Archive for May, 2011

Just Say “No” to Security Deposits

Tuesday, May 31st, 2011

Say No to Security Deposits

One of the main friction points for travelers when booking a vacation rental is the high costs and logistics associated with security deposits.  As compared to the simplicity of making a hotel reservation with no security deposit and 1-day cancellation policy, security deposits are a huge friction point and may result in significant revenue losses for vacation rental businesses.

According to recent survey stats, “security deposit” related complaints are among the most common complaints received from travelers after their vacation rental stay.  On one side, travelers complaining about not getting their security deposits back on time, or not getting it back at all.  On the other hand, it’s common to see property owners having to withhold deposits due to a wide variety of property damages done by the guests during their stay. Also, many times owners incur in larger repair costs than the money collected from security deposits.

In general, security deposits, although they provide certain “peace of mind” for property owners when renting their second homes to strangers, they can also result in loss of business revenues and unnecessary complaints on both sides.

One alternative to security deposits is for owners to consider purchasing accidental rental damage (ARD) insurance; an inexpensive way for property owners to protect their properties up to $3,000 for accidental property damages by renters during their stay.  In the past, these types of insurances were not available for vacation rentals, however, last year RENTalo partnered with TravelGuard, a leading travel insurance company.  TravelGuard offers vacation rental property owners the opportunity to purchase ARD insurance for as little as $45 to $69, and protect their homes for $1,500 to $3,000 from any accidental damages caused by guests during their stay.  This fee is usually paid by the owner and added to the rental fees paid by the traveler as part of the reservation.  Here are some key reasons why you should consider replacing the old-fashion “security deposits” business practice with the purchase of the ARD insurance:

-  When given the choice, 99% of the travelers prefer to pay a non-refundable fee of $45 or $69 instead of a refundable fee $1,500 or $3,000 as a security deposit.  You can still offer ADR insurance as an option, although most owners prefer to bundle it as part of the rental cost in order to secure a reservation.

- Generally, vacation rental businesses get less than $1,500 in security deposit, and when “accidents” happen, they end up paying a lot more out-of-pocket.

- Each accidental rental damage insurance fee can cover up to 6 months of rental.

- According to recently TravelGuard’s stats, insurance claims are processed immediately and payments are usually sent within 30 days from the date of the original claim.
Click here to learn more about Accidental Rental Damage Insurance.

RentALO Reaches Travelers with iTunes Appl, iPhones & More!

Tuesday, May 3rd, 2011

According to industry trends, mobile internet usage is excelling faster than desktop PCs. With this fact in hand, on December 31, 2010, announced its strategy to launch apps for mobile users via smartphones such as AT&T's iPhones and Verizon's Droid phones. A few months later, launches its RENTalo app in iTunes to reach millions od iPhone, iPod touch, and iPad users. Please click here to learn more details and download Rentalo's app.

With millions of travel planners using smartphones to plan their next vacation, Rentalo plans are to continue expanding its reach by investing in mobile technologies in 2011 and beyond. In just a few more weeks, we will be launching our app in Google's market for droids, and also for backberry phones. Rentalo will conitnue to focusing in the development of new user friendly applications to facilitate comparison shopping and vacation planning for millions of travelers in years to come.

Mobile gadgets provide easy access to the Internet. Rentalo's marketing strategy is to penetrate the mobile industry is part of our commitment to the travel industry in making the vacation planning experience as pleasant as possible, to as many people as possible.
Also read:  RentALO Mobile Appl Now in iTunes - Try it Today!