Frequently Asked Questions
Have your questions answered and explore the exciting world of short-term rentals with Cosmo. We are here to help you unlock the potential of your property and maximise your returns.
Onboarding and Getting Started
Learn more about some of the most common questions we receive from both existing and new property owners.
What are the benefits of listing in the short-term market?
Listing your property in the short-term rental market offers several potential benefits. Owners can benefit from increased income potential compared to traditional long-term rentals due to the flexibility in pricing and higher nightly rates. Additionally, you gain greater control over your property, allowing you to use it for personal use whenever desired. Short-term rental properties offer increased exposure to a broader range of potential guests, potentially leading to faster occupancy rates. Finally, Cosmo is a professional management company that handles all logistics and guest communication, freeing up your time and minimising your workload. Cosmo's cutting-edge, in-house technology has been designed to maximise owner revenue, optimise pricing, automate guest communication, and streamline operational processes. The Cosmo App provides real-time insights into your property's performance, allowing you to monitor reservations, track earnings, and understand the impact of our pricing strategies.
What are the insurance options?
Having the right insurance is crucial. Without it, owners could face financial hardship due to unexpected damage or guest-related issues. To safeguard yourself, property owners typically have three main insurance options: Short-Term Rental Insurance: Several providers offer specialised plans designed specifically for short-term rentals. This insurance adapts to your needs, covering your entire property (house/apartment) or just a single room you're renting out. Landlord Insurance: While some landlord insurance might extend to short stays, carefully research the policy details as coverage may be restricted. Airbnb's Host Protection Insurance program provides primary liability coverage for bodily injury or property damage claims by third parties from Airbnb stays, with a limit of up to $1 million USD per occurrence. By combining your understanding of Airbnb's offerings with the expertise of an insurance professional, you can make informed decisions to ensure your property and interests are adequately protected.
How long does the process take from onboarding to accepting bookings?
Once your Management Application is approved, we get to work. Generally, it depends on the property's readiness and the plan you have selected. For our Collaborate plan, this process is quick and straightforward. The main requirement is to ensure the property is fully furnished and equipped with essential amenities, and professional photography is available. It typically takes our team a week or two to prepare the property for listing. For our Complete plan, the process is more involved. Our team will coordinate essential tasks to ensure your property is guest-ready, including an initial clean and property inspection. If professional photography is requested on the Management Application, Cosmo is happy to coordinate and deduct the cost from your initial earnings. This process ensures your property is ready to welcome guests promptly. If you have selected our Complete plan, our team will then coordinate essential tasks to ensure your property is guest-ready, including an initial clean and property inspection. We are unable to list your property until the full Onboarding Fee is paid. Keep in mind that this onboarding timeline may vary based on property readiness and effective communication during the onboarding phase.
How do you screen guests and avoid damage to my property?
Cosmo utilises a third-party platform that automates guest verification. The reservation is automatically scanned using a proprietary risk algorithm to determine initial risk factors. The guest's information is then analysed, and once verified, the guest receives their check-in instructions automatically. A pre-authorisation is held within seven days of check-in in the case of damage reported at your property.
What platforms will my property be listed on?
Cosmo currently lists all properties on Airbnb, Cosmo Homes, Booking.com, Vrbo, Stayz, Agoda, Google Vacation Rentals and Homes & Villas by Marriott (subject to approval). Our team are constantly evaluating new platforms to expand your property's reach and maximise your bookings.
What essentials are required for my home to be guest-ready?
We understand the importance of providing guests with a comfortable and well-equipped experience. Our team has developed a comprehensive Listing Readiness Checklist to ensure a pleasant stay for your guests. We recommend reviewing it carefully to ensure your property meets our requirements before welcoming guests. While our Listing Readiness Checklist meets the criteria to provide comfort, consider adding unique features to make your listing stand out! Think about amenities you would personally find delightful, like a coffee maker for a morning boost or a gaming console for family fun.
Will my property be listed with professional photography?
Absolutely! At Cosmo, we recognise the significance of presenting your property in the best possible light. Professional photography showcases your home with precision, capturing its unique angles and details. We understand the importance of standing out in the Airbnb industry, and professional photography plays a crucial role in attracting more bookings for your property. If professional photography is requested on the Management Application, Cosmo is happy to coordinate and deduct the cost from your initial earnings. Due to the variability of photography costs, we are unable to offer this as a free inclusion on our plans.
Does Cosmo help to furnish my property?
