At Maui Condo and Home we work hard to simplify things for you. Our program is comprehensive and designed towards making it easy for you to deal with the accounting and record keeping part of having a Maui home.
Maui Condo and Home’s accounting department offers the following services to make banking and filing your taxes easier:
- You have the option of having the Maui Condo and Home accounting team file your Hawaii State General Excise Tax (GET) and Transient Accommodations Tax (TAT) for a small additional fee. Taxes are due to the State semi-annually, quarterly, or monthly depending on the annual revenue achieved - frequency is decided by the State.
- Yearly 1099and 1042 forms distributed per US Federal guidelines.
- Monthly Owner’s Statements are available online as well as hard copy mailed to you including copies of all invoices for your records (invoices are not uploaded on-line). Statements are typically uploaded to Owner Portal by the 5th of each month
- Option for rental funds via ACH transfer to US banks and are typically processed no later than the 10th of each month.
While there are no start-up fees to sign up with Maui Condos and Home, we do require owners establish and maintain a “working balance” of $500. This working balance is used to pay for owner expenses and to pay vendors such as housekeeping and maintenance. As per our management contract, proof of a liability $1 million insurance policy is required listing Maui Condo and Home as an additional insured.
Upon executing our management agreement and joining the Maui Condo and Home rental management program, we will provide you with a minimum/standard requirements list of inventory items that will need to be in your home to get it vacation rental ready. If you do not have these items, we can assist you with purchasing them and have them placed in your vacation home. Additionally, we require all vacation rentals to have an Oracode Kaba lock or similar key-less lock system installed on the front door (cost is estimated to be $700). This is for your personal and guest safety as well as to limit liability and access to your vacation rental.
As part of our on-boarding process Maui Condo and Home will arrange and pay to have professional photos taken of your condo. These professional photos are an integral part of marketing your condo on our website and our channel partner sites. In the event you as an owner make significant upgrades and updates to your condo, Maui Condo and Home will arrange for new professional photos to be taken as an owner expense.
Terms and Fees
What makes us stand apart from our competitors is that Maui Condo and Home does not pool revenue. Revenue from your vacation rental will go to you, less any commission and operating expenses. An example of operating expenses includes but are not limited to credit card fees, travel agent/partner commissions, cleaning and maintenance fees and charges. Maui Condo and Home’s commission is 22 – 25 percent for regular bookings and 10 percent for bookings generated by you but coordinated by us.