VRBO/Homeaway as an Owner

I recently listed our new FL condo in VRBO to see what kind of interest we'd get. A few days in and we have a renter interested in a 60 day rental. Admittedly, I did just very basic homework on how to use this service as the homeowner. I ha e questions and would love to hear personal experiences:

1) Insurance- I will up my homeowners policy to reflect what I need to cover it as a rental but what does VRBO provide? It says on the site something about protection ( liability) of $1m? 

2) deposit/ damage- I listed this at $1,500. Frankly, I made up a number. Do people typically ask for more, less? Renter seems fine with this amount. It's a small condo and lightly furnished. Nothing fancy in it.

3) key exchange- does this have to work a certain way or is totally up to owner/ tenant to decide? 

4) I think I read they take 5% commission? Is that true? Is that all they take?

5) it asked me if I wanted to charge taxes and since I had heard it's 13% in my area, I just listed it as 13%. Again, renter hasn't questioned the price, but I have no idea what I do with the taxes? Is this just an income tax thing?

6) background check or getting to know person? Is this done? Or is it just an on- line transaction? I suppose I could go down and hand the keys over personally and I know we'll exchange emails. But is it weird to ask to speak voice to voice? Not sure of the protocol here?

Any really positive or negative experiences to relay? I'm excited this happened so quickly but no freaking out I didn't do enough research!

Much thanks in advance.

do your research specifically for the state your rental is in-

I have an AIRBNB here in NJ 

1. I have a lock box or I offer to meet them in person

2. I am also local so I can run over to handle any issues- you should have a handyman on retainer 

3. AIRBNB pays faster than vrbo and homeaway- my first transaction with Homeaway was held for 30 days - next transactions take about 2 weeks to clear 

4. AIRBNB and others issue a w-9 discuss with your accountant 

5. Know your tenancy laws (ability to evict) with stays over 30 days on these sites

6. I ALWAYS meet a short term renter in advance 

thank you. We have a handyman and cleaning team at the ready.

Can you tell me about the lock box you use?

Good to know about AIRBNB but a bit late for this year.

The meeting is the problem. I can request to chat by phone, FB but she's not local to me and I'm not in FL. The dates she picked will make it hard for me to be there when she arrives. I know she's in her 60s, retired nursery school director and she's bringing her elderly mother. But not much more.

I used VRBO as a tenant--- quite satisfied. The service gave the owner and I, contact information as soon as the rental was secured. We spoke several times over the phone but never met. You can have your cleaning person or handyman turn over keys. 

You might consider an "umbrella" policy for a couple of $million. When I was renting, my major concern was not of damage to the property but of a liability suit if anyone was injured on the property. 

that was one question I had because I too am not too worried about property damage. The site says $1m in liability insurance. Anyone know about this?

Never thought about it as a homeowner; would be interested to know your thoughts and feedback about your experience.

We have used VRBO many times across the country as we've been extremely happy. Our boys are older and when vacationing, reserving 2 hotel suites is no longer our goal. Everyone has more than enough room and the option to cook in is practical. 

Please follow up. Am really interested in your journey.

Thanks kibbegirl. It seems like it's going forward. They made a few inquiries yesterday and today sent a reservation request so I'll have details to share on how it all works.

So far, I've found out I only pay $399 for the whole year- renter pays all other fees. I get full payment including security deposit and it's up to me to return it directly. I get paid 1/2 now (or however long it takes to make it to me- renter pays 1/2 now is what I should say) and 1/2 when they move in for the rental.

Local mgt agencies wanted 20-23% to manage it which seemed astronomical to me. Plus, they all seemed really shady. One told me to put beds in the garage/basement so that I could squeeze 8 adults in. First of all, that's not allowed. Second, yuck. Why would I want the kind of people who'd want 8 adults in a small 2 bedroom condo.? Another one tried to convince me we could do 1 week rentals,  "our secret"  (expressly prohibited by condo board)

I have to balance out what it'll cost me to do it myself. I may have to make an extra trip down, for example, at checkout. Unless I really trust the housekeepers to judge damage.

Consider asking the cleaning staff to take a "before" video and forward it to you. This will give you a feeling of their skill with video. If it is good, they can do before and after, dated videos. That will save you a trip unless you want to make the trip. 

great idea! Thanks!

As a family in May, we stayed in a VRBO in Tybee Island off of Savannah. The house was huge, historic and beautiful. The VRBO's we rented feel more like private boutique hotels than homes. Yes, you get that homey quality, hence the lure, but there's something so on point perfect about the towels, linen, cookware, etc. I really love the experience. Thought I would be skeeved staying in someone else's home but because they do feel like boutique hotels, it's perfect. 

Mr. Kibbegirl recently stayed at an Airbnb in Los Angeles and although he said the bungalow was lovely and walkable to downtown, the i's weren't dotted and t's weren't crossed as they have been using VRBO. For instance, they forgot bath towels AND an entire drawer of spoons but no forks. It was remedied but attention to detail for this particular home was lacking.

I'm a fan of VRBO and am hesitant to try Airbnb just because of some of the negative feedback they've received from people trying to book homes/apartments with them.

If you wouldn't mind...can I give you a tip? I love when VRBO homes have small lotions, shower gels, etc in their bathrooms. Yes, many of us travel with toiletries but some do forget and it adds such a nice touch. We've been greeted to a handwritten note on Crane stationary welcoming us as well as freshly baked cookies. Some of the extra's are sweet and low key but very appreciated.

this is a bit different because it's more of a seasonal rental- 60 days is the minimum but, I love those details also. I bought really nice things ( not expensive but really pretty and nice). I do have some little hotel sample sizes so I will leave those out. 

I'm glad you said that about airbnb and VRBO. I've been reading opposite reviews but complaints seem to be more around annoyance from renters at fees and payment issues. 

updating this to share it's a $399 annual fee PLUS a 3% payment processing fee. The renter pats around $750 in fees. Plus the renter is paying 1/2 now for my place for their dates of Feb-April. Around $5k. I don't see a penny until 30 days AFTER they check in. In the future, I'd get it 24 hrs after check in but what a racket! They have "free" money from people for potentially 6+ months. If you book early maybe even more than a year!