Answers to common questions

Answers to common questions

FAQ

GENERAL FAQ

  • What is your COVID-19 response for property owners?

    We use our advantages to adapt to new norms and trends during COVID-19. Our marketing department, with access to innovative technologies and market analysis, developed a new COVID-19 strategy for the properties under our management. It will be extremely beneficial for your property in terms of new market reality. Read our full approach at https://farsight24.com

     

  • What if I already have listed my property on OTA sites?

    We create new listings in all leading reservation systems. However, if you have run listings in other OTA, you  will need to transfer them under our corporate accounts in each system. Don’t worry, we will provide you with detailed instructions for each system, you just will need to do simple steps.  As we use innovative technology and support Smart Tariff Plans for each property, it is essential to follow the price parity in all online systems. Each system tracks each other continuously. In case of violation of price parity, the system will lower the rating of the listing and further suspend and inactivate it. Keeping your listings under our corporate accounts will help to avoid any unexpected negative consequences. 

     

  • Can I keep at least one booking system?

    We create new listings in all leading reservation systems for your property. However,  Airbnb is the only system, which we can leave to you active for further use. The only thing that will be very important is to follow the price parity in all online systems. As we mentioned earlier, each system tracks each other continuously. In case of violation of price parity, the system will lower the rating of the listing and can further suspend and inactivate it. At the same time, agents and offline tour companies regularly check the prices and can stop and unlist the property right away without any additional negotiations.

    Airbnb is the only system in which you can keep an account, but you will get more income if you transfer it to us so that we can insert our smart, dynamic prices daily and optimize the listing itself.

    We create new listings in all leading reservation systems for your property. However,  Airbnb is the only system, which we can leave to you active for further use. The only thing that will be very important is to follow the price parity in all online systems. As we mentioned earlier, each system tracks each other continuously. In case of violation of price parity, the system will lower the rating of the listing and can further suspend and inactivate it. At the same time, agents and offline tour companies regularly check the prices and can stop and unlist the property right away without any additional negotiations.

    Airbnb is the only system in which you can keep an account, but you will get more income if you transfer it to us so that we can insert our smart, dynamic prices daily and optimize the listing itself.

     

     

  • What kind of rental companies do you partner with?

    We work closely with 1000+ travel agents around the world, 50+ online booking systems, and many other Bali and global property management companies. To be more specific, our partners are located in Singapore, China, Russia, Canada, Europe, USA, and Arabian countries.

  • Can I see any Financial projections to be sure that it is profitable for me?

    We provide Market Analysis & Financial projections for your property in case you are still concerned. Accurate, data-driven financial projections will

    give you a detailed understanding of the asset's income potential. We normally prepare Financial forecasts for each property individually and develop several pages (up to 35) presentation with detailed calculation of projected occupancy, daily rates, gross property revenue,  expenses, net income and other variables for the first and second year of operation. We don’t provide examples because each projection is confidential, and variables are different and highly depending on the geographical location, number of rooms, distance from the ocean and other factors of the property.  In the projection, we also explain the services which will be provided in deeper detail. It is a resource-intensive, but a well-developed projection, which normally takes us several days to prepare. In case you are interested and would like to receive the projection, we would be glad to prepare it for your property based on a filled check-list and link to your property photos. Please, contact us for more details. 

     

  • What is the purpose of the reputation control department?

    Guests check the reviews before booking and generally choose villas with good reviews and high rating scores. Without ratings, your property is almost invisible in search results. That is why our special reputation department creates at least 5-10 real reservations and then provides reviews in all major online booking systems to generate the first rating score and speed up new bookings.

  • For how long is the contract concluded?

    In the case of full management, we charge a Security deposit, which covers the damage, and is collected upon the arrival of guests. If necessary, our team works with guests and handles all issues. It is a standard process that does not require owners’ intervention

  • What do you offer to my guests? (24/7 support answer)

    Guests extremely appreciate prompt responses. our reservation department is available 24/7 for communication and for finding and solving guests’ problems. it increases the confidence of guests as well as the number of bookings. we answer questions and requests in minutes in five languages.

     

  • What does farsight management can do that i cannot on my own?

    large market coverage
    your property will be connected to 1000+ travel agents, 50+ online booking systems and local & global management companies. it lets us keep rates on average 15% higher and increase profit.

    smart pricing
    having access to big data and ai, we develop smart tariff plans applied for each day for a year ahead. it increases profits by 12-18%.

    direct bookings
    our expertise helps boost the number of direct bookings and save on online booking systems’ commissions  resulting in your higher profit.

    higher ratings
    the unique technology helps to improve the online visibility of your real estate, affecting booking decisions: higher reputation and higher guests' ratings. it leads to an 11% increase in revenues.

COMMUNICATION FAQ

  • Do you have an office?

