The vacation rental market is flourishing with demand for holiday rentals (from condos to cabins) on the rise. Services like Airbnb, VRBO and HomeAway have helped make “alternative” accommodations increasingly mainstream, and today’s travelers are gravitating toward genuine local stay experiences.
This all bodes well for vacation rental operators, but in order to maximize returns, property managers need good systems in place to optimize operational efficiency and bookings.
Managing vacation rentals is rewarding but comes with a multifaceted workload – there’s marketing and distribution, managing bookings, cleaning, maintenance, communication with owners and guests, and staying on top of accounting. Property rental operators need a system that can track both front- and back-office operations in real time for complete control (and maximum productivity) of business.
As a fully integrated cloud property management system (PMS), WebRezPro automates the daily workflow, from inventory, rate and reservation management, to scheduling and tracking housekeeping and maintenance, to accounting and reporting, and even routine guest communications.
Specifically designed for vacation rental operators, WebRezPro’s Owner Payout Module minimizes accounting headaches for businesses that manage rental units for third parties, including fractionally owned properties.
Owner Payout Module
When dealing with multiple and fractional ownership, calculating who’s owed what can be time-consuming and prone to error without an automated system. WebRezPro’s Owner Payout Module makes accounting simple, tracking owner revenue automatically and saving vacation rental managers a lot of time in the office.
This is how it works:
>> An Owner Profile is created for each owner, with ownership defined per unit, as a percentage of a unit or a proportion of the year.
>> Unit owners can be granted limited access to your WebRezPro system via Owner Logins. Set up in owner profiles, an owner can be given a unique ID number and access code, which they can use to log in to the system to check availability of their own unit/s, book themselves into their unit at no charge, and view their statements. Unit owners love this convenient feature that offers them transparency on their property’s performance, while management benefits from the time saved on manual communications.
>> Recurring Owner Charges (for example, management and cleaning fees) and one-off or variable charges (for example, maintenance and utilities) can be set up in the system and calculated in a variety of ways—as a flat fee, a percentage of revenue, variable fees, etc.
>> When it’s time to pay owners, WebRezPro generates individual Payout Statements for each owner, for the defined payout period. Owner payouts can also be set to be calculated as a flat fee, a percentage of unit revenue, variable fees, etc. The system automatically calculates the amount owed to each owner based on unit revenue, after deducting owner charges (fees and taxes). WebRezPro can even write the cheque!
With flexible standard features—including rate and package management, direct online bookings with unit slideshows, and paperless check-in—along with customized functionality such as direct integration with online distribution channels, and the Owner Payout Module, WebRezPro PMS provides vacation rental managers with a flexible, automated, all-in-one property management system that streamlines operations and boosts revenue.