Changes to our Terms from 1 January 2018

We care about our Property Managers and want to ensure that our terms are clear and that you understand them. On this page, you can read a summary of the key changes in our Terms, however you should review the new Terms in full by clicking here. Both the old and new versions of the Terms can be found from that page until January 1, 2018.

1. Making our fees easier to understand

Being a performance based service, our fees are what allows us to provide this service to you. We've simplified the explanation of our Booking and Service fees in the Terms. You can read more about these fees, how they are calculated and why we charge them in our Rates & Payouts explainer.

2. A clear explanation of our VAT policies

• VAT is not added to your rates when the guest books your property, as this payment (less our fees) is passed directly through to you, the Property Manager. You are responsible for declaring your income according to your local taxation laws and paying the relevant taxes on your booking income.
• The application of VAT on our Booking and Service fees is assessed depending upon your legal entity type (private person or company) and your country of residence or company registration. VAT is included in our fees.
• Companies in the EU are required to submit a valid VAT number to ensure VAT is reverse charged and not added to the fees we charge you.
• A VAT invoice for our fees will be available in our software for you to download by 1st January, 2018 - including for all bookings confirmed during 2017.

3. Changes to our fees when you cancel a booking

We are simplifying the way we calculate, apply and collect cancellation fees when you cancel a booking. Cancellation fees will be calculated in line with our incurred costs when you cancel a booking.

We do everything we can to ensure you have the right tools to never need to cancel a booking. By ensuring that your calendar is always up to date (preferably using our iCal sync) and that your rates are correctly set for the next 12 months (or calendar closed where you have not finalised rates), more than 95% of all cancellations can be avoided.

When you cancel a booking (either a confirmed Instant Booking or accepted Booking request) we incur significant costs. These include payment of commission to the sales channel (which is not refunded), bank fees for accepting and refunding the guest payment and customer support costs for assisting the guest to find alternative accommodation.

During 2017, when you cancel a booking, we charge a fee of between €20 to €100 depending upon how many days before check-in you cancel. This fee is added to your Your.Rentals account and deducted from your next payout.

From 1 January 2018, we will remove this fee, and instead will not refund the Booking and Service fees that apply to the booking you have cancelled. If you have future confirmed bookings, we will deduct these fees from your next payout. If you do not have future bookings, we will introduce a method for you to pay these fees at the time you cancel the booking.

4. A clearer process for account verification

To remove any possibility of people using Your.Rentals for fraudulent gain, we verify all Property Manager accounts to ensure we are sure of your identity. This occurs at different times depending upon your account risk profile. In our new Terms we are making it clearer that you should expect this and of our right to perform such verification checks. It also explains what happens if you decide not to comply with such verification checks.