LPA GOVERNMENT NEWS REGARDING RENTALS FOR THE U.S. OPEN 2014 RENTING YOUR HOME FAQ S

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1 LPA GOVERNMENT NEWS REGARDING RENTALS FOR THE U.S. OPEN 2014 Key Beran was our guest speaker at a recent NAC meeting. She provided us with a packet of information regarding renting your home during both U.S. Opens. I have condensed a lot of the information to give you an overview. If you are interested in learning more about renting your home, please contact Kay at Gouger O Neal & Saunders at or For information on rentals during the Championship Events log onto RENTING YOUR HOME FAQ S Prudential Gouger O Neal & Saunders RE will be offering rental services to homeowners during the U.S. Open and the U.S. Women s Open in June of Prudential Gouger O Neal & Saunders RE is not affiliated in any way with the USGA or the Pinehurst Resort. During the tournaments, everyone must have a ticket to gain access to the Championship Events through the designated General Admission Gates. Prudential has no ability to provide tickets for either of the Championship Events and the acquisition of tickets is the sole responsibility of the individual. DATES OF PLAY: The USGA has announced the 2014 U.S. Open and U.S. Women s OPen will be played in consecutive weeks on the No.2

2 course at Pinehurst Resort & Country Club in the Village of Pinehurst, NC. The U.S. Open will be conducted June and the U.S. Women s Open will be played June WHY SHOULD I RENT MY HOME? The United States Open Gold Championships is one of the largest and oldest sporting events in the United States. People from almost every continent come to compete or watch the event. With this historic scheduling, Pinehurst will have unprecedented attendance in the tournaments. There are only a few hotels/motels in the immediate area. There will be a need for housing close to Pinehurst C.C. HOW MUCH CAN I EXPECT FROM RENTAL MY HOME? Rental prices are determined by the size of the home, number of amenities, and most important, location of the home. The closer the home is to Pinehurst C.C., the higher the possible asking rental price. The price of the rental will be discussed during the initial meeting between you and the Prudential Gouger O Neal & Saunders Rental Team. The rents for the second week of the U.S. Women s Open are anticipated to be less that the US Open (men). See the suggested Rental Rate Sheet for a guideline but it is your choice for the rate offered. HOW WILL YOU MARKET ME HOME? The Rental Team has done much research to effectively market your home. We specifically market by , phone, or regular mail to corporations that are sponsors to various international agencies and companies (including the media.) We will optimize our website and be present on Search Engines, Craigslist, Facebook, and Twitter; as well as our company site

3 HOW ARE THE PAYMENTS STRUCTURED? Distribution of the tenant s funds are regulated by Vacation Rentals Act G.S. 42A-16. No more than 50% of the total rent can be distributed to the commencement of the tenancy. Advance deposit for rent will be as follows: --15% at time of reservation --By June total of 50% % or the remainder of the deposit if a previous deposit has been made plus a 10% security deposit before occupancy. Owner funds and Agent fees will automatically be distributed equally no later than 30 days from the receipt of deposit until the agent s fees have been received in full. DO I HAVE TO PAY TAXES ON THE RENTAL INCOME? According to the IRS Publication 527: Property rented less than 14 days: If a property is rented less than 15 days, its primary function is not considered to be rental and it should not be reported on Schedule E (Form 1040). You are not required to report the rental income and rental expenses from this activity. Note: North Carolina and Moore County Sales and Occupancy tax of 9.75% must also be paid on the base rental. HOW DO I KNOW WHO WILL BE IN MY HOME? Each renter who will be staying in your home will be required to submit their name. WILL ANYONE ELSE BE IN MY HOME DURING THE RENTAL PERIOD? Only the names listed on the rental application will be permitted to STAY in your home. However, with your permission, renters may have guests over for a meal or other social gathering as long as those

4 attending do not stay the night. The rental team has more details regarding guests. HOW DO I PREPARE MY HOME FOR RENTAL? First, you need to remove all items you do not wish to have out when tenants are in your home. You can have a closet that can lock (or padlock a door), store your items in the attic or basement that may not be used, or you can store items in a storage facility for the week. Your home should be cleaned thoroughly by either you or a professional cleaning company. You should print out directions for use of the following items: - Cable/TV/Remote - Air Conditioners/Central Air Thermostat - Outdoor Grill - Access to Wifi - Use of Certain Appliances - Location of the FuseBox You should have written information about use of a pool or garage. Most important, you need specific information on how to secure your home when the tenants are at the event and at night. Other items of importance are : - Provide fresh linens on each bed and a change of linens - Provide 2 sets of towels for each renter - Telephone service should be maintained - Provide part of closet space for renter and drawer space for one week s clothing - Provide minimum of 2 TV sets with cable or satellite - Provide clean refrigerator - Authorize PGOS Rental Team to perform Emergency Maintenance if required after contacting the owner

5 - Provide internet access - Provide telephone number of person to notify in case of emergency Finally, you should have phone numbers for police, fire department, and hospitals as well as our phone number if they require assistance for an issue. DO I NEED PICTURES OF MY HOME? Yes. You can either submit digital photos of your home or we will take them. We will have photographers available for this at your expense. WHAT IS THE RENTAL PERIOD? Depending on who you rent to, the estimate of earliest day will be June 9, The tournament dates are June unless the event ends in a tie. The shortest rental period will be 1 week, if you elect to do a short rental. DO I NEED TO BE PRESENT TO HANDOUT THE KEYS? You do not have to be present to deliver the keys. If you choose not to be present, the Rental Team will provide a pick up location. New keys should be made and stamped DO NOT DUPLICATE for your safety. WHAT ABOUT DAMAGE TO MY HOME? Renters are responsible for nay damages or losses to your property during the rental period. The rental agreement states that the home will be returned in the same condition as it was found. WHAT ABOUT CHILDREN, PETS, OR SMOKING? You, as the owner, are in control as to how we can structure the rental agreement. You can allow pets or not. Renters must inform

6 owners if they are brining any children under the age of 18. ALL HOMES WILL BE MARKETED AS NON-SMOKING US OPEN SUGGESTED RENTAL RATES Below are suggested rental rates based on previous U.S. Opens and suggested rates obtained from Masters Housing Bureau. Rental prices may vary based on individual property square footage, number of bedrooms and bathrooms, location, and amenities. CONDO/APARTMENT U.S. OPEN WOMEN S OPEN 1 bedroom, 1 bath $1500-$2500 $750-$ bedroom, 2 baths $3000-$5000 $1000-$ bedroom, 2 baths $4000-$6000 $1500-$3000 2/4 BEDROOM HOMES 2 bedroom, 2 baths $3500-$6000 $1000-$ bedroom, 2 baths $4500-$7000 $1500-$2500 3/4 bedroom, 3, 3+ baths $5000-$8000 $2000-$3500 LARGER HOMES/CORPORATE PROPERTIES 4/5 bedrooms, 3 1/2 baths $7500-$10,000 $7500-$10,000 5 bedrooms, 4 baths $10,000 plus (5000 sq. ft +)