We’ve had a handful of feedback about our subscription plan and we want to update you on the changes we’ve made and clarification since then.
WHY WE KEPT THE FREE PLAN?
We still are offering unpaid plans to allow hosts to test out the site and see how much demand there is in their area before needing to subscribe. We believe in doing this because we believe in providing a service that our users love. We know that we’d likely make more money by forcing a subscription just for people to list or try out our site but overall, we know the user experience would be poor if they only pay based on curiosity. The last thing we want to do is to take $29 from a host and only for them to find out that their particular listing doesn’t perform well on our site, whether it be incompatibility in pricing or location. We’d be up $29 but down user happiness.
To get the best experience, we hope that hosts can find value in getting leads through Homads as they explore the unpaid plan. If there is value provided, we hope that you’d find it worth it to pay $29/month or $16/month on the annual plan to have the ability to close the leads coming to you. Our logic is that it’s a lot cheaper to pay a subscription fee than to pay a percentage of your booking each month.
BREAKING DOWN THE MATH
For those of you who worry that you’d pay the $29 and not close a lead, we’ve kept our unpaid plan with the option to accept any booking through the platform that is charged an 8% transaction fee.
For example, let’s say you have a listing that is priced at $4,000 a month. You have a prospective renter who is wanting to rent from October to the end of December. If you were to book directly with Homads, you would be charged a $320 transaction fee for each month. This means you’ll pay a total of $960. Alternatively, if you were to subscribe to Homads’ annual plan, you’d pay $190 for the year. If you were to book your property with the exact same booking, you’d save $770 in transaction fees alone. This excludes any additional bookings you may receive through Homads.
$4,000/month rental x 3 months
8% transaction fee = $320 x 3 = $960
Vs
$190/year annual plan
LIMITATIONS OF FREE PLAN
So what are the limitations of the unpaid plan?
For most mid term rental inquiries, you’ll want to know a bit more about the potential renter. This is difficult to do if you can’t exchange contact information for a video call, property tour or screening report. We’ve tried to find alternative ways in which we could provide screening reports without sharing contact information but as of right now, we don’t have a vendor who is capable of doing this.
Therefore, the unpaid plan is great for you to gauge demand and to test out pricing as we don’t penalize for declining a reservation request.
WHAT DOES THE PAID PLAN OFFER?
When you subscribe to any of our paid plans, you’ll be able to freely exchange contact information whether that be to learn more about your prospective renter to booking directly with them.
You’ll also have access to our screening reports which is integrated into our system. All you’ll need to do is send the prospective renter a link and you’ll get your screening report in your email.
Lastly, for all annual subscribers, you’ll have direct access to us whether you’d like help with optimizing your listing to troubleshooting an issue. We’re here to help.
WHAT IF I HAVE MORE THAN ONE LISTINGS?
Our subscription plans are tiered by how many listings you have on Homads. You’ll see that we offer three plans: Essential, Pro and Pro Plus.
Our Essential plan is made for those just starting out and only have one rental. It’s our most affordable plan at just $16/month if you pay annually.
Once you have more than one listing but less than 10, you’ll upgrade to our Pro plan. This allows you to have unlimited communication for up to 9 properties. The plan is based on how many listings you have total and is not related to whether your listing is marked as listed or unlisted.
Lastly, our Pro Plus plan is for those who have 10 listings or more. This is a steal for anyone who has 10 or more as you’re already paying at least half the price per listing. At just $79/month if paid annually, it breaks down to $7.90 a month per listing.
By understanding these key points, you can make an informed decision about whether a Homads subscription is right for you. You can upgrade your plan today by going to our host pricing page.