Do I keep my reservations if I leave my management company?

Question

I am looking to possible leave Evolve and I have a lot of booking in Jan and February . If I decide to cut ties, do I lose these listings?

How does that work? I am not familiar with this at all. I am a new STR investor.

Kyle

Mike Grudzien · Answer

I don't know the intricacies of leaving Evolve, but I'm on the receiving end of folks that have left. I have not heard anyone raving about the wonderfulness of Evolve.....My 2 cents,Mike

Benjamin Louie · Answer

When leaving Evolve, the specifics around bookings depend on the contract you have with them. Here's a general overview of what might happen:

• Bookings Under Evolve: If you leave Evolve, bookings made through their platform may be tied to their system. You may lose access to the bookings they have managed, as those reservations are often under Evolve’s control, and they may manage the communication, payments, and cancellations for those guests.
• Transferring Bookings: Some companies might allow you to transfer the bookings if you switch to managing the property independently or through another service. However, this often requires negotiation with Evolve and coordination with guests to ensure a smooth transition.
• Cancellation Penalties: Be mindful of any cancellation clauses in your contract with Evolve. If you terminate the agreement, there might be penalties or fees, especially for bookings that were secured under Evolve’s platform.

Steps to Take:

• Review Your Contract: Look at the terms regarding cancellations or ending the agreement. There should be details on what happens with future bookings.
• Contact Evolve: Reach out to them and ask about the specific process for terminating your agreement and what happens to the bookings.
• Have a Plan for Guests: If you’re able to transfer bookings, ensure that guests are notified well in advance, and the transition is seamless.

Since you’re new to STR investing, taking the time to clarify these details will help you avoid any surprises or disruptions.

Collin Hays · Answer

Nope. You're starting over, and with Evolve, that's a good thing. For future reference, Evolve is not a "management company." They are a marketing company, and their audience is unsuspecting investors.

Mercy Odey · Answer

I agree with @John Underwood. It's the best option

John Underwood · Answer

Try negotiate keeping these bookings for a fee.

Sarah Kensinger · Answer

When it comes to Evolve yes, you would lose all the bookings. Unless you have a way to reach out to the guests and get them to cancel, then rebook on your new listing.

Kyle Jacques · Answer

You hit nail on head , I have learned it now . My wife and I are new to investing so we definitely have not gone by the book so far🤦🏻‍♂️🤷🏼‍♂️

Andrew Steffens · Answer

Are you concerned with losing the bookings or the listings? As noted above you can likely keep the bookings for a cost. The listing I believe they own and you will lose it and all of the reviews and have to start from scratch

Kyle Jacques · Answer

That’s good and make sense . I kind of saw same in terms and conditions. Thank you !

Nathan Gesner · Answer

I believe you keep the reservations, but you must pay Evolve a fee for every reservation made while they were "managing" the property. That's standard with any management company.

Do I keep my reservations if I leave my management company?

Do I keep my reservations if I leave my management company?

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