FAQ
Common questions about partnering with us.
How will you protect my home since there's more people coming in and out?
We value your property like it's our own. We pre-screen all guests who stay at any of Lord Of The Inns locations, and the average stay is 1–6 days. We also have state-of-the-art security systems, including exterior cameras, electronic locks, and 24/7 monitoring. We always collect damage deposits and handle any issues that may arise. We also perform maintenance inspections to ensure your home stays in immaculate condition on a regular basis.
How much money can I make renting my property short term?
That depends! This is why we conduct a thorough market analysis after you apply to partner with Lord Of The Inns Properties. We will provide you a detailed estimate of what we think your property will yield in income for you.
How does insurance work with this?
Like any investment property, it's important for a homeowner to have the right coverage in place to protect their asset. Since Lord Of The Inns Properties has no ownership in your home, it is the homeowner's responsibility to ensure they have proper coverage that also protects their home for short term rentals. We do have several connections with reputable insurance companies that provide this coverage in the event your carrier may not cover short term rentals.
How do taxes work with this?
Our objective is to make everything as simple and passive as possible for all of our partners. Lord Of The Inns Properties handles collecting and remitting the appropriate sales taxes and tourism levies on behalf of their clients. You will still file rental income on your personal tax returns, but we take care of the rest.
How much am I going to have to pay to furnish the property?
It varies. If you have chosen our Partnership Program, we offer to have an interior designer review your property and provide an estimate to transform it into a luxury destination. Typically, this varies anywhere from $15,000–$40,000 depending on the size of the property, location, layout, and market demographics.
What happens if guests try to throw a party in my home?
Party prevention is the best protection. Before any guest books with us, we have a very diligent screening process where we ensure their profile is verified with government issued IDs. We collect a damage deposit and have exterior cameras installed with 24/7 monitoring. We also have a private security company under contract that can respond if needed.
What if the occupancy rate is less than predicted?
While we typically average between 80-90% occupancy year round, during our initial onboarding we get very clear on exactly how much income needs to be produced to cover your costs as our baseline target. Our partners have typically produced anywhere from 25–100% more monthly income than long-term rental.
How are your client agreements structured?
We do not believe in locking our clients into rigid, long-term contracts. While we encourage a long-term outlook for your real estate investment, we provide flexible exit clauses in our agreements (typically 90 days), so that if your situation changes, you have flexibility to finish out an agreement ahead of schedule.