As we continue to work very hard to find new and innovative ways to operate in our current environment, our main focus still remains on our partnership with you. We are taking this time to truly step back and understand how we can improve our processes to ensure this partnership remains fruitful. Our goal has always been to take great care of your property, while working to secure bookings, and ensuring an excellent stay for your guest.
Last month we announced that due to the impact COVID-19 has had on our industry and your rental income, starting March 2020 we would be requiring “Working Capital” for each property. This new approach has been implemented after much thought and consideration to ensure you have an additional cushion for your regular monthly expenses. We hope it allows you peace of mind by not having to worry about late fees or disconnected services when your rental income is insufficient to cover these costs.
Due to this new policy, you will see some changes to your Monthly Owner Statement.
Below is a description of the 2 possible scenarios you may see:
A: Your home generated MORE income than the sum of your expenses + your working capital amount:
The amount “Due to Owner” is the amount that will be deposited into your bank account.
The Statement Ending Balance (Working Capital) is the amount that will be kept as “working capital” and will appear on your next statement as the “Statement Beginning Balance”
Your funds will be deposited into your bank account within 2 to 3 business days and no further action is required from your end.
B: Your home generated LESS income than the sum of your expenses + your working capital amount:
The amount under “Statement Ending Balance” is the net income (or loss) that your home generated during the previous month.
Even though this amount can be positive (meaning your home generated income that month), if it is less than the required “working capital” amount, you will see a balance “Due From Owner”.
The amount “Due From Owner” must be paid within 10 days after the statement date.
To make this as easy for you as possible, we have created a Direct Deposit/Credit Authorization form. You can download the form here. Once you have filled this out, we will debit or credit your account automatically each month.
All of you have been instrumental in helping Casiola grow our business and want to continue to be there for you in the years ahead.