Management Fees & Structure Questions
I've always managed my own properties or family members STR. I had someone approach me about hosting for them in a condo that I've got 3 units currently in & no idea where to even begin as far as fees, responsibilities, personal insurance, setup LLC, etc.
Can anyone lend me some insight into percentages, flat fees or how I should structure this if I decide to? Currently using Hostaway so I know there will be start up costs for these addition units if I elect to do it. Assuming I could pass that on to the owner?
This isn't a market with many STR, I manage the only 3 STR in the entire condo building currently. Small country town that is slowly picking up steam for its "Hallmark" feel but no other property managers to really compare to or base off of.
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#2 Short-Term & Vacation Rental Discussions Contributor
- Tampa, FL
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#2 Short-Term & Vacation Rental Discussions Contributor
- Tampa, FL
Management is always dependent on your market, but I can tell you how I do it in Tampa FL which is currently a competitive market with a lot of management options from your friendly local Realtor to your nationwide mega company and everywhere in between.
We offer full service at 20% and limited service at 10%.
Full service consists of everything: pricing, marketing, guest communications, tax remittances, maintenance management and housekeeping management.
Limited Service is everything full is without maintenance and housekeeping management.
There are people in my market charging 15% and even lower for full service, but they are making it up somewhere else i.e. overcharging cleaning fees, charging booking fees, etc. We feel its better to be transparent.
Hope this helps!
- Andrew Steffens
- [email protected]
- 813-563-0877
