I am looking for good property management company who can provide me analysis that how much I can make from my single family house in Richardson TX. It is a 4000 SQFT 5 Bed and 3.5 bath house.
My property is in the north suburb on Dallas TX.
If you can get your purchase price of your home back with 6 months of rent, you're doing pretty good. It may take you 7-12 real calendar months to get 6 months of rent because of vacancies between occupancy. This is also before any expenses such as utilities and PM fees.
In your area you could make $2500/mo starting out pricing it at $125/night with no reviews. You can get up to $5000/Mo on your high end pricing it at $250/night after 5-10 reviews. You can bypass all of this by putting a corporate renter in there for $5000/Mo. Easy to find corporate renters in the Richardson area. Good luck with your STR/corporate rental.
I am relocating to CA. I am looking for full service PM who can manage my property, listings. Do you know any local PM who I can talk to and get pricing?
To plagiarize someone else on this forum...find a cleaning lady that does a good job. Make her your PM.
Hey Kashif, not a bad idea from Paul if you find a longer, corporate stay tenant.
If you instead go for daily/weekly guests coming in and out, be sure you handle the pricing and communications with guests. Pricing it daily will help keep you at the top on airbnb's search results and quick responses to guests or inquiries also boost you in the rankings. This can be tedious unless your PM's full-time job is managing airbnb's/short term rentals.
Good luck, wish I knew someone around Richardson for you!
The Chard has some rules about AirBNB I believe if you check the city website. Rental Registration at cor.net
On August 12, 2013, the Richardson City Council adopted a number of enhancements to the Rental Registration Program to create efficiencies for property owners and tenants including:
• Interior inspections are no longer mandatory but are highly recommended to ensure the property adheres to regulations designed to protect the safety and welfare of the tenants. A tenant may request an interior inspection at any time by contacting Community Services.
• Exterior inspections of the premises including the yard and around the building are mandatory and will be conducted on an annual basis. Additional information will be provided to you prior to the annual inspection date for your property via regular mail and a door hanger.
As a reminder, a completed Rental Registration Program application is required at the initial registration of the property and registration updates will continue to be required within 30 days of a change in occupancy or tenancy.
A non-refundable rental registration fee of $75.00 is assessed for each property and is due in January of every year. A statement for the rental registration fee will be mailed to you on January 2 or within 30 days of receiving an initial registration form if you register a property during the year.
In an effort to keep rental property owners and tenants informed about changes to policy or procedure, or to provide specific inspection information about your property, we are asking owners of such rental property to use the update links below to provide us with a working email address. This address will not be given out or provided to anyone not associated with the Rental Registration Program. If you do not currently have an internet service provider or a working email address, you may set up a free account with services such as Yahoo, Google, Hotmail, or MSN in order to be able to receive future correspondence, renewal notices, or other necessary information about your property or the rental program.
I use iPhone to manage my vacation rentals. It cost me $1100 up front but it gets the job done with just a few clicks a day. It currently manages 5 vacation rentals while I also have a full time job.
This question is asked several times per month and my answer will always be the same. Do it yourself! Otherwise you'll lose money.
Good luck! Happy to talk to you about self management should you choose that long and winding road to early retirement!
I recently found out about a company called Evolve that manages short term rentals. I was looking into it for a family member that has a second home in Vermont. I don't know what areas of the country they service but they have reasonable fees and said they would take care of everything- marketing, reservations, property management. My family member ultimately decided not to rent out their home so I can't comment on their service but it might be worth looking into.
@Kerry Mertz Hi Kerry, Evolve is not a full-service management which it seems you require. They handle reservations/marketing and contract out the "boots on the ground" if you can't find your own handymen etc. So even though it is 10% commission the inspectors/handymen will be costly when you add up all their service calls for guests issues/inspections etc.
Vacasa(largest VR company in the nation) may service your area as well as Turnkey Vacation Rentals(my previous company). They have the lowest commission fees due to their bulk of homes nationwide.
Ultimately you will make more doing it by yourself but be prepared for a lifestyle change as you will be glued to your phone/computer everyday communicating with guests especially in season.
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