Extended Stay Short Term Rental Property Managers?

Question

I am just getting started doing extended stay short term rentals (I am about 3 months out from being up and running) but I might be moving in 2 years or so. My question is does anyone know if