Recommendations - Short Term Rental Property Management

20 Replies

We are closing on our next primary home at the end of this month and will be turning our current home into a STR. The STR is located near downtown Nashville.

We are looking for STR Property Management recommendations. We have had multiple calls with Evolve Vacation Rentals but we are somewhat getting cold feet due to the amount of negative reviews from both owners and guests. There are also a number of glowing reviews but would like to hear from the amazing BP Network. We were initially drawn in by their (to our knowledge) industry low management fee. That being said, I acknowledge "you get what you pay for."

Recommendations don’t have to be local to the Nashville area but are obviously welcomed.

Originally posted by @Brent Kakwitch :

We are closing on our next primary home at the end of this month and will be turning our current home into a STR. The STR is located near downtown Nashville.

We are looking for STR Property Management recommendations. We have had multiple calls with Evolve Vacation Rentals but we are somewhat getting cold feet due to the amount of negative reviews from both owners and guests. There are also a number of glowing reviews but would like to hear from the amazing BP Network. We were initially drawn in by their (to our knowledge) industry low management fee. That being said, I acknowledge "you get what you pay for."

Recommendations don’t have to be local to the Nashville area but are obviously welcomed.

 Evolve's management fee is low because they only do the easiest parts of management.  Listing and answering inquires is easy peezy.  You get stuck with the late night maintenance requests and all that jazz.  Even that is not that difficult though, self managing is the #1 option and what 90% of us here do and will recommend.

If you're set on paying someone to do the easy stuff though I'm sure someone here would do Evolve's part of things for half the price and a 5x better job.  Heck I would.  It's 20 minutes of work a week.

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I agree with @Ryan Moyer . Get set up on Vrbo and Airbnb, get a cleaning service to handle turnovers and be your eyes and ears.

You will be amazed how easy this is to self manage from your phone, and how little time it takes. Then there is the saving 30% of your GROSS income!

Another vote for self managing for the reasons already listed. Also make sure to check local str laws. Nashville has clamped way down on Str over the years.

I vote for self management, too. I self manage also our cabins. 
you can set up automatic responses foR Many questions and really aren’t needed much unless there is an issue. 

Originally posted by @Ryan Moyer :
Originally posted by @Brent Kakwitch:

We are closing on our next primary home at the end of this month and will be turning our current home into a STR. The STR is located near downtown Nashville.

We are looking for STR Property Management recommendations. We have had multiple calls with Evolve Vacation Rentals but we are somewhat getting cold feet due to the amount of negative reviews from both owners and guests. There are also a number of glowing reviews but would like to hear from the amazing BP Network. We were initially drawn in by their (to our knowledge) industry low management fee. That being said, I acknowledge "you get what you pay for."

Recommendations don’t have to be local to the Nashville area but are obviously welcomed.

 Evolve's management fee is low because they only do the easiest parts of management.  Listing and answering inquires is easy peezy.  You get stuck with the late night maintenance requests and all that jazz.  Even that is not that difficult though, self managing is the #1 option and what 90% of us here do and will recommend.

If you're set on paying someone to do the easy stuff though I'm sure someone here would do Evolve's part of things for half the price and a 5x better job.  Heck I would.  It's 20 minutes of work a week.

 Half the time they can't even answer inquiries because they're not familiar with the properties or areas. I stayed at a place managed by Evolve earlier this year and when we asked a question their "concierge" said "don't know, let me ask the owner." Sure he's thrilled to be paying for that service.

No STR management company is going to be perfect, I'd identify the KPI's that are most important to you for your investment which probably is monthly income and % over long term market rent and evaluate them based upon that. It's very easy to read reviews for big managers who sometimes take on crappy properties because they grow too fast.

Originally posted by @John Underwood :

I agree with @Ryan Moyer . Get set up on Vrbo and Airbnb, get a cleaning service to handle turnovers and be your eyes and ears.

You will be amazed how easy this is to self manage from your phone, and how little time it takes. Then there is the saving 30% of your GROSS income!

Thank you for taking the time to respond. I've got a great cleaner for my primary who I've already began discussions with for the STR. 30% is insane and I've heard industry standard is 20-30% that's why that 10% was enticing but I'm glad that I reached out to the community.

Originally posted by @Gerald Pitts :

Another vote for self managing for the reasons already listed. Also make sure to check local str laws. Nashville has clamped way down on Str over the years.

Thank you for your input Gerald! Yes, I'm working through my STR checklist now and just waiting on the adjacent properties around me to respond/refuse.

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Originally posted by @Rolly Weaver :

I vote for self management, too. I self manage also our cabins. 
you can set up automatic responses foR Many questions and really aren’t needed much unless there is an issue. 

Thanks Rolly!  That's great feedback on the automatic responses!

Originally posted by @Dave Stokley :
Originally posted by @Ryan Moyer:
Originally posted by @Brent Kakwitch:

We are closing on our next primary home at the end of this month and will be turning our current home into a STR. The STR is located near downtown Nashville.

We are looking for STR Property Management recommendations. We have had multiple calls with Evolve Vacation Rentals but we are somewhat getting cold feet due to the amount of negative reviews from both owners and guests. There are also a number of glowing reviews but would like to hear from the amazing BP Network. We were initially drawn in by their (to our knowledge) industry low management fee. That being said, I acknowledge "you get what you pay for."

Recommendations don’t have to be local to the Nashville area but are obviously welcomed.

 Evolve's management fee is low because they only do the easiest parts of management.  Listing and answering inquires is easy peezy.  You get stuck with the late night maintenance requests and all that jazz.  Even that is not that difficult though, self managing is the #1 option and what 90% of us here do and will recommend.

If you're set on paying someone to do the easy stuff though I'm sure someone here would do Evolve's part of things for half the price and a 5x better job.  Heck I would.  It's 20 minutes of work a week.

 Half the time they can't even answer inquiries because they're not familiar with the properties or areas. I stayed at a place managed by Evolve earlier this year and when we asked a question their "concierge" said "don't know, let me ask the owner." Sure he's thrilled to be paying for that service.

That makes a lot of sense.  Thanks for the reply!

Originally posted by @Marc Rice :

No STR management company is going to be perfect, I'd identify the KPI's that are most important to you for your investment which probably is monthly income and % over long term market rent and evaluate them based upon that. It's very easy to read reviews for big managers who sometimes take on crappy properties because they grow too fast.

Yeah, I could definitely see that and that is a good point.  Thank you for the reply Marc!

@Danielle Jackson thank you for your input Danielle! From the majority of replies on this post it sounds like self managing is the best route. I also started the audiobook short term rental, long term wealth today. This is shifting my mindset to agree with the majority here!

@Brent Kakwitch do you have a permit for your current home? It's going to be NOO at that point, so will it even be eligible?

There's no reason to pay a mgt co if you have one STR and especially if you are local.

@Luka Milicevic working through the permit process now.

Seems like the resounding answer has been to self-manage and the more I’m reading/finding that’s the best option. Channel managers and other software platforms seem to make this way more hands off than I initially expected. Like you said, it’s one property and we are going to be local.

We are closing on a property meant exclusively for STR in 2 weeks. We found a great STR manager in Nashville as well. I HIGHLY recommend checking your zoning before getting too deep into your research. If you are zoned in any of the "RMs", then you have till January 2022 before they will no longer cut a permit for those zones and from my understanding the permitting process will take roughly 60 days (they are backlogged/busy right now).

If you need help figuring out your zoning, feel free to reach out.