    We are a legally registered company in Indonesia and Vietnam. We have a large team and different departments located across the globe who work remotely. It gives us many advantages. One of them is that our departments can synchronize and work continuously every day, because of different time zones.

  • How will I communicate with your team?

    When the booking is received, we immediately send you an email with the complete necessary information, arrival dates, number of guests and their possible preferences.

    We will provide a separate login to a dashboard of your property where you will see important information concerning the current bookings and revenue, forecast earnings of future bookings, expected payouts, and be updated in the real-time property calendar. You can roughly understand when and how much you will receive. Besides that, we create a group in the messenger (WhatsApp) in which you can write at any time. We have several managers online who are ready to answer all your questions.

     

  • How do i know how many bookings have been done at my villa?

    we will provide you with a separate login to your private dashboard at host.farsight24.com where you will see:

    • important information concerning the current bookings and revenue
    • forecast of earnings for future bookings
    • expected payouts
    • all invoices related to the full management services (if your property under full management service)
    • updated in the real-time property calendar
  • How do i make sure my villa has received right amount of attention?

    we optimize listings for each villa equally, connect to the same databases, and don’t prioritize one villa over the other. we present all the available options for our customers to decide.

  • Can i stay at my own property after signing the contract?

    sure! you are free to block your property’s calendar for personal use at any time as long as your property isn’t already booked during your desired dates. we have no restrictions on the occupation of accommodation by the owners and their friends.

  • How will you consider my bookings?

    1. When we work based on an exclusive marketing management agreement but you have decided to continue managing your Airbnb account,  we will arrange an automatic synchronization with that account and keep an actual calendar. In this case, you are fully responsible for the management of the villa (property) on the spot. Synchronization with your account will let us quickly find out which client comes from you and mark it on the calendar in your dashboard. If you are in touch with guests who came from you, then we do not charge anything. If we are in touch with your guests, accept payments from them, solve other issues, then we take half of our marketing management fee.

    2. If we work based on a full management agreement (we hire and train staff, monitor the material and technical condition of the property), then we charge half of our full management fee in case guests come from the owner. If you have partnered with local agents who bring clients, we are ready to cooperate with them and will note that the guests come from your agent. However, you can get more income if you switch all agents to us, so that will let the unified marketing policy for prices work.

     

FINANCIAL FAQ

  • Are there any additional setup payments?

    There are no setup payments required. However, we recommend you to prepare your property correctly for effective marketing before we list it with booking systems and travel agencies. You need professional photographs to make the villa look beautiful, evoke emotions and desire to stay there.

    Besides, it is necessary to make several bookings and create the first ratings to receive first real bookings quickly. If you are interested in such preparation, we will gladly carry it out for you, and we will take the costs from the first bookings.

     

  • Will any additional commissions be charged when bookings come by website, ota or travel agents?

    we charge our flat commission rate from any source. each element of our service (including direct booking,large market coverage, high ratings/ reputation department, smart tariff plans and other) will cover our fee with profit. each of the main 4 elements let you get from 12% to 18% more profit.

  • When will I receive my payouts for reservations?

    The online systems, which we work with, make payments at different times. Some of them make payments after the check-in and others, send invoices at the end of the month and, after that, make payments within two to three weeks.

    Our company usually receives all the money for the current month at the end of the following month. The accounting department makes daily forecasts of payments for existing reservations, and the payouts themselves are carried out on the 15th of each month. If money for past reservations were not received in a full amount, then the company pays these in advance at its own expense.

    We make sure that most of the guests pay either through the system or send us deposits, so there is a guarantee of guests' arrival.

    We also value each of our owners, so you always have the opportunity to request money in advance. If you urgently need to pay a salary or have other needs, we are ready to consider it and make quick advance payments.

    If the reservation was not paid to the system or agent and we cannot receive the deposit or money from the guests, then we will cancel this reservation within a few days to open the calendar for other guests.

     

  • How will payouts be transferred to me?

    If your property is located on Bali, then the money is transferred mainly to an Indonesian bank account. We also have the opportunity to transfer abroad. In this case, an additional transactional fee may be charged depending on the payment system.

MARKETING MANAGEMENT FAQ

  • What are your main responsibilities for marketing management?

    we manage the property’s entire online and offline presence by connecting it to 1000+ travel agents, 50+ online booking systems and many local & global management companies. the property will also be listed on www.book.farsight24.com, social media and direct guest database. having access to big data and ai, we develop smart tariff plans applied for each day for a year ahead. we take control over the property’s calendar and ensure it is updated on all online listings. you will have access to your personal dashboard with the necessary information to all bookings, expected payouts, financial forecast, and up-to-date calendar. our reservation department will take care of each booking, answer necessary questions prior to booking, and provide them with details of their reservation. we constantly contact you or your villa manager and provide full information concerning the upcoming  bookings. we always handle deposit payments from the guests. our reputation department takes care for rates, reputation and reviews for your property. 

