Thougts on managing STR for clients?

Question

As the title states, I am looking to get opinions on managing short term rentals for clients. I understand that there is a lot of tools to help automate the business as much as possible. I am currently an agent who has a number of clients that have asked for help managing their units but would like to hear some pros and cons of the business from others who are currently doing this. Basically, is the juice worth the squeeze? Thanks in advance for any replies.

Luke Carl · Answer

It’s a long and lonely road. I’d recommend them Evolve or Turnkey. Or better yet tell them it’s super easy to do it themselves. They’ll appreciate the honesty.

Michael Baum · Answer

Hey @Luke R., I manage ours from 360 miles away with no issues. I like to make a profit so there is no way I would pay anyone to manage it for me. My 2 cents.

Doug Pintarch · Answer

@Luke Carl is not blowing smoke.  We've done our condo for 2 full years now and just closed on our second one (Right down the street) end-of-March.  (Yeah...mid-Covid).   We have one member that does nothing but Guest Services, handles all communications with guests and check-ins and check-outs and entry codes and restaurant recommendations and "How-do-we-make-it-colder-in-here".  He is first, last, and only point-of contact for guests.  AND we exclusively use VRBO as our only site.    And some days I'm glad I'm the Money guy because I would pull my hair out if I had any talking to him.   We're thinking number 3 and 4 possibly in 21 and 22, depending on many factors of course, but he will handle them all when and if.

Doing it for several someone else's would probably start his killing spree...

Luke Carl · Answer

@Luke R. Check out BP podcast #364

Luke Rorech · Answer

@Doug Pintarch Congrats on your closing. Killing spree certainly adds some context to the answer lol.

@Luke Carl Will do. Thanks.

Luke Rorech · Answer

@Michael Baum Thanks for your reply. I realize that most savvy investors self manage in order to maximize their profits. I'm more curious if managing for other owners for 20-25% of revenue is worth the time, effort, liability, and stress.

Luke Rorech · Answer

Thanks for the response @Luke Carl. How long have you owned and self managed your str?

Thougts on managing STR for clients?

Most Popular Reply