Last update: 01/11/2018
The Nox Group offer a fully managed rental solution, offering our partners peace of mind that their properties are being presented in the best possible manner, 365 days a year. In order to achieve our market-leading service we have a range of pricing schedules.
- We charge a 20% management fee on each rental. This is charged on the nett rate we bill to the guest or agent (post 3rd party commission).
- We charge a monthly housekeeping fee, which covers labour; guest toiletries; cleaning chemicals; kitchen consumables and toilet paper. We under-recover our expenditure on housekeeping by around 30%.
- We charge an annual retainer in the November of every year. This is billed at either the projected rates that were presented upon the inception of your Agreement or at the same charge as we charged in 2017.
The reasons why we charge the annual retainer are as follows:
- We provide extensive value-add services to our partners throughout the year, such as:
- A dedicated Property Manager (PRO) who is on call to assist with a number of day to day operational matters. We do not bill for callouts to your property or any support services you require during the year.
- Regular maintenance inspections with recommendations
- Refurbishment and improvements – project management
- Full accounting management, payment of property bills and invoices
- Guest acquisition costs are high, and we’re not left with much margin after our 20% Mgt Fee
- Our direct costs can be up to 7% of the booking value. More info downloadable here.
- A number of our competitors will charge direct costs every booking on top of their fees. Such costs are:
- Credit card merchant fees: 2.9% of booking value
- Property Management System (PMS) fees: Between 1% and 3% per booking
- Pricing software fees: 1% per booking
- Whether you utilise a Manager to handle your own bookings, these costs are unavoidable if you wish to be well distributed and be able to compete.
- Regular photography updates
- We regularly update and review the marketing content for each property we manage, paying for professional photography and content.
We consider our relationship with our partners as being critical to the ongoing success of our business as well as your property. With this in mind, we take responsibility for not performing or achieving the objectives we set out at the beginning of the contract. As a result of that, we honour a full refund of all management fees and the retainer if we don’t achieve the “pessimistic” forecast we issue upon signing on with us.
Our pricing is competitive, and often other Short-term Management Companies don’t disclose the costs up front.
Should you have any queries at all regarding the performance of your property, or if you think Nox is more expensive than our competitors, please do discuss with us. We will gladly perform a pricing review if you believe you’re being overcharged.