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How do I set up my Security Deposit policy?
Security Deposits are a great way to protect your property while renting it out. To make things easier for owner and host, BoutiqueHomes provides a clear set of options for hosts to choose from, but ultimately Security Deposits are managed exclusively between owner and guest.
Setting up Security Deposit preferences are easy.
Starting at the dashboard once you’ve logged in, select My Properties from the top.
This will bring you to the properties main page. Simply select which property you want to update or click Edit symbol on the far-right hand side.
This will bring you to the Accommodations page.
- If your property has more than one accommodation, such as with Hotels and B&Bs, choose which accommodation you'd like to adjust.
- If your property only has the one, simply click Edit again.
Now, you’re on the property editing landing page and exactly where you need to be to adjust Rates and Security Deposits.
Scroll down until you see the Security Deposit section.
- Owners can choose a deposit by either rate or percentage.
- Just click what you’d prefer and enter the amount or percent in the box that appears.
Next, you’ll choose the core of your Security Deposit policy.
There are 5 options available and demonstrate when you’d like the deposit paid and how.
Select one of the following:
- No Security Deposit Required
- Deposit amount required with booking via BoutiqueHomes.
- This is the only method where BoutiqueHomes collects the payment on your behalf and a 3% transaction fee will be charged, based on just the security deposit amount.
- The deposit is paid out along with the rest of the rental monies.
- The transaction fee will be subtracted from the payout amount.
- Payout date is selected from within the cancellation policy which is available for review here.
- Deposit required at check-in with cash.
- The system will default to this option.
- Deposit required at check-in with credit card.
- Deposit required at check-in with personal check.
Ideally, all security deposits collected will be returned because the guests did no damage at all.
Hoping that’s the case, next up, you’ll chose the refund timeline from one of the following:
- Refund of deposit by owner at checkout
- Refund of deposit by owner within 7 days after stay
- Refund of deposit by owner within 14 days of stay
Make sure you click Save and you’re all set!