STR property management

[Ashley Cross]

What should I expect to pay for a property manager and what type of services do they offer? Does anyone have insight on working with a property manager for STRs in Columbus or other metro areas. I've seen a bunch of info for vacation/destination rentals but nothing for metro areas. I'm assuming there will be a difference in what's covered and what it cost.

[John Underwood]

20% on the low end, could be 35%.

They take care of running your STR business for you and it cost you a pretty penny off the top.

In many cases the PM is making more money than the owner, but that's your choice.

[Remington Lyman]

Quote from @Ashley Cross:

What should I expect to pay for a property manager and what type of services do they offer? Does anyone have insight on working with a property manager for STRs in Columbus or other metro areas. I've seen a bunch of info for vacation/destination rentals but nothing for metro areas. I'm assuming there will be a difference in what's covered and what it cost.

 A lot of my clients have been using AIRRIVA for their airbnbs in Columbus. I have someone that just manages my own

[Leslie Anne Morris]

In the Smoky Mountains I have seen other property management companies charge 40%.  It can be negotiated in most cases. Most are full service but be really clear on exactly what you will need to do once you sign the contract with the company you’ve chosen. There are companies out there that only offer part of the service and you are still expected to build out a team of vendors which I don’t think makes much sense. For investors who are trying to be passive and build wealth - a full service company is needed. 

[Ashley Cross]

Thank you all for the insight! I'm managing my properties for now and I was wondering if the property manager would be worth the foregone revenue.

[Austin Steed]

Quote from @Ashley Cross:

What should I expect to pay for a property manager and what type of services do they offer? Does anyone have insight on working with a property manager for STRs in Columbus or other metro areas. I've seen a bunch of info for vacation/destination rentals but nothing for metro areas. I'm assuming there will be a difference in what's covered and what it cost.

We're in the same boat. Currently searching for some STR managers here in Columbus. We have been receiving quotes at 30%... I think this is kind of high and plan to continue to look. Will keep you posted if I find something solid!

[Dave Stokley]

We're in Cleveland and charge 25%. We are focused on working with investors and out-of-town property owners so our goal is to do everything for our clients including pricing, guest communication, restocking supplies, cleaning, and coordinating maintenance, landscaping, etc. Expenses like supplies, landscaping, and maintenance are at the owner's cost, but we coordinate them all and always discuss anything unusual or expensive with the owner before doing it.

[Richard Goore]

I have an STR in Lake Tahoe area. We shopped around and found all the property managers in the area were between 25%-35%. That was too much to simply give away. We decided to try Evolve Vacation Rental. They charge 10%. I live in Sacramento (2 hrs away) and figured it was worth a try at first to see if it could work for less than half all the others we found. If there was ever an emergency I could zip up there to rectify any issue. It has been just over 1 year and Evolve has worked out great. They have local "recommended" cleaners who can act as the local contact as well (ours does). We have not had any issues at all with Evolve or the cleaner/local contact. I think she could have her team clean a little better but we haven't had anyone complain. They manage our listing on AirBNB, VRBO and Booking.com. I would imagine they are achieving better rates with their algorithm than we could guess at or what the rental actual sites suggest. We get notified if there are any guest issues by either Evolve or our local contact/cleaner and it's up to us how we want to follow up. It is a condo so the outside o0f our unit is managed by the HOA.

I am not sure if we have been lucky or if Evolve works like this everywhere.  For what it is worth, our unit was completely remodeled and set up right before we started renting so everything was new.  Happy to talk further with you or anyone about it.  

[Garrett Stockton]

When I came across Evolve I have high hopes for the level of service I would receive for my STR in the Smokey Mountains, but unfortunately, my experience fell short of my expectations. It is frustrating to be promised a full-service experience, only to find out that the reality doesn't quite measure up. While it's great that they were able to connect me with a cleaner who has been doing a good job, it's disappointing to find that their communication and maintenance services didn't meet my needs.

When it comes to choosing a property management company, there are several key factors to consider. You want to work with a company that provides excellent guest communication around the clock, pays and schedules service providers, verifies their work to ensure quality, and handles routine maintenance and restocking. They should also be able to coordinate the replacement of any worn-out furniture and handle insurance claims if needed. Transparent pricing and financial reports are also important, as is understanding whether their management fees are charged before or after listing fees and taxes are taken out.

A good property management company will also look for ways to streamline your guests' experience, such as by recommending smart locks and thermostats that make it easy for guests to access and enjoy your property. And finally, it's crucial to work with a PM company that is invested in your success and actively looks for ways to save you money without sacrificing quality.

It's understandable to feel frustrated when you're paying a significant percentage of your revenue for management services, and not receiving the level of care and attention that you were promised. As you continue to explore your options for property management, be sure to ask the right questions and seek out a company that truly has your best interests at heart.

[Tiffanie Figueroa]

Our company charges 25%. We handle the permitting process, bookings, all guest correspondence, 24 hrs emergency, syndication to 50+ sites, dynamic pricing, marketing, coordination of cleaning etc