Enabling and Configuring Fees

Introduction

In Futurestay, you can customize various fees to help cover your hosting costs and manage your property efficiently. These fees can be enabled or disabled according to your needs, except for the Damage Waiver Fee, which is mandatory for all direct bookings. Properly setting up these fees ensures that your hosting expenses are covered while keeping your pricing competitive. Below is a detailed explanation of each fee, along with strategic insights on their application.

Fees

1. Cleaning Fee

   Fee to offset the cost of cleaning/preparing the property after each stay.

   Strategic Insights:

   • Property Size: Larger properties can justify a higher cleaning fee.

   • Target Guests: Guests with a bigger budget may be more accepting of higher costs.

   • Length of Stay: Cleaning fees can discourage one-night stays.

   • Competitive Pricing: Consider finding 10–20 similar listings in your area and setting your cleaning fee competitively.

   • Best Practices: Use the fee to cover actual cleaning costs, not as a way to earn extra money. Set a fee lower than your nightly price, and consider buying cleaning supplies in bulk to reduce costs over time.

2. Short-Stay Cleaning Fee

   • Description: Applied to each reservation to ensure the space is spotless and well-prepared for stays of 1 or 2 nights.

   • Strategic Insights:

     • Optional Use: This fee provides a lower-cost option while ensuring that the property is properly cleaned for brief visits. It's beneficial for attracting guests looking for short-term stays without compromising on cleanliness.

     • Avoid Overcharging: Use this fee strategically to cover short-stay cleaning costs without deterring potential guests.

3. Pet Fee

   • Description: An additional cleaning fee applied to stays with pets.

   • Strategic Insight:

     • Host More Guests: Many guests travel with pets, making your property more appealing by allowing pets.

     • Cover Cleaning Costs: Use the pet fee to cover the additional cleaning required after hosting pets, such as vacuuming fur and cleaning pet-related messes.

     • Pet-Friendly Amenities: Consider providing pet-friendly amenities like bowls, pet covers for furniture, and extra cleaning supplies to enhance the guest experience and justify the fee.

     • Update Listings and Rules: Ensure your listing details and house rules reflect your pet policy and any specific rules related to pets.

4. Credit Card Processing Fee

   • Description: Applied to direct reservations to offset the cost of processing credit card payments.

   • Amount: 1-5%

   • Strategic Insight:

     • Offset Costs: This fee helps recoup some or all of the credit card processing costs for direct bookings. Stripe Credit Card Processing fees are typically 3% on domestic card charges and 4.5% on international card charges. When offsetting this fee, we recommend setting between 3% to 5%, depending on your target audience.

     • Flexible Setting: Set this fee between 1% and 5% depending on your preference. A 1% fee can offset a portion of the cost, while a 5% fee can cover most or all processing costs, potentially generating a small surplus.

     • Dynamic Calculation: Processing fees vary based on card type, location, and other factors. This fee allows you to manage these costs effectively without significantly impacting your pricing competitiveness.

5. Damage Waiver Fee

   • Description: Up to $1,500 of coverage for accidental damage per stay.

   • Amount: $25.00 (fixed)

   • Details:

     • Mandatory for Direct Bookings: This fee is required for all direct bookings and provides coverage up to $1,500 for accidental damages.

     • Safer Alternative: A damage waiver is a safer and easier alternative to a guest security deposit, reducing potential friction with guests.

     • How to Claim: If your property incurs damage from a direct booking, send photos and a description of the damage, along with a repair/replacement estimate, property name, and reservation number to service@futurestay.com. We will process your damage waiver expediently.

Applying Fees

To set up these fees, navigate to the "Fees and Taxes" section under your property settings. Enable or disable fees according to your needs. Ensuring your fees are properly configured helps cover hosting expenses while keeping your pricing competitive.

By strategically applying these fees, you can maintain high standards for your property, manage hosting costs effectively, and provide a better experience for your guests.