Rental Property Investor · St. Louis, MO · Member since 2019 · 63 posts · 52 votes
7y
@Joe Linares yes, I own several properties myself and manage a handful for others, in my 12th year now (and not taught by Lucas). I agree with the above that a local PM who knows the area and has the contacts is usually the better choice when comparing PMs. That said, consider what your goals are and how involved you want to be then look at the choices that fit you.
If you want to self manage and would like resources, I encourage you to take a look at the Hospitality Guide by The Distinguished Guest as well as her Communications Guide.
Rental Property Investor · San Francisco, CA · Member since 2016 · 227 posts · 365 votes
7y
@Joe Linares - Evolve Vacation Rentals charges a 10% fee for marketing, booking and customer communications. They are known as one of the better STR rental management companies. They offer additional services including cleaning, re-stocking, etc. Good luck!
Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
7y
@Joe Linares Everyone on here self manages. It’s easily done from anywhere in the world. And I taught nearly all of them with the exception of The Godfather @Paul Sandhu
Happy to teach you also. For free. There’s a link in my profile.
Real Estate Agent · Fort Walton Beach, FL · Member since 2018 · 219 posts · 275 votes
7y
I completely agree that self-managing is the most profitable route and probably will provide the most guest satisfaction. That said, in a situation where an owner does not have the time to do a diligent job with responding, booking, etc, you may benefit from a property management. I do both -- self-manage my own and manage for others. I have not used Evolve, sound like they have a lot to offer. I personally am a proponent of small and local when it comes to management. When your AC breaks and you need your manager to get several replacement quotes fast (cuz it always happens in the summer, lol) a large online mgmt company may not be the best. Also, guests prefer a personal touch (hence back to self-management). But if you don't have the ability to listen to someone complain some minor issue or call to ask for fishing charter recommendations at 11pm, a property manager can be a good option (if they actually do those things). There are also various in-between options that you could negotiate with a manager (partial self-management and partial local assistance for a lower mgmt fee).
@Joe Linares - Evolve Vacation Rentals charges a 10% fee for marketing, booking and customer communications. They are known as one of the better STR rental management companies. They offer additional services including cleaning, re-stocking, etc. Good luck!
Rental Property Investor · St. Louis, MO · Member since 2019 · 63 posts · 52 votes
7y
@Joe Linares yes, I own several properties myself and manage a handful for others, in my 12th year now (and not taught by Lucas). I agree with the above that a local PM who knows the area and has the contacts is usually the better choice when comparing PMs. That said, consider what your goals are and how involved you want to be then look at the choices that fit you.
If you want to self manage and would like resources, I encourage you to take a look at the Hospitality Guide by The Distinguished Guest as well as her Communications Guide.
Larkspur, CA · Member since 2015 · 46 posts · 43 votes
7y
I self manage. My property is in Princeville, Hawaii and I manage it from California. The most important thing is to have your pit crew in place in the event of an issue. Managers can be great as well but they will take a hefty percentage and they still need to be managed.
Property Manager · Mammoth Lakes, CA · Member since 2014 · 263 posts · 230 votes
7y
@Joe Linares where do you have an STR or where are you looking to purchase one? I think that makes a big difference in whether you decide to hire a PM or management company or to self manage.
There are LOTS of pros to self-managing, but if you live at a distance sometimes it's just not worth it. Having to trust that your cleaner is always going to do an amazing job without being checked on, having to pay someone to go change a light bulb or unclog a garbage disposal. When a guest gets lost hopefully you're around and available to try to talk them through it instead of just meeting them and showing them where to go.
However, if you go with one of the big property management companies, they'll probably charge you an arm and a leg for every service, and your guests won't have that personalized experience.
Hopefully you can find a situation that works for you and your property!
good advice if you don't travel often or want to free up your time to focus on other business ventures. if you want to promote yourself out of the mailroom, then look at local STR management companies.
good advice if you don't travel often or want to free up your time to focus on other business ventures. if you want to promote yourself out of the mailroom, then look at local STR management companies.
Evolve requires you to be there on the ground. They do none of the local stuff. Problems, cleaning, stocking, maintenance, check in/out, etc etc
The 10% fee to owner does NOT include the large fee to the guests! And they don't do booking.com
good advice if you don't travel often or want to free up your time to focus on other business ventures. if you want to promote yourself out of the mailroom, then look at local STR management companies.
Evolve requires you to be there on the ground. They do none of the local stuff. Problems, cleaning, stocking, maintenance, check in/out, etc etc
The 10% fee to owner does NOT include the large fee to the guests! And they don't do booking.com
sounds like the wrong STR company then. they are trying to do LTR management with STR. I would not pay a company like this.
I pay 25% but everything is handled to include consumables.
Hatfield, PA · Member since 2012 · 1k+ posts · 629 votes
7y
I have the most important vac rentals in America. Wouldn't trust anyone with it. It is part of a larger set of businesses. And many prop mgmt companies are borderline useless.