All Forum Posts by: Collin Hays

Well I don’t know about “extreme”, I just think we have to be careful automatically assuming that guests deserve charity and rich homeowners do not. 

My son was supposed to be on a cruise this week, as well.  He opted not to go.  We don’t fault the cruise line for this and would never even think of asking a refund.  Personal responsibility needs to rule the day.

Meanwhile, I have a $15,000 water drainage issue to repair at one of my STRs.  This is financially catastrophic for me, but I am not asking charity from anyone.  I am the owner and that’s part of the deal.

I do think that it is incredibly awful and hypocritical of Homeaway/VRBO to be actively be pushing trip insurance to every renter, for just these such occasions, and they have apparently found some escape hatches in their policies and are NOT reimbursing guests for CV related cancellations.  THAT is immoral.  

 So did Clark Griswold. 

Great post.  If there is any dip in activity in the Gatlinburg RE market, look at it as a gift to get in at an even better yield than you had a week ago.

STRs aren’t without their pitfalls, but the returns are better than the stock market can deliver, and I can watch the Dan Patrick show every morning instead of the daily “what if’s” on CNBC.

 In terms of our industry, the leadership that we are are seeing from the two powers - VRBO and AirBNB - is that they are washing their hands of even refunding guests who purchased trip insurance insurance.  Now let's think about this:  VRBO and AirBNB have been raking in untold $ millions in "trip insurance" premiums for just such occasions - sharing not a dime with the homeowners, they are now welching, and so as a consequence the homeowner is supposed to step in and indemnify the guest for the financial consequences of CV-19?

I don't see it.

Of course there will be lawsuits.  That's the American way!  If something befalls you, find someone else to blame and get your pound of flesh.  You didn't buy trip insurance?  No worries - the HOMEOWNER is underwriting your risk. Of course, he's taking on all sorts of capital risk that you aren't, but facts be damned.

Nuts.

On Homeaway/VRBO, guests can't post reviews if they didn't stay at the property.  We've been through this before.

Here is VRBO/Homeaway's position on their trip insurance policies:

Position Statement - Coronavirus Outbreak

The Coronavirus outbreak is considered a foreseeable event under any plans purchased on or after January 29, 2020. That means you could be covered if you are diagnosed with Coronavirus, but foreseeable events such as becoming quarantined due to the Coronavirus will not be covered. Please note, our plans will not cover fear of travel. Customers are strongly encouraged to read their Description of Coverage or Insurance Policy for details regarding their available coverage.

We have plowed that ground already.  Guest reviews are for guests, not folks who were going to be guests. 

 So my clients who are living off of the income from their properties, I am supposed to sock it to them out of charity for the guest?  Why does the guest deserve charity more than the homeowner?

I have a homeowner currently paying $20K to resolve a septic issue. Should I ask all previous guests to chip in some $$ to help him out ?

Help me out here.

I own 4 vacation homes and manage about 30 others.  Many of our clients are retired and have invested in STRs for income. I think that point also can get lost in the discussion of who "deserves" a break, fairness, etc.

Would it be "fair" for me to ask a bond holder to forgive my debt since I am having such a hard time?  What if they are dependent upon that income?