Short term rental management in Sydney

Hometime short term rental management frequently asked questions

Use this as a one stop shop for all you need to know about Hometime.

What is Hometime’s management fee:

Hometime charges a rate of 16-20% which includes GST. This is charged after the Airbnb management fee is deducted from the accommodation income.

For example:

If there was a $200 booking with a $100 cleaning fee. Airbnb takes 3% from the $200 accommodation amount leaving $194.

The 16% is applied to the $194 which leaves a net of $163 to the owner. After all, fees are deducted, it equates to the owner receiving approx. 80% of the income. Cleaning is set to match the amount that is charged by Hometime so that the guest covers 100% of the costs.

What can I expect to make on the short-term market?

It is really dependent on the property and its location. In most cases you can earn a net return of approx 30% – 50% higher than the long term market yields. Properties that are more unique, have a great view etc may attract a larger premium.

How is pricing determined?

We have access to historic Airbnb data that is used to determine an average nightly price for a particular suburb and property configuration. We then use a pricing tool that works within set parameters and takes into account demand factors like local events, weekends and public holidays to ensure the best possible returns. Nightly prices are updated constantly to ensure that the account remains highly active which is another factor that Airbnb considers when ranking your listing.

How do you increase occupancy?

Airbnb uses an advanced algorithm to determine how visible a listing is which is directly related to the number of bookings you will receive. Hometime takes advantage of this algorithm by:

• Applying Hometime’s Superhost account over each listing to give it an instant boost in visibility.
• Responding 24/7 to all guest inquiries at lightning speed. Airbnb’s algorithm times you by the minute and that’s our target.
• Delivering on the details. Our network of 5-star hotel housekeepers are the real deal. With impeccably high standards, great eyes for detail they’ll have your property shiny and spotless in no time and deliver an amazing guest experience all around.

What are your cleaning costs? Are they mandatory and what is included?

The cleaning costs really depend on the size of the property and bed configurations. We always conduct cleaning as soon as your guests check out which allows us to accept back to back bookings on your behalf and maximise your returns. We provide hotel quality linen, towels and toiletries as well as a Welcome Pack for each and every guest that includes things like Lindt chocolate and Byron Bay cookies. Hometime is partnered with a PR agency and we are always running product promotions like free wine for the guests. We can even restock essentials like bin bags and dishwashing liquid.

The cleaning is always set so that the guest covers the whole cost. We recoup the cost of the cleaning by having a debit or credit card on file.

When does cleaning occur?

The cleaning platform automatically syncs with any Airbnb booking and we ensure that cleans are conducted on the same day that the guests check out. This ensures that we can accept back to back bookings which helps to improve occupancy.

Can you manage single rooms in a property?

Unfortunately no, we cannot. We only service entire properties.

What is your policy on insurance revolving maintenance issues and guest damages?

Airbnb offers Host Protection Insurance that covers up to US$1mn in damage and injury cover. It is quite limited and harder to claim on so we recommend that clients take specialised insurance through either Ceneta and ShareCover.

What furniture, services, and other items are needed in order to have the property ready for Airbnb?

The property is required to be fully furnished and services such as Wifi are essential. The kitchen should be stocked so that guests have some basic cooking implements and cutlery. For the beds, the owner just needs to have the pillows and doona interiors as Hometime will provide the linen and towels. We use our own hotel quality linen as we need to ensure that fresh clean linen is available on the day of cleaning so that we can have the property ready within our check in and check out window.

It is great if a small amount of hanging and storage space is available to guests, personal items can be stored and locked away in cupboards but we do ask that sentimental or high value items are removed from the property.

Owners are also free to completely lock off a room if additional storage is needed bearing in mind that this will impact the return that the property is able to generate.

In addition to furniture like couches and beds, here is a list of some of the essentials and nice to haves:

• Wifi;
• Toilet brushes for each toilet;
• A fully stocked kitchen with pots, pans, dishes and utensils for the maximum amount of guests;
• Iron and ironing board;
• Mop and bucket;
• Vacuum;
• Hair Dryer,
• Doonas for each sleeping surface (you don’t need to purchase seasonal doonas if you provide extra blankets for during winter)
• 2 Pillows for each sleeping surface
• Basic spices in the kitchen: Olive Oil & Salt and Pepper
• Hand wash for the kitchen and bathrooms
• Dishwashing Liquid
• Cleaning sponges
• Bin liners
• Dishwashing tablets if applicable. Additional extras that are not essential, but nice to have, can include the following:
• Coffee machine
• Kettle
• Toaster
• Microwave
• Clothing hangers

Can I stay at my own property?

You sure can! You just need to provide us with the dates that you require the property and we can block those dates if they aren’t already booked. Please note that we will need to have the property cleaned and linen replaced so you will be required to cover the cost of the clean.

When will payments occur and how is the management fee paid?

Hometime never touches any of the money that the owner is entitled to. Please read the following article on the payment process: When will I get my pay out?

What are some of the key parameters that are set on the Airbnb account?

All accounts are set up with cancellation policy of Strict. This means that the owner is entitled to 50% of the accommodation revenue if the guest cancels 7 days before the first night of stay. If the guest cancels within 7 days of the first night, then the owner is entitled to 100% of the accommodation revenue.

All listings are set to be available for Instant Book as Airbnb heavily promotes these properties. We have parameters set so that guests who have valid government ID and positive reviews from other hosts are able to book instantly. These guests are extremely low risk as they have a positive track record from other stays.

Guests who don’t meet this criteria need to enquire about booking with our Guest team and they are asked questions about who they are travelling with and the intention of their stay. Guests are rejected if the team feels they could cause damage to the property.