Questions About Being A PM For Vacation Rentals
I'm hoping some active PMs who manage vacation rentals for investors can shed some light on this.
I have the opportunity to manage vacation rentals as part of my PM company in Wisconsin. The part I can't quite seem to figure out is how the sales and room taxes work. Does my company set up a sales tax account with the Department of Revenue and collect and hold the taxes due quarterly? Do we hold it for the owner and then pay it towards a sales tax account they have set up with the DOR?
Any software recommendations for vacation rentals?
Any pieces of advice in general about doing this? I've done a lot of research on amenities, advertising, concierge services, etc but I know that doesn't mean I know it all. LOL!
Most Popular Reply
@Corina Eufinger It depends on the state. AirBNB and VRBO have agreements now with most states to collect the taxes. You still have to have a TPT license but you file as null (at least in AZ)
Here is the AirBNB article for WI - https://www.airbnb.com/help/article/2337/occupancy-tax-collection-and-remittance-by-airbnb-in-wisconsin
VRBO - https://help.vrbo.com/articles/What-lodging-taxes-do-you-collect-for-Wisconsin
You can also use a service like Avalera - https://www.avalara.com/mylodgetax/en/index.html
As for software - for one STR - just using the tools in VRBO/AirBNB is sufficient.
Re: Advice: If you have done PM then you have a good start. A little more coddling, quicker turn-around on stays. Make sure you hav a good responsive team - cleaning, maint., etc. Communication is key.
Lastly, in the end, it is all about reviews. Make sure the guest has a good experince and you will have no problem. Be sure to ask for them. Good luck!