Management Fees & Structure Questions

[Josh Ball]

I've always managed my own properties or family members STR. I had someone approach me about hosting for them in a condo that I've got 3 units currently in & no idea where to even begin as far as fees, responsibilities, personal insurance, setup LLC, etc.

Can anyone lend me some insight into percentages, flat fees or how I should structure this if I decide to? Currently using Hostaway so I know there will be start up costs for these addition units if I elect to do it. Assuming I could pass that on to the owner?

This isn't a market with many STR, I manage the only 3 STR in the entire condo building currently. Small country town that is slowly picking up steam for its "Hallmark" feel but no other property managers to really compare to or base off of.

[John Underwood]

20% seems pretty standard for a boots on the ground local PM.