“In the waves of change, we find our direction.”
Q: What services does Salty Escapes offer?
A: Property Management Services, Vacation Rental Accommodations & Travel Planning Experiences, Real Estate Services & more.
Q: What area does Salty Escapes serve and where are they located?
A: Serving Fort Walton Beach, Okaloosa Island, Destin, Miramar Beach and the 30-A area. Locally-owned and operated in Destin, Florida.
Q: When do owner payments get processed and how is it sent?
A: Salty Escapes processes monthly statements and owner payments no later than the 15th of each month by way ACH Direct Deposit. Corresponding statements will be emailed and uploaded to the owner portal.
Q: How are owner payments calculated?
A: Payments are calculated for the previous month based on completed rental income for that time period minus any fees or expenses incurred. Payments are not paid ahead as commonly found in long term rentals and are assessed on the most recent month end rental transactions completed.
Q: Can I choose to rent for the peak summer months and keep for personal use the remaining months?
A: Yes, absolutely. Salty Escapes offers a variety of management options to meet each owners unique needs. We will work together to customize a program based on your specific rental availability and specified in the rental contract accordingly.
Q: Is there a lowered Management Fee if I rent on my own and only need limited services?
A: Yes! Fees are based on the Management Program services needed. Many owners choose to handle the bookings and pre-arrival communication involved with their rental guests. However, they find a need for a local professional to handle in-house guest calls, requests and issues, coordinate with vendors, inspect the property, consult on various laws and industry practices and address any other services they’re unable to do or simply don’t want to handle. Pick and choose what you want to do and let Salty Escapes take care of the rest!
Q: What is the difference between short and long term rentals?
A: There are many differences between the two. They’re first identified by the length of stay and then follow the rules and regulations set forth for that type of rental. Short term rental is defined as stays under 6 months and long term rental is defined as stays more than 6 months and 1 day. Commission rates are significantly higher in short term rental management vs long term. This is due to the more in depth level of management services required. Owners should inquire and fully understand any operational differences between the two options.
Q: What program best fits an owner that wants the least amount of involvement of the rental property activities and management?
A: This type of program is referred to as Full-Service Management and is a common practice for owners that want to simply collect their rental revenue and only be available to the manager as-needed. The manager accepts full responsibility of the property and charges a higher fee in return. Services include but not limited to marketing, booking reservations, setting rates and fees, guest communications, request reviews, collect and remit appropriate state and local taxes, coordinate cleaners and other vendors, property inspections, meeting safety requirements, resolving guest issues and more.
Q: What are the standard fees for short term rental management and what are some helpful tips to know as an owner?
A: Fees vary all across the board and depend on the specific management program. There is no industry wide standard, therefore owners should know what to expect when choosing a management company. Some companies will attract new clients with the allure of a low management fee. Owners don’t realize all of the extra fees they’re assessed throughout the year to make up the loss in management fee reduction or service quality. Salty Escapes offers a simple, flat rate management fee with no hidden fees. Any additional fees will be outlined in the Fee Schedule of the contract. Common rental fees charged in the industry may include management fee percentage, cleaning fees, credit card fees, linen and Terry, marketing, maintenance, amenities, locks and technology and more. The main focus for an owner should be on the YTD NET TO OWNER with a clear breakdown of all fees to be assessed on a transactional, monthly, quarterly and annual basis. Be weary of any enticingly low management fees. You often get what you pay for. Fees should be fair to both parties based on services provided and not heavily favor one party more than the other.
Q: How are rental rates set for my rental property?
A: Great Question! Short term rental rates are a common and complex topic of conversation. Revenue management strategies are critical for maximizing a property’s rental revenue potential throughout the year. Factors such as seasonality, events, school schedules, features and size, weather, holidays, activities, length of stay, location, booking window, updates of the property, discounts and promotions, supply and demand trends, etc all effect rental rates. Salty Escapes fully understands the complexity and importance of revenue management. Therefore, pays for a 3rd party service that provides dynamic pricing. The system collects and analyzes a large amount of data to calculate the best rates for a specific time period. Similar to an airline pricing structure, dynamic pricing for short term rentals also varies greatly and can change on a daily basis. Salty Escapes does not set rental rates and uses local industry data to analyze and set rates accordingly. Owners have the flexibility to provide any special rate requests to Salty Escapes within reason. It’s important for owners to focus on yearly rental revenue vs daily, weekly or monthly revenue amounts.
Q: How are taxes handled and how much are the rates?
A: Depending on the services and program selected by the owner, Salty Escapes will set, collect and remit both local and state taxes for every reservation processed with revenue attached. State Sales Tax and Local Occupancy/Tourism Tax rates, processes and authority vary by County. The Local Occupancy Tax is in addition to the State Sales Tax, increasing the overall tax rate to be collected. It is important for owners to know all tax details or allow Salty Escapes to oversee the process. Owners are responsible for any and all other taxes related to the property.