Hello Softinn PMS user. Are you a Property Management Company that is managing multiple properties for the owner?
If yes, you’ll need to do a different service contract agreement with each of the individual property owners. The purpose is to customize the Revenue and Expense ratio between you and the property owner. 🙂
There are a few types of service contract agreements and one of them is Guaranteed Return Service Contract.
Guaranteed Return service contract is an agreement whereby You will pay a monthly guaranteed amount to the Owner with additional sharing of revenue when the reservation revenue exceeds a certain amount.
Imagine you are a Property Management Company (Property Operator) managing property in Ecovest Tower. Property owner of BnB Unit A-06-1 Owner 1 engage your service to manage his homestay. BnB Unit A-06-1 Owner 1 asks for a guaranteed return of RM4,000. When the monthly reservation revenue exceeds RM4,000, the revenue will be shared with the Owner with the ratio of 70:30 (70% for Owner and 30% for You).
Hence, you have proposed to proceed with a guaranteed return service contract. On Softinn PMS, you as a Property Operator can create a guaranteed return service contract with BnB Unit A-06-1 Owner 1.
Check out the video & guidelines below to know how to Create Guaranteed Return Service Contract on Softinn PMS:
Steps to Create Guaranteed Return Service Contract on Softinn PMS:
Follow the guidelines below:
Step 1 : Go to Softinn PMS
Step 2 : Select the right property
Step 3 : Click “Property Group”
Step 4 : Click “Service Contract”
Step 5 : Click “Add Service Contract”
Step 6 : Insert the name of your service contract
Step 7 : Select the properties. In this case, it is BnB Unit A-06-1 Owner 1. Click “Next”
Step 8 : Click “Guaranteed Return” tab
Step 9 : Insert Guaranteed Return amount
Step 10 : Insert Total Revenue Threshold amount
Step 11 : Insert the % revenue sharing after the threshold
Step 12 : Insert Administrative Fee charges. Click “Next”
Step 13 : Customise your Revenue Configuration. Click “Next”
Step 14 : Customise your Expenses Configuration. Click “Next”
Step 15 : Payout Configuration by Checked-out Reservation
Step 16 : Insert your financial period Start Date
Step 17 : Click “Add New Contract”
You can view, edit, and delete the service contract that you have created accordingly as well.
Hope this helps you to create a guaranteed return service contract on Softinn PMS! 🙂