Question 1

How much income can I earn from short-term renting my property?

Accepted Answer

It depends! That’s why we perform a comprehensive market analysis after you apply to partner with Eng Properties Inc. We’ll give you a detailed estimate of the potential income your property could generate.

Question 2

"How does insurance apply to this?"

Accepted Answer

As with any investment property, homeowners must have the appropriate insurance coverage to safeguard their asset. Since ENG Properties Inc. does not hold any ownership in your home, it is the homeowner’s responsibility to secure proper coverage, including protection for short-term rentals. If your current provider does not offer this type of coverage, we can connect you with highly reputable insurance companies that do.

Question 3

How are taxes applied to this?

Accepted Answer

Our goal is to ensure a seamless and hassle-free experience for all our partners, including tax-related matters. Eng Properties Inc. manages every reservation and guest at your property while also handling the collection and remittance of applicable sales taxes and tourism levies on your behalf. However, as a homeowner earning income from your property, you are still responsible for reporting this income on your personal tax return. Beyond that, we take care of everything else for you.

Question 4

What would happen if my guests attempted to host a party at my place?

Accepted Answer

Great question! We firmly believe that preventing parties is the best way to protect your property. Before any guest books with us, we conduct a thorough screening process, verifying their identity with government-issued IDs. We ask detailed questions about the purpose of their trip, the number of guests, and more. We also ensure they’ve read our house rules and understand the consequences, plus we require a damage deposit. From our experience hosting over 10,000 guests, we’ve seen that people behave more responsibly when they know they risk losing their deposit if they cause damage. Additionally, we have exterior cameras monitoring all entry points around the clock. If more guests show up than listed on the reservation, a contracted private security team can intervene and stop a party before it starts. In short, while such incidents are rare, we have robust protocols in place to keep your home safe.

Question 5

What if local authorities or your condo board/HOA decide to prohibit short-term rentals?

Accepted Answer

Unfortunately, this issue has occurred in some cities, though it's a relief that it hasn't affected the areas where eng properties inc currently operates. We understand your concerns, which is why we recommend that all potential partners review any Homeowners Association or Condo Board rules before proceeding with short-term rental agreements.
Moreover, eng properties inc functions in markets that welcome short-term rentals. In these areas, our requirements are straightforward—we simply maintain a business license for each property we manage and pay the applicable local taxes on each reservation.
On a governmental level, enacting legislation to ban short-term rentals on private property is an uncommon and protracted process. While such bans have been implemented, they typically come with significant advance notice. We will continue to keep our partners updated on any market-relevant developments. However, please note that we cannot operate in locations where short-term rentals are illegal; in such cases, our Partnership Agreement would automatically be nullified, as stated in the agreement itself.

Question 6

What if the occupancy rate turns out to be lower than expected?

Accepted Answer

We generally maintain an 80–90% occupancy rate throughout the year, regardless of the season. However, as the saying goes, past performance isn’t always a guarantee of future results. If you decide to join our partnership program, we begin by clearly establishing the monthly income needed to cover your costs as our baseline target during onboarding. Naturally, we aim to exceed that benchmark. While we can’t guarantee specific outcomes, our history shows that our partners typically earn 25–100% more each month than they would by renting their properties long-term.

Question 7

What framework do you use for your client agreements?

Accepted Answer

We believe that short-term rentals offer homeowners the best flexibility to maximize the use of their properties—letting them enjoy their home when they want and rent it out when they’re not using it. We avoid locking our clients into inflexible long-term contracts because we recognize that circumstances can change. Although we advocate for a long-term approach to real estate investment, we include adaptable exit clauses (typically 90 days) in our agreements, ensuring our clients can end the contract early if their situation evolves.

Question 8

What is the total cost to furnish the property?

Accepted Answer

Costs can differ. For those enrolled in our Partnership Program, we arrange for an interior designer to assess your property and provide an estimate for converting it into a luxury retreat. Generally, the cost ranges from $15,000 to $40,000, influenced by factors like property size, location, layout, and local market demographics. All you need to do is invest, and we take care of the rest to ensure your property stands out and attracts premium rates.

Question 9

How will you protect my home since there’s more people coming in and out?

Accepted Answer

We treat your property with the same care as our own, ensuring its safety through multiple measures. Every guest staying at an Ofeng Properties Inc. location undergoes a thorough pre-screening, with typical stays ranging from 1 to 6 days. Our advanced security features include exterior cameras, electronic locks, and round-the-clock monitoring. Additionally, we collect damage deposits and promptly address any incidents that may affect your property. Regular maintenance inspections help keep your home in pristine condition. Maintaining your home’s excellence is our priority, as it directly impacts our reputation and guest reviews.

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