I'm considering moving forward with a Zeus partnership for the furnished option, and was curious if anyone had any recent feedback about them? They manage quite a few properties in the Seattle area, where I purchased.
I gave my townhouse in capital hill (Seattle) to them to manage/rent out and the revenue has been lower than what I would have gotten if I just rented out long-term.
So I asked for the property back on Aug 31, 2023 and when they handed over, they left the furnitures there, and a bunch of un-repaired non-fair wear and tear - big damage in the wooden floor, molded grout in the shower, etc. After I demanded a repair, they are taking forever to get back to me and the response is slow. It's been 13 days since the promised handover date (Aug 31) and they are not replying back. And I need to move in to the place within the next few days. I've already reached out to my lawyer.
Standard in Seattle right now is 8-10%/Mo. for management plus an additional 50%-100% FMR leasing fee.
If Zeus is charging anything over that than I personally wouldn't pursue.
If they get "above market rent" but turn over corporate placed tenants every three months and charge a leasing fee each time, this could be a terribly expensive service.
In addition, and from my experience, furnished homes do not outperform furnished homes here in Seattle.
Investor · Vancouver, WA · Member since 2014 · 11 posts · 5 votes
3y
I have a triplex in Portland, OR. Recently boarded with Zeus Living as manager. Previously I self-managed with Airbnb co-hosts for a year as furnished mid-term rental. Very few managers offer mid-term furnished management and I was not able to find the right fit among local managers, hence turning to Zeus. In the Portland market from direct experience, the right properties do rent for significantly higher as furnished mid-term rentals, though the management burden is significantly higher than long-term rental.
Main reasons for going down this path:
--Higher quality tenants. My heart goes out to people struggling to get by, but in most major cities, politicians are forcing lower barriers to applicaiton acceptance, obligating landlords to accept tenants at risk of defaulting on rent. People who come as mid-term guests are virtually always high earners with high standards of conduct. Many places bar or restrict landlords from renting to convicted criminals. Approximately 1/3 of the US population has a criminal conviction, roughly the same amount that has a college degree. Many if not most mid-term guests are traveling nurses or other medical profesisonals. Who have a high bar for meeting their professional qualifications.
--Reduced risk of damage and eviction. Mid-term guests usually have other plans where they will be going next and the means to do so. They know their units will be cleaned (and inspected) regularly, and on many platforms, they will be publicly reviewed. They are much more like hotel guests than long-term renters. Long-term renters who find themselves in dire financial straits and unable to pay have many legal rights to stay for months or years when the landlord at their own expense must go through court eviction. Mid-term guests are much less likely to attempt to cheat the system.
--Flexibility to change course. More states are promoting housing stability by removing no-cause evictions and obligating landlords to continue renting to tenants unless landlord can prove an egregious and evictable offence. More states and local areas are adopting rent controls, so landlords risk not only being stuck with tenants whose behaviors fall just below the threshold of evictable, while at the same time, stripped of the ability to charge market rent. In Oregon, many landlords are statutorily obligated to pay tenants to move. Mid-term rentals give maximimum flexibilty for landlords to change course with the property including: live their yourself, conduct repairs or renovations, allow family to move in, rent short-term, change management companies easily, and adjust rent to market conditions.
Mid-term rental being more labor and resource (furnishing) intensive, and reuqiring higher standards of care for the property, of course management costs more. I'm in this assuming the higher rent washes out with the higher management fees as well as furnishing costs. Even if rent were slighly lower, I would still do it for all these benefits. For me, winning at real estate looks like properties covering the mortgage and management taking care of the tenants. Hold on to your properties like this for decades, and investors will outstrip virtually any investment I can think of while taking advantage of tax reductions that very few other opportunities afford.
Love to hear from anyone else with Zeus or other competitors. I tried reaching Avenue West many times, but they do not offer services where I have properties. HelloLanding is another competitor, but I will consider them half-service. They find and manage guests, but landlord is 100% responsible for furnishing, cleaning, and maintenance. I need to use my time primarily acquiring other investments.
I gave my townhouse in capital hill (Seattle) to them to manage/rent out and the revenue has been lower than what I would have gotten if I just rented out long-term.
So I asked for the property back on Aug 31, 2023 and when they handed over, they left the furnitures there, and a bunch of un-repaired non-fair wear and tear - big damage in the wooden floor, molded grout in the shower, etc. After I demanded a repair, they are taking forever to get back to me and the response is slow. It's been 13 days since the promised handover date (Aug 31) and they are not replying back. And I need to move in to the place within the next few days. I've already reached out to my lawyer.
I gave my townhouse in capital hill (Seattle) to them to manage/rent out and the revenue has been lower than what I would have gotten if I just rented out long-term.
So I asked for the property back on Aug 31, 2023 and when they handed over, they left the furnitures there, and a bunch of un-repaired non-fair wear and tear - big damage in the wooden floor, molded grout in the shower, etc. After I demanded a repair, they are taking forever to get back to me and the response is slow. It's been 13 days since the promised handover date (Aug 31) and they are not replying back. And I need to move in to the place within the next few days. I've already reached out to my lawyer.
So yeah, avoid if you can
Hi, I am in San Jose ca area. I have a unit with Zeus, they are late to pay their rent.
I gave my townhouse in capital hill (Seattle) to them to manage/rent out and the revenue has been lower than what I would have gotten if I just rented out long-term.
So I asked for the property back on Aug 31, 2023 and when they handed over, they left the furnitures there, and a bunch of un-repaired non-fair wear and tear - big damage in the wooden floor, molded grout in the shower, etc. After I demanded a repair, they are taking forever to get back to me and the response is slow. It's been 13 days since the promised handover date (Aug 31) and they are not replying back. And I need to move in to the place within the next few days. I've already reached out to my lawyer.
So yeah, avoid if you can
Hi, I am in San Jose ca area. I have a unit with Zeus, they are late to pay their rent.
My question is: since they are a company. Can I evict them? I am with their revenue share program. Currently , there are guest stay there.
Property Manager / Investor · San Jose, CA · Member since 2013 · 779 posts · 301 votes
3y
Depending on what kind of agreement you signed with them will determine how you terminate. Did they sign a lease or a management agreement. Either one should specify how to end the relationship.
Depending on what kind of agreement you signed with them will determine how you terminate. Did they sign a lease or a management agreement. Either one should specify how to end the relationship.
Property Manager / Investor · San Jose, CA · Member since 2013 · 779 posts · 301 votes
3y
@Sue Deng It sounds like a residential lease agreement. Is there a specified late fee? Are you charging it to them. When does their lease end? You can only terminate/evict if you have a valid reason. Not paying rent is one of them. But that is a process, which usually has giving them a 3-day notice for non-payment of rent.
What is your goal for your property? That should help guide you in how to proceed.
I went to search online and it looks like it is happening across the board. Zeus has not made their payment this month and is not replying to emails for phone messages. What are the next steps to take back our proprety?
I just received an email from them tonight and it says they will not be able to make any future payments and the business is winding down. I believe there are tenants still living inside my unit, but if they have paid Zeus but Zeus goes bankruptcy, what’s the right process here to get my property back? Can we connect on this? Would be super helpful to chat with other landlords here over the phone. Thanks!!
I just received an email from them tonight and it says they will not be able to make any future payments and the business is winding down. I believe there are tenants still living inside my unit, but if they have paid Zeus but Zeus goes bankruptcy, what’s the right process here to get my property back? Can we connect on this? Would be super helpful to chat with other landlords here over the phone. Thanks!!
I received the similar message. Yes, I would like to connect. Can we exchange contact info?
I just received an email from them tonight and it says they will not be able to make any future payments and the business is winding down. I believe there are tenants still living inside my unit, but if they have paid Zeus but Zeus goes bankruptcy, what’s the right process here to get my property back? Can we connect on this? Would be super helpful to chat with other landlords here over the phone. Thanks!!
I received the similar message. Yes, I would like to connect. Can we exchange contact info?
I would like to connect too. I got the same message for my unit in SoCal though there has always been tenants inside.
Investor · Sunnyvale, CA · Member since 2015 · 29 posts · 1 vote
2y
I have two units with them.
One is master lease till December next year. Currently, no tenants.
Another one is revenue sharing till May next year. There are two bookings. Currently there are tenants from the 1st booking till md December, the 2nd booking from December to mid January.
I would like to take both properties back. Not sure if we still need to take any legal actions. Also not sure the new company “blueground” policy.
Tianyu and Sue - let's connect! I just sent you a connect request with my cell info. Would be helpful to chat about it.
I just had a call with their corporate line (SF hotline) this morning and it was completely unhelpful. The lady on the call refused to give me the tenant info or discuss anything meaningful (I mean they are probably already looking for new jobs, so they don't care). Anyone has any idea regarding how can we figure out the lease terms they signed with the tenant and best way to reach the tenant?
Hello I’m also receiving the Zeus Living email update on they can no longer make payment and manage my property and would like to connect but this board banned me on pm😂
Hey group - if anyone has started the legal consultation and received any helpful advice, would you mind sharing them with the group? I assume this might be slightly different from state to state, but still would be helpful to get an idea on next steps / eviction processes, etc. Thank you!
Hey guys - I have a property in the Seattle area that was being managed by Zeus. Also received the email a couple days ago. Has anyone gone to their property and spoken with the subtenant? I have a consult with a lawyer tomorrow, will update you afterwards. Feel free to PM me if you wanna connect.