Simplify……and make money with Security Deposits

I like things simple.  Life is complicated enough - economy, family, work, holidays, BCS college football rankings, .......  So I am one to jump on anything that simplifies life and vacation rentals.  Here is my simplification tip for the day:

Security Deposits - these can be very laborious, hard to track, and not super efficient in helping to control damages.

So here is a potential solution that has become popular with many of the LiveRez vacation home rental managers - use a flat non-refundable fee that covers processing and the security deposit.  Using a flat fee of something around $69 - $89 that covers your processing fees and security deposit is a way to simplify the traditional dance of "collect, monitor, hope they report, checking the property, refunding the fee, finding something later,......".

Here is the logic.  You collect a non-refundable fee that in essence insures the guest for any accidental (not deliberate) damage up to $1500 (you choose the amount).  They know they are covered and are more likely to report any damage.  Most people will not break anything and that is cash in your bank.  You do not have to mess around with refunding the deposit.  Win, Win, Win.

Maybe this change in operational process could work for you.

All the best.

Ralf
www.LiveRez.com