Management fees for MTR

Greensboro, North Carolina
Medium-Term Rentals
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Management fees for MTR

Evan Kline
Real Estate Agent · Winston Salem, NC · Member since 2016 · 83 posts · 122 votes

My wife and own some MTR's in the Winston Salem area. We've had a lot of success and I got my RE license to help with our own investment and also help others replicate what we've done in Winston Salem. 

I've had a good number of people reach out and ask if we can manage MTR's for them. What are good management fee structures you've seen in the MTR world? Splitting the difference between a LTR management fee (10%) and STR fee (20-30%)? Charging 10% with an additional fee for turnovers? Curious to hear what's been working well for others, whether you manage yourself or have your properties managed by others.

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Patrick O'SheaPro Member
Investor · Upper St Clair, PA · Member since 2013 · 96 posts · 112 votes
3y

I manage myself in Pittsburgh, PA. After setup, my effort is really low. I use turno.com (formerly turnoverBnB) and cleaners accept jobs based on my Airbnb calendar. I don't accept rentals short of 30 days and most guests stay 3-6 months.

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  • Afoma Okwudiafor
    Member since 2019 · 25 posts · 12 votes
    3y
    Quote from @Evan Kline:

    My wife and own some MTR's in the Winston Salem area. We've had a lot of success and I got my RE license to help with our own investment and also help others replicate what we've done in Winston Salem. 

    I've had a good number of people reach out and ask if we can manage MTR's for them. What are good management fee structures you've seen in the MTR world? Splitting the difference between a LTR management fee (10%) and STR fee (20-30%)? Charging 10% with an additional fee for turnovers? Curious to hear what's been working well for others, whether you manage yourself or have your properties managed by others.


     I manage my properties myself here in RI. Actually started looking into expanding to Winston Salem recently (more affordable properties). Would love to connect with you! But 10% is what I am using in my analysis. I have never worked with a property manager but if the numbers work, I will be willing as it brings us closer to passive income

    0Reply
  • Patrick O'SheaPro Member
    Investor · Upper St Clair, PA · Member since 2013 · 96 posts · 112 votes
    3y

    I manage myself in Pittsburgh, PA. After setup, my effort is really low. I use turno.com (formerly turnoverBnB) and cleaners accept jobs based on my Airbnb calendar. I don't accept rentals short of 30 days and most guests stay 3-6 months.

    2Reply
  • Nicole Heasley Beitenman
    Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
    3y
    Quote from @Patrick O'Shea:

    I manage myself in Pittsburgh, PA. After setup, my effort is really low. I use turno.com (formerly turnoverBnB) and cleaners accept jobs based on my Airbnb calendar. I don't accept rentals short of 30 days and most guests stay 3-6 months.


     I had never heard of turno! Thanks for sharing.

    1Reply
  • Allen DuanPro Member
    Property Manager · Los Angeles, CA · Member since 2022 · 590 posts · 463 votes
    3y

    We manage MTRs in Los Angeles and our fee is 15%. Happy to share more about managing MTRs if you decide to pursue that.

    1Reply
  • Jessica Stevenson
    Real Estate Broker · Manchester, NH · Member since 2017 · 149 posts · 103 votes
    3y
    Quote from @Patrick O'Shea:

    I manage myself in Pittsburgh, PA. After setup, my effort is really low. I use turno.com (formerly turnoverBnB) and cleaners accept jobs based on my Airbnb calendar. I don't accept rentals short of 30 days and most guests stay 3-6 months.


     Are you renting out apartments in multifamily homes or single family?

    0Reply
  • Evan Kline
    OP
    Real Estate Agent · Winston Salem, NC · Member since 2016 · 83 posts · 122 votes
    3y

    @Allen Duan Thanks for the input, that's helpful!

    0Reply
  • Patrick O'SheaPro Member
    Investor · Upper St Clair, PA · Member since 2013 · 96 posts · 112 votes
    3y
    Quote from @Jessica Stevenson:
    Quote from @Patrick O'Shea:

    I manage myself in Pittsburgh, PA. After setup, my effort is really low. I use turno.com (formerly turnoverBnB) and cleaners accept jobs based on my Airbnb calendar. I don't accept rentals short of 30 days and most guests stay 3-6 months.


     Are you renting out apartments in multifamily homes or single family?


     I have a 6-unit building.

    1Reply
  • Julie Washburn
    Member since 2023 · 7 posts · 7 votes
    3y

    I would love to know of any mid term rental property management companies that service the Seattle/Tacoma area.

    0Reply
  • Anthony Angotti
    Real Estate Agent · Pittsburgh, PA · Member since 2015 · 1k+ posts · 846 votes
    3y
    Quote from @Patrick O'Shea:

    I manage myself in Pittsburgh, PA. After setup, my effort is really low. I use turno.com (formerly turnoverBnB) and cleaners accept jobs based on my Airbnb calendar. I don't accept rentals short of 30 days and most guests stay 3-6 months.


     Where are your properties? Around the hospitals?

    Always wondered about MTR for Pittsburgh. 

    0Reply
  • Patrick O'SheaPro Member
    Investor · Upper St Clair, PA · Member since 2013 · 96 posts · 112 votes
    3y

    I have a 6-unit building in Pittsburgh's Southside. I've been doing it a year and the majority of the tenants have been medical professionals. I've also had a student and a couple of remote workers for about a month each. I started with 2 units and I'm going to continue to transition units as they become available.

    2Reply
  • Conner Olsen
    Real Estate Agent · Austin, TX · Member since 2020 · 1k+ posts · 941 votes
    3y
    Quote from @Evan Kline:

    My wife and own some MTR's in the Winston Salem area. We've had a lot of success and I got my RE license to help with our own investment and also help others replicate what we've done in Winston Salem. 

    I've had a good number of people reach out and ask if we can manage MTR's for them. What are good management fee structures you've seen in the MTR world? Splitting the difference between a LTR management fee (10%) and STR fee (20-30%)? Charging 10% with an additional fee for turnovers? Curious to hear what's been working well for others, whether you manage yourself or have your properties managed by others.


    We charged 15% of revenue, no fee for turnovers.

    0Reply
  • Jonathan StyerBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2018 · 330 posts · 396 votes
    3y

    Chiming in to say that we charge 15% here in Columbus, OH as well. 

    Styer Real Estate Professionals4.941 Reviews
    WebsiteView Page
    0Reply
  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    3y
    Quote from @Jonathan Styer:

    Chiming in to say that we charge 15% here in Columbus, OH as well. 

     @Jonathan sty

    @Jonathan Styer do you do short term as well? what is that rate? 

    [email protected]786-494-6766
    Section 8 Launch52 Reviews
    WebsiteView Page
    0Reply
  • Jonathan StyerBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2018 · 330 posts · 396 votes
    3y
    Quote from @Robert Ellis:
    Quote from @Jonathan Styer:

    Chiming in to say that we charge 15% here in Columbus, OH as well. 

     @Jonathan sty

    @Jonathan Styer do you do short term as well? what is that rate? 

    Yes, we do short term. We charge 15% for the first 90 days the property is live and then we go to 20% after that. 
    Styer Real Estate Professionals4.941 Reviews
    WebsiteView Page
    1Reply
  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    3y
    Quote from @Jonathan Styer:
    Quote from @Robert Ellis:
    Quote from @Jonathan Styer:

    Chiming in to say that we charge 15% here in Columbus, OH as well. 

     @Jonathan sty

    @Jonathan Styer do you do short term as well? what is that rate? 

    Yes, we do short term. We charge 15% for the first 90 days the property is live and then we go to 20% after that. 

    we will have to connect I'll send you a PM 

    [email protected]786-494-6766
    Section 8 Launch52 Reviews
    WebsiteView Page
    0Reply
  • Bonnie Franklin
    Member since 2023 · 2 posts · 0 votes
    3y
    Quote from @Julie Washburn:

    I would love to know of any mid term rental property management companies that service the Seattle/Tacoma area.


     We do. Happy to help. 

    0Reply
  • Sara Frank
    Realtor · Baltimore, MD · Member since 2020 · 255 posts · 182 votes
    3y

    I manage my own, but I've had people ask me to manage theirs as well and I ran into the same question of how much to charge. From my research, it seems that 15% is the standard of monthly rate for MTR. It's the literal middle ground between long term (10%) and short term (20%). No placement fees though, since that would rack up for the owner with more than 3+ tenants per year. 

    0Reply
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