How much should you pay a short term rental manager?
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- Опубліковано 1 чер 2024
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In this episode, we are going to talk about property management fees and how much should you pay your vacation rental property manager.
Timestamps:
0:00 - Episode Topic
0:34 - #askvrm question from the Host Nation Facebook Group
1:37 - How much should you pay for a short term rental property manager?
5:20 - Different services inclusion for different short term rental property manager rates spectrum
8:37 - The importance of matching your vacation rental property manager to the style and needs of your property management
10:45 - Free resources for finding the perfect short term rental property manager that fits your needs
11:29 - Question of the day
📝Show Notes (Property manager questionnaire is here)
www.ShortTermSage.com/vrm123
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Helpful video
any suggestions for airbnb/ property managers in panama city, panama or panama pacific coast?
Is this about who is responsible for making the arrangements for everything that entails an Airbnb or who is financially paying for the different elements?
Were can i find the manager ?? On the Airbnb app??
Yes thats what I want to do guestbooks, chatbots or messenger up to a decent hour, newsletter, copywriting, finding decor, design, styling, amenities a flat fee. Pick 3 and it's $300/mo maybe. Mostly shopping, Communication and design.
I have the exact same interests. Since its been a year.... how has your progress been? Any advice? I want to offer the same services but I don't have any real estate credentials.
Great video!...If you need help with off- loading the communications part of your STR business. Please let me know. I am from the Philippines and I help STR property owners outsource customer service representatives to the Philippines.
Quintana Roo. Cancun Mexico
Puerto Penasco, Mx
Charlotte, NC!
Hey Kennedy, If you need help with off- loading the communications part of your STR business. Please let me know. My name is Joe and I am from the Philippines and I help STR property owners outsource customer service representatives from the Philippines.
A big one .. who does renter call if the A/C isn't working in July? ... I took that call last July and got an A/C company to look at my unit .. found out that a small part needed to be replaced .. however it was not available until 3 days later on a Tuesday. Yes , these things happen even though my unit was newer , still under factory warranty and was just checked out a month before in June .. and everything was good.
Just need to let the guest know you are working on fixing it. You can offer them a credit to come back at a future date if they decide to stay.
I reimburse them the 3 nights without AC...it hurt me as it was prime time...but it was the right thing to do.
Your host/ concierge should be taking those calls.
My property is in Vista, Ca
Hey Jorge, If you need help with off- loading the communications part of your STR business. Please let me know. My name is Joe and I am from the Philippines and I help STR property owners outsource customer service representatives from the Philippines.
What would you estimate the value of having the PM provide sheets towels linen and they are not using your laundry to clean the items? What is the estimated value of the PM providing incidentals for guests?
PM don't typically pay for linen replacements. Thats on the host. PM might pay for amenity replacements.
I offer linens as part of my services. We wash and dry offsite in our laundry facility and have our housekeepers bring it to and from the property during turnover. We learned years ago to find your linen loss rates and build in a cost into the cleaning fee that covers the linen loss rate. Taking the linen burden off our homeowners saved them thousands a year and keeping a loss rate built into the cleaning fee ensures we never have to go after guests for linen damages. Win/win for everyone.
My property is located in Spokane, WA.
Hey SouthHill Serenity, If you need help with off- loading the communications part of your STR business. Please let me know. My name is Joe and I am from the Philippines and I help STR property owners outsource customer service representatives from the Philippines.
1st time ever n gettin hit by ads b4 it starts so okay bye better luck next time
Does anyone have the list he was referring to ? I don't see the link
Link is on our show notes page
Are rental managers suppose to charge their % fee before taxes? Or after taxes?
Before taxes
Why don t more property managers take on some of the STVR business risk by leasing a property from the property owner and paying for furnishings?
That’s usually arbitrage and it’s extremely risky. As LTR prices soared the last two years, it left margins so tight, the STR host is at extreme risk. I’ve watched countless deals like this fall apart the moment they entered low season and couldn’t cover the rents with such low occupancy.
@@jaredhigginbotham7055 why is it “extremely risky” ? Gross income is usually 2x the lease payment.
Triple net leasing has been around for decades. Leasing is not arbitrage.
A good property manager has efficient marketing and operations systems. Most property owners prefer a steady fixed income with no fluctuation in income. NNN Leasing gives passive investors no business risk.
@@jaredhigginbotham7055 you never saw passive investors have new construction STVRs built for them by a builder/ property manager.? In such an arrangement LTR has nothing to do with the lease payments. Lease payments are based on the construction cost of the STVR.
I now have my credentials for running a STR management company. Now how do I find clients willing to hire me to manage their property? I work out of Pigeon Forge, TN. I have told a few people that I know and they said they would let other know but the word isn't getting to the right ears.
More videos on that soon!
I'm looking to start my own management business as well. Do you have any advice on what credentials I need? Thanks!
@@melaniebalaj9640 It depends on what state you are in. Call the state Real Estate Commission in your state.
I had one tell me 12%, but she asked for a a pre paid card to purchase things like toiletries and towels. Does that sound fair?
if its 12% management and you pay for toiletries thats fair.
Is getting a PMS easier and cheaper?
a pms is just a tool, its easier to manage your property if you use one.
25% is more like it.
I can offer co-hosting. I'm in the Jacksonville, FL area. I also have a cleaning business. I just need to know where I can find people to help host?
Do you know any PM in Tampa Fl area
Hey Leah, If you need help with off- loading the communications part of your STR business. Please let me know. My name is Joe and I am from the Philippines and I help STR property owners outsource customer service representatives from the Philippines.
@@joedurana6284 I'm looking to create my own STR management business. Tell me more or lets find another way to contact one another!
Hello, what's co host if you don't mind?
I clicked on the Property manager questionnaire link and there was no questionnaire.
If you haven't found a decent property manager, please let me know! I would be happy to help!
I had a lady tell 600.00 a month, I thought she out her mind.
What was in her services?
@@amberscott4262 she just said to co-host,so I assumed she was doing it all
@@stanmoney8470 Where did she fall short?
Can you have a property manager if you are doing Airbnb arbitrage?
Sure
Your haircut needs some work bro
Working on it