     

  • How Do Smart Tariff Plans work?

    We select tariff plans for various focus groups of customers very smartly and targeted. 

    We cooperate with the California supplier of Big Data in the tourism industry. They provide us with about 120 different parameters daily, so we aggregate more data and determine the probability of the daily rates for a year ahead. Among such parameters is the occupancy of the nearby hotels and similar properties, holidays in the countries of our target audiences, local events, the number of tickets purchased for Bali for this day, weather. We collect statistics on the correspondence of these parameters with the sales history and use machine learning to forecast prices. For example, on September 22, the price for a particular villa may be set on 13 dollars more than on the 23rd, because many properties around this place have already been booked, or there is a holiday, or there are other objective reasons.

    There is a change and adjustment of the price daily. We usually create 15 tariffs for each object, besides regular seasonal rates.

    Customers book with us from all over the world. For each guest who arrives prior 1 day, two weeks, or a month, the price will be different. The geographical location of the client plays an important role. For Europe, Asia, and North America, the rates will be different.

    Sometimes it happens that 1-2 days between long bookings are exempted. The probability of booking just these 1-2 nights is low, so we use a special gap price to attract guests. In case of a last-minute discount, which is applied for booking and check-in on the same day, if guests book two nights, then only the first night will be discounted, the second night will be calculated based on the weekly tariff plan. We have a strong revenue management department, so all these tools can increase the level of profitability by 18-24%.

  • What is your coverage for direct bookings?

    We have a broad base of more than 50,000 regular customers who already know us and book our properties directly. We are aiming 40% of direct bookings from the total reservations. Therefore, in addition to our website for guests, we place your property on a separate villa website, thereby significantly increasing profits, as we save on the fee costs of booking systems.

  • What is your covid-19 marketing strategy?

    In the current situation, our strategy is focused both on long-term (1-2 weeks and monthly stays) and short-term offers for a year ahead through our smart tariff policy. while waiting for the world to re-open, we spend time preparing your listings to maximize their attractiveness to the potential guests. we optimize all channels, continue to focus on the connection of your property to 1000+ travel agents, 50+ online booking systems, present the property to our direct clients' database and target audience via social media channels for future opportunities. despite the situation, we are bringing awareness to the local and global agents through additional email campaigns. we actively use targeting the local market and use social media for additional promotions.

FULL MANAGEMENT FAQ

  • What are your main responsibilities for full management?

    Full management includes all responsibilities for marketing management service (please see above) and additionally we:

    • hire, train & supervise staff. hospitality professionals are trained to serve first and foremost to create a memorable experience for each and every guest. great service is the cornerstone of this industry and the measure of your success.
    • implement & monitor the highest hospitality quality standards. we train and monitor the work of the staff, introduce hospitality quality standards of the guests relations and services at villa and monitor their implementation, maintain the materials and technical condition of the property at a high level. it increases excellence & profit.
    • maintain the technical condition of your property. 
    • prepare pnl, tax reports and other real estate paperwork. you will also have an additional tab in your personal dashboard with detailed expenses report each month.
    • covid-19 new hospitality standards. we develop and place the new norm regulation for your property.
  • Are employees who work at the properties, qualified?

    The high quality of all our employees is our priority. We conduct training in standards of hospitality, quality of service and maintenance of the technical condition of the owners’ properties.

  • How do you compensate for the damage done by the guests?

    In case of full management, we charge a Security deposit, which covers the damage, and is taken upon the arrival of guests. If necessary, our reputation managers work with guests and handle all issues. This is a standard process that does not require owners’ intervention.

  • How do I know if my villa is suitable for your management?

    We offer the most flexible management solution in the market, and we follow several rules:

    Your property must comply with the basic standards of Farsight Management, according to which each guest must arrive in a safe and clean place that is ready for guests in accordance with the listing.

    The calendar in the private account should always reflect relevant information: if the days are open, then the property should be available for the checking-in.

    If necessary, you must obtain all necessary permits from your city and the homeowners association to operate your real estate as a short-term rental property.

  • How to get started?

    To begin with, you should fill in a short application. Then our manager will contact you and confirm whether your facility is suitable for our management, answer your questions and discuss further details of the work.

    You can then register by providing basic information about your property and setting up payment information so that we can send payments directly to your bank account.

    After the registration is completed, you will meet your manager, who will confirm all the details about your property so that we can fully present your property on the market.

    In some cases, the entire process can be completed online.

    Further, based on professional photos and all the information about your property, our marketing team will create specially optimized listings with beautiful descriptions, all the details about your property and dynamic prices. Then we will show you all the new listings for final approval. If everything looks good, our team will begin to receive and confirm requests from guests, and also begin sending out advertising messages, presenting your property to all our partners, agents, travel agencies around the world, and all our loyal guests.

    The whole process takes about two or three weeks.

     

Partners

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