All Forum Posts by: Jingru Sui

@Andrew C. Maybe internal management? like the mother company own all the properties and management company will automatically get all the units the mother company acquire. they are manage big volume and make money on other things like cleaning and furnishing?

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@Paul Sandhu Thank you very much! Does it include cleaning fee?

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@Paul Sandhu Hey does the fee include furnishing and repair fee?

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Hey John, thank you for your response! it's very helpful! I'm actually going to found a management company that manage short term rentals. My partners have about 40 units and we have a cleaner and handyman on call. We are trying to identify each partner's responsibilities the same time control our liability. The goal is to set streamline process to help expand our business. I want to know what other property management companies are charging for short term rental because the price we set (internally) should be a market rate to be sustainable.

Thanks again!

Originally posted by @Account Closed:

@Jingru Sui For LTR I see 8-12% alot and for STR it can range up to 15-25% depending on how much work load the management company has to take on.

If possible, it may be better to try to automate your business the best that you can and just hire a cleaner that you trust who will also help be your eyes/ears. Then have a couple handyman you can rely on to fix any issues that arise. You will still maybe have 1 hour a week that you deal with things depending on the property but if it's all running smoothly then it's better than handing over such a large % to a management company.

Also, depends on how many units you have, etc. If it's worth it to be hands off though bc your cash flow is still there then it's worth it.

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Just want to see what other firms are charging and their responsibilities included in the fee. Thank you in advance!

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I like smartmove. Personally prefer smartmove than Zillow's It just gives so much more information I need.

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Originally posted by @Rob B.:

Hi Jingru, a lot of great resources already noted. I'd mention that Rent Range is a great way to generate reports with hyperlocal data and the cost of the report is about $19.99. I know at one point the team had a partnership with them but outside of that, I've had a lot of independent friends just starting in REI and they've used Rent Range as a resource. I hope that information helps! @Jingru Sui

Thank you!! I'll check them out!!

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Originally posted by @Kenny Dahill:

Hi @Jingru Sui, two approaches. Free vs. paid.

I personally don't trust the Zillow estimates, I've seen my own properties be pretty far off from appraisals I got. However, if you prefer to do the free way then you can still collect all the data on recently sold properties and select the comparable ones. I typically focus on my exact neighborhoods and with similar quality of finishes. If you can get 5-8 samples that should be enough to suffice.

If you prefer to use more analytics then there are sites with paid reports. They'll cost $15-20 and return a report that will provide more information. Sometimes it's nice to get a quick response and $15-20 isn't too bad, especially if you're looking for more market trends than your specific property.

Hi there, I actually don't mind paying for more accurate data. just want to know what data source LLs are using. Which company you are using to get your reports?

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Originally posted by @John Underwood:

Zillow estimate and rentometer are both pretty good.

I also like to look at rental listings on FB marketplace, Zillow and Craigslist to see what other people are listing similar properties for.

Hi John, Thanks for your quick response!! Do you have Rentometer's pro membership? is it worth the money? I just signup for the free trail and I noticed they don't have all the areas if I want to pull area market rent data.

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All Forum Posts by: Jingru Sui

Jingru Sui has started 25 posts and replied 649 times.

Post: Meet and greet with the tenants before closing a rental property

Post: What's the normal management fee % for short term rental?

Post: What's the normal management fee % for short term rental?

Post: What's the normal management fee % for short term rental?

Post: What's the normal management fee % for short term rental?

Post: What's the normal management fee % for short term rental?

Post: Tenant application and credit check

Post: What you use to determine market rent?

Post: What you use to determine market rent?

Post: What you use to determine market rent?