Why Choose Luxury Residential Resorts Frequently Asked Questions
Once I have signed my contract with LRR, will I need to provide any other documentation?
The homeowner will be required to provide a certificate of insurance and a W9 or W8Ben with the tax Id number associated with the person or entity listed as owner of the property. If the contract is signed prior to the closing of the home, LRR will also ask that the warranty deed is provided once closing takes place.
What does your management commission cover?
Our commission covers all expenses in marketing. As well as servicing our guests, the marketing dollars are utilized in social media campaigns, the full management of websites, bills pay from month’s profit and remitting all sales tax to local and state agencies, payment and Management for all systems, and management programs for the home rental process.
What is the homecare program?
The homecare program is designed to ensure all minor maintenance items are addressed in a timely manner, without extra charges per occurrence and/or visit by one of LRR’s technician. It also ensures the home is fully equipped with hotel-grade housewares and linens, expediting replacement of broken housewares and linens during cleanings without affecting home availability.
How are rental rates determined?
There are many factors that affect how the nightly rate is determined. The short-term rental market in the surrounding area, supply and demand, weather, school vacation/holiday schedules, and the global economy will directly influence the daily rates. LRR has a sophisticated revenue management department that analyzes all these factors daily to ensure the best rates are made available to maximize our owner’s revenue.
How will I know how much money I made for the month?
What is the Rental Reserve?
The Rental Reserve is designed to provide our owners with additional coverage for large expenses over the long run. The calculation of the rental reserve is made based on the net income of each owner statement, in which 5% is debited from the final balance.
How often will LRR arrange deep cleans?
Our homes are deep cleaned twice a year.
If I buy a home that is already enrolled with LRR, will that home be taken out of the market and go through a rent ready process again?
If only a change of ownership occurs while the home is managed by LRR, there is no need to stop rental activities. However, the new owner will be required to provide new onboarding documents, such as proof of insurance.
Do I need to apply for short term rental licenses?
No. During our Rent Ready Process, our team will submit all necessary applications to ensure your home is properly licensed for short-term rentals.
What about utilities? Do I need to worry about that?
LRR will take care of all bills associated with rental operations, including utilities, internet, HOA, and membership dues.
Have additional questions?