeVink Estates we take on the full short-let operations of the Property. To offer this service as transparent as possible and at a minimum involvement needed from the you, we apply the followingd procedures;
Listing & Leasing
- Applying for the MTA Holiday Premises License. We will assist you filling out the necessary paperwork and submit the application.
- Listing of the Property with online booking platforms. The listing will include quality pictures, a detailed description of the property and surrounding area with the aim to attract tourists in specific and to realize a high occupancy rate. For profit maximization, we will adjust prices on a constant basis meeting market demand and communicate with guests prior to-, during and after a booking in order to receive positive reviews.
Service Level Agreement
- Creating a property portfolio for the purpose to efficiently operate the property for the short-let rental. We will collect all necessary information and offer to set up powers of attorney (insurance companies, ARMS, etc) in order to act on your behalf in relation to the Property. We will create a detailed inventory list accompanied with close-up pictures and a documentation of all appliances and furniture collecting user manuals and warranties. A Service Level Agreement (SLA) will be set up which will be customized to the your needs in relation to maintenance and repairs (other than the regular maintenance that the we will perform during the checks between tenancy) and the expenditure thereof.
Cleaning & Maintenance
- Upon arrival of new guests, the we will clean the Property, provide with clean bed linen, towels, rugs etc. and stock your property with sanitary items such as toilet paper, hand soap, washing detergents, trash bin liners etc. We will also double-check that all fixed items, furniture and appliances are working properly and perform maintenance of an ordinary nature such as replacing batteries, light-bulbs, clearing of sinks etc. Any other type of maintenance or repairs will be reported to the you. If any broken items or damages are detected we will make a claim with the online booking platforms for a refund.
Accounting & Reporting
- Full accounting and collection of the revenue and expenditures and the payments thereof. All transactions will be presented in monthly reports or at any time upon Owner’s request.
- We keep contain a logbook administrating all visits to the Property and other Property related actions such as maintenance/repairs performed, post collection etc, all financial transactions, an overview of all bookings and upcoming bookings, guests reviews and a monthly overview/forecast of the rental performance.
Property management fees
- We offer all the services at a standard rate of 15% on the nightly rate from the net pay-out received from a booking source plus a cleaning fee per booking. A discount for homeowners with more than 1 property in the same block might apply. The cleaning fee is set after inspecting the Property to cover for cleaning and laundry expenses and stocking of the Property with the sanitary and cleaning items. Applicable VAT applies.
- Please note that the only material costs included in the property management fees are the stocking of the Property with sanitary and cleaning items. The Company will administer and pay all other costs such as the MTA license fees through the Client deposit account according the agreed SLA.
- Example of management fee for a single booking:
A guest books the Property through a booking source such as AIRBNB for 5 nights at 200 euros plus a 40 euros cleaning fee. AIRBNB charges a booking commission (around 4%) and pays the Company the net pay-out of 1000 euros (5 nights X 200 euros – 4% booking fee + 40 euros cleaning fee). The property management fee will then amount to 40 euros (cleaning fee) + 15% of 960 (net pay-out from booking source – cleaning fee) = €184 excluding VAT.
- Please note that the booking fees vary between the different online booking platforms and some booking sources do not have the option to charge a cleaning fee separately from the nightly rate. The Company uses a price parity tool which calculates the different mark-ups needed to receive the same net pay-out from different booking platforms for a booking. The gross rental income calculated in the projections are based on net pay-out amounts only. In the example above the guests would actually pay AIRBNB 1060 plus a booking fee to AIRBNB.