Property management fees in Smoky Mountains
I was initially pleasantly surprised when I looked at the prices and gross rental revenues in Gatlinburg, TN for vacation rental properties. 20% ratios of rent/ asking price are not uncommon. When I dug deeper, I found out that property manage fees are a whopping 40%! That takes away all the profits. Property management firm claims high fees are justified because of high marketing costs and excellent service for tenants. Really? While I could probably find management firms with a 20% cost, I wonder how good their marketing will be? Outer Banks, NC have fees in the 14% range, and Florida Keys in the 10% range.