While we do not directly furnish properties ourselves, Cosmo is here to help you create a guest-ready haven! We can connect you with reputable styling companies that can transform your space, whether a luxurious retreat or a budget-friendly gem. We also offer valuable tips and insights on guest preferences and needs. Our team have established Listing Readiness Checklist outlined in our comprehensive checklist to ensure a comfortable experience for all your guests. We recommend checking out our helpful blog post, 'Is My Home Ready For Airbnb?' blog post for additional insights on preparing your property for guests.
What do I do when I want to utilise the property myself?
We understand that you may want to use the property for yourself as an owner. The Cosmo App provides owners with a complete view of the property calendar and flexible access to create and remove Owner Bookings or Maintenance Blocks on specific dates.
Pricing and Payouts
Learn more about some of the most common questions we receive from both existing and new property owners.
How do you know what price to charge my property?
Various factors, including location, size, amenities, and seasonal demand, influence the nightly rate of your property. Cosmo utilises a sophisticated AI dynamic pricing tool complemented by manual intervention to optimise average nightly rates and occupancy. Additionally, custom prices can be set for specific dates or periods, including holidays and weekends, to ensure competitive pricing and maximise your earnings potential. If you have further inquiries or seek personalised pricing strategies, please don't hesitate to contact our team.
When and how will I be paid?
Statements of Account: We will send you your Statements of Account each month. This document details your earnings and any relevant fees. Review and Approval: Once you receive your Statement of Account, payment will generally be made within one business day. Your approval will be assumed if you don't review and respond within this timeframe. Payment Disbursement: We will promptly disburse your funds upon your approval (or assumed approval after one business day). The transfer time can vary depending on your bank, typically taking 1-3 business days for the funds to appear in your account.
Are there additional costs after the initial Onboarding Fee?
There is no set up fee involved for the Collaborate plan. For those on the Complete Plan beyond the initial Onboarding Fee, there are a few potential additional costs to be aware of. Pre-listing costs: This might include professional photography to showcase your property in the best light, or any necessary property maintenance (e.g., gardening) to satsify our Listing Readiness Checklist before it goes live on listing platforms. Ongoing Maintenance: During operation, Cosmo will be responsible for any ongoing property maintenance needs, charged at cost to you, ensuring your space remains in excellent condition for guests. Please refer to our Terms of Service to learn more about our maintenance, property condition and reimbursement policies. Management Fees: Payment of our ongoing commission for the management of your property. This fee does not change, and you can learn more about how it is calculated on our Fee Schedule page.
Are linen and amenities included in the housekeeping fee?
For our Collaborate Plan, the decision to include linens and amenities in the housekeeping fee is up to you, the owner. For our Complete Plan, the Housekeeping Fee as determined by the contracted cleaning company, includes both the cleaning service and the provision of premium linens and amenities. This ensures your guests have a comfortable and well-equipped stay without any additional hassle. You can expect a comprehensive service that ensures guests have a comfortable and hassle-free stay.
How do I know if my property is performing well?
The Cosmo App provides real-time insights into your property's performance, allowing you to monitor reservations, track earnings, and understand the impact of our pricing strategies. Our team is also available to provide regular updates and insights into your property's performance, ensuring you are always informed and in control.
Why are my returns different to what was estimated?
While we strive to provide accurate initial revenue estimates, the short-term rental market is inherently dynamic, and actual returns can sometimes differ. While our tools employ advanced algorithms and data analysis to provide accurate predictions, several factors can influence your final returns. These factors may include market fluctuations (demand, seasonality, events), competitive landscape (pricing strategies for similar properties nearby) and external factors (for example, government regulations or unforeseen circumstances). However, you can rest assured that our team is committed to maximising your returns. We constantly monitor market trends and proactively adjust your pricing strategy to optimise your property's performance within the current market landscape.
Why are the nightly rates lower this month compared to previous months?
The short-term rental market is dynamic and seasonal, resulting in significant variations in nightly rates throughout the year. Our team proactively adjusts rates to stimulate bookings if your property is experiencing lower-than-usual demand during a particular month. This strategy aims to optimise occupancy levels and ensure a steady flow of guests, ultimately maximising the potential for your property's success in the market.
How do I cancel management with Cosmo?
We understand that circumstances can change. If you wish to cancel your agreement with Cosmo, please refer to our Terms of Service for detailed information on the process and any associated fees. We are here to help and will work with you to ensure a smooth transition. Please start by completing our Termination of Management form, and our team will be in touch to guide you through the process.
Got a question that isn't answered here? Get in touch with our team.
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