Loftium's lease is built around two different agreements: a Lease and a Loftium Services Agreement.
- Lease: Our lease is a typical rental agreement that includes things you see in any ordinary rental agreement like rent, security deposit, lease term, and other related items. One unique aspect of the Lease is that it says if you elect to sign a Loftium Services Agreement and host your own guest unit in part of the home (with our help) then you’re eligible for discounted rent.
- Loftium Services Agreement: This is the agreement that allows us to offer discounted rent to you! As long as you sign and abides by the terms of this agreement, your rent payment will be reduced to the discounted rent rate in the Lease, regardless of how the guest unit performs. By signing this agreement, renters agree to:
- Set up your guest unit with the furniture we send and prepare the unit to be listed on Loftium's hosting platforms by a certain deadline (usually 15 days after move-in).
- Take care of the day-to-day administration of the guest unit, including things like updating the listing, cleaning the unit between guest stays, communicating with guests, supplying and restocking essential toiletries and anything else ordinarily involved in hosting a short-term rental.
- Keep the guest unit available for use by guests through the entire duration of the Loftium Services Agreement. There are some instances where this may not be possible, but we can work with you on a case-by-case basis if unique situations arise.
- With our help, apply for and maintain any permits and licenses required to operate the guest unit, and generally satisfy all other legal requirements to operate an in-home guest unit (at the end of the day, the guest space is the renter’s business!). Our team provides resources to help and, in some cases, can submit licensing and application documents to help make the process as easy as possible. We also take care of permit application fees for the renter.
For our part, we provide furniture for the guest unit, we assist in setting up the listing, help get auto-messaging setup, market the unit, consult on improving unit performance, and we’re available to help answer questions and address any concerns that may arise. We also collect the funds from Loftium's hosting platforms so that we can provide discounted rent.
This is a high-level overview of our program agreements that are intended to give you an idea of what to expect. Each of the agreements contains additional terms, so we encourage you to read them carefully. If you have any questions or if you’re interested in renting with Loftium, please contact email@example.com