Avoid if you can.
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
Does anyone here know if Zeus tenants have to prepay their entire stay, even if it's a more than 6 months long-term rental?
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 would like to connect too. I got the same message for my unit in SoCal though there has always been tenants inside.
I also have property in SoCal. Any information would be helpful. Zeus always emailed me with tenant information when they sublet my unit. I have sent email to tentant. Will try to do lease agreement between them and me until March 2024 when their lease was up with Zeus. This willl give me time to get a new plan togehter. Any idea how to get rent owed to landlords from Zeus. They just paid me for October's payment (for Sept) but November's payment (for Oct) is due tomorrow and I am sure they collected December's payment (for Nov).
Does anyone here know if Zeus tenants have to prepay their entire stay, even if it's a more than 6 months long-term rental?
I have asked my tentant. I reached out to them. I will post when they respond.
I also have property in SoCal. Any information would be helpful. Zeus always emailed me with tenant information when they sublet my unit. I have sent email to tentant. Will try to do lease agreement between them and me until March 2024 when their lease was up with Zeus. This willl give me time to get a new plan togehter. Any idea how to get rent owed to landlords from Zeus. They just paid me for October's payment (for Sept) but November's payment (for Oct) is due tomorrow and I am sure they collected December's payment (for Nov).
Zeus never informed me when any tenants moved in or out. They haven’t paid me since September (August Rent). My property is currently rented until December. Found out today.So I am out rent from September onwards.
I am going to put a Notice at my Property tomorrow to evict Zeus. ( Non-payment of rent ). My other worry is how do I get hold of my property back because seemingly Zeus has washed its hands off with an email.
I was hoping if we can all connect somehow and discuss the best possible way to deal with the situation.
Any lawyers among owners???
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 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 agree since we are all in the same boat..
I have a triplex in Portland, OR managed (for the moment) by Zeus. Spoke with rep today about logistics of getting property back. Rep offered $2k termination agreement that Zeus would pay and I would have to release liability, would get my units back. My inclination is to take it before money runs out rather than haggle. Thoughts? Love to hear from any lawyers here already familiar with Zeus situation.
1) Furniture. I spoke with my Zeus rep yesterday. I paid bulk of costs for furniture at set up. They said, keep it. What are they going to do with it? Auction off in bankruptcy?
2) Other management options. Zeus is facilitating connection with competitor BlueGround. This is quite the opportunity for Blueground to expand their business. But their reviews are less than impressive on a lot of fronts. From what I see, they manage apartments almost exclusively. Have not seen any houses or small plexes. https://www.theblueground.com/ BBB review of one local branch of Blueground: https://www.bbb.org/us/ny/new-york/profile/commercial-proper...
3) What other management options are you considering? I'm spending all day just focusing on my management alternatives. One of my biggest takeaways working with Zeus is big tech is not well suited to boots on the ground management. You can't fix plumbing by typing. I'm looking at local management companies, spending a lot of time in Facebook groups meeting people.
Saw this today - not sure how accurate the news is: https://www.bisnow.com/national/news/multifamily/short-term-rental-company-zeus-living-reportedly-closing-up-shop-121546
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.
Yes I got the notice too. I have tenants until the end of December.
Emailed them about the furniture, they said keep it.
Found out from the tenants in my unit that they have already pre paid gor their stay until the end of Dec
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 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.
Ok found some concerning reviews for BlueGround from tenants' point of views on BBB but have yet to find an owners thread or reviews of the company from owner's point of view . I do not think they will be interested in taking all Zeus properties either. Maybe the ones that have tenants or are not SFH as they seem more interested in condos etc.
I learned from our tenants that they have prepaid up to Dec 31 when their lease expires. So I don’t think I am going to get Nov or Dec rent. What if your tenants have already paid up to March.
I also have property in SoCal. Any information would be helpful. Zeus always emailed me with tenant information when they sublet my unit. I have sent email to tentant. Will try to do lease agreement between them and me until March 2024 when their lease was up with Zeus. This willl give me time to get a new plan togehter. Any idea how to get rent owed to landlords from Zeus. They just paid me for October's payment (for Sept) but November's payment (for Oct) is due tomorrow and I am sure they collected December's payment (for Nov).
Emailed them about the furniture, they said keep it.
Was the furniture provided by Zeus initially or by you?