Okay, next up are damage waivers. These are fees that are charged to guests to cover vendors like Waivo or Safely.

Basically, if you have a per-stay or per-reservation or per-night damage waiver through a third party, typically our property managers are charging the guests a fee to cover that expense. It could be $30, $40 a stay or it could be a nightly rate.

We need to set this up in VR platform and in our systems, so we do need a default option. Either these fees that are charged to guests can be:

• Kept by the property management company
• Passed on to the owners where the management company takes a commission
• Passed on to the owners, the management company does not take a commission
  
  

The vast majority of our property management clients (over 80%) will keep this as revenue to their company. They'll also keep the expense on their books so that it doesn't go through the owner's statement, it doesn't add transactions, and they make a little bit of money margin on the difference between revenue and expense.