Lake LBJ Home Owner Frequently Asked Questions
Vacation Rental and Second Home Management
Why should Lake Me Away manage my home?
Lake Me Away is a professional management company owned and operated by experienced business leaders with specialties in luxury hospitality, sales and marketing and business. We believe wonderful vacation experiences in a lovely, lakeside setting creates lifelong memories and we know that delivering those experiences is worthwhile and rewarding. We believe the investor willing to offer their property to vacationing guests should be rewarded with a well cared for home and profitable investment. Lake Me Away will ensure a wonderful guest experience and profitable vacation home ownership. We believe second home ownership should be as stress free as possible. Lake Me Away works with our owners to tailor a program of regular inspections and ongoing maintenance to ensure the value of your second home continues to grow. We pride ourselves on delivering high quality guest and owner service in a prompt and professional manner.
What services will Lake Me Away provide owners interested in offering their home as a Vacation Rental?
- Take photos of property
- Prepare professional descriptions for listings, adjusting as needed
- Post and maintain listings on popular vacation sites such as VRBO.com, HomeAway.com, VacationRentals.com, Lakelbj.com etc.
- Regular review of booking pace and yield management, making adjustments as needed
- Regular review of listing specials with seasonal updates
- Manage Logistics of Rentals
- Inquiry response and Reservations
- Payments – collect rental fees, housekeeping fees, pet fees and taxes
- Check-In and Check-Out management
- Provide lock boxes to ensure security of the home, changing access codes after each rental
- Housekeeping for all rental, owner and guest of owner stays
- Light Upkeep and maintenance
- Dispatch emergency maintenance
- Regular inspections of home – year round
- Coordinate availability calendars on multiple sites – VRBO, HA, VR, LMA
- Process credit cards and ACH check payments
- Coordinate guest arrival and keys/codes
- Guest Relations
- Answer questions via email and/or phone prior to reservation, prior to arrival and following departure
- Survey guests regarding their stay and encourage online reviews
- Build repeat visits
- Provide consumables ensuring home is well stocked for guest
- Provide in-home directory and house rules for guest reference
- Provide emergency maintenance assistance
- Owner Relations
- Regular and timely monthly payment of collected rental fees
- Timely remittance of county and state lodging taxes collected from renters
- Monthly statement detailing rental and forfeit revenue from guests that have checked out as well as details of charges incurred such as commissions, taxes, cleaning fees or billable visits.
- Regular review of rates and occupancy levels of your property against selected competitive properties to ensure maximum rentals and rate.
- Monthly review of statistics such as inquiry and booking numbers, evaluation of reasons for lost bookings, year-to-date financial results, etc.
- Regular tour and inspection of your home ensuring ongoing maintenance of your valuable asset.
- Coordination with local service providers such as yard maintenance, pest control, trash service, utility companies, periodic HVAC service etc.
- LMA can assist with errands, deliveries and other tasks as directed by the owner. Depending on the task, we charge a $20 fee to assist with smaller errands. Larger tasks such as painting, remodeling etc. can certainly be discussed. We are happy to assist.
What responsibilities do I, as the home owner, bear if I choose to offer my home as a Vacation Rental?
- Provide home for year-round rental pool
- Ensure adequate home owners property and liability insurance coverage
- Provide a well-stocked home for guests including
- Towels and bath mats (Two par level)
- Sheets, blankets and pillows (Two par level for sheets)
- Kitchen supplies – cookware, utensils, glassware, plates, silverware etc.
- Consumables – toilet paper, paper towels, dish soap, light bulbs, batteries, shampoo, bath soap. (LMA will stock of consumables with direct cost deducted from proceeds)
- Enable wi-fi and cable TV
- Provide a minimum of two large trash cans during the summer months
- Establish direct relationship with vendors, with LMA assistance if required, for repeat services such as lawn care, pest control, HVAC and pool maintenance.
- Financial requirements
- Initial set up of home including furnishings, linens, kitchen supplies etc.
- Listings costs for VRBO.com and HomeAway.com
- Direct billed services such as lawn care, pool care, HVAC service plan and pest control
- Payment of all utilities, internet and cable costs
- Recommended periodic maintenance such as gutter cleaning, HVAC service, pest control and window washing
- Cleaning services for Owner or Friend use of property – billed on monthly statement unless directed otherwise
What does Lake Me Away charge to manage my home?
Lake Me Away retains a 25% management fee on all rental revenues collected, including but not limited to, rentals completed, rental fees forfeited and pet fees collected. Merchant fees, as incurred by Lake Me Away, will be the Owner’s responsibility and deducted from rental proceeds.
What services will Lake Me Away provide owners interested in Second Home Management?
Nothing will diminish the joy of a second home on the lake more than unexpected problems or damage to the home. Lake Me Away will work with you to tailor a program of regular inspections and maintenance to minimize unexpected and costly repairs and relieve the unnecessary stress of second home ownership. We will serve as your eyes and ears regularly inspecting the home and addressing any concerns identified. We work with owners to graciously welcome your guests to the home when you cannot be present. We coordinate with our vendors to oversee updates and repairs needed in the off season. In short, Lake Me Away strives to mitigate the worries and stress of a second home.