Thoughts on Plushyhost for short term rental management?

Question

Hey BP,

Thinking of converting one of properties into a short term rental (STR). Been looking around for a great management company that specializes in this space. Plushyhost came up as a viable option, but I'm skeptical from what I've seen and heard thus far. Does anyone have any experience working with them?

Paul Sandhu · Answer

I self manage my 23 STRs in this town. 83 beds.

Michael Baum · Answer

@Navid A., what @Paul Sandhu means is that self management will be more profitable that hiring out the management.

I don't think you are saying anything all of us don't already know here on this forum.

Self management is quite easy with the right systems in place. There is no way I would be profitable with a manager taking up to 40% of the gross.

I have never heard of Plushyhost. After looking at their offerings, I don't think you get much for the $$$ IMHO.

Listings and bookings are easy to do. Price management is also easy with the right tools. Linen/Towel replacement is a nothing. I haven't lost a single sheet/pillowcase etc. Worst has been beach towels and I have had to replace about 7 in the last 4 years. They are 5 bucks each, certainly not worth 5% of my gross, each year which would be thousands of dollars for towels.

Everything else can be handled by your cleaners, no problem. Plus my gut tells me that they own the listing and if you decide to leave the service, you have to start over with your ratings etc.

My 2 cents.

Navid A. · Answer

I'll have to disagree, STR are extremely profitable. As a matter of fact, STR produce about 2-3x that of a long term rental in most of the markets I invest in. However, great management is key.

Eugene Lavatman · Answer

Besides short-term, you can look into coliving. If it's an apartment with 3 or more bedrooms, can furnish the apartment and rent by the bedroom and increase cap rate.

Paul Sandhu · Answer

The only party that is going to make a lot of money is the people that manage it.

Thoughts on Plushyhost for short term rental management?

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