Management fees for MTR

[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.

[Afoma Okwudiafor]

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

[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.

[Nicole Heasley Beitenman]

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.

[Allen Duan]

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

[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?

[Evan Kline]

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

[Patrick O'Shea]

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.

[Julie Washburn]

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

[Anthony Angotti]

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. 

[Patrick O'Shea]

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.

[Conner Olsen]

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.

[Jonathan Styer]

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

[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? 

[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. 

[Robert Ellis]

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 

[Bonnie Franklin]

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. 

[Sara Frank]

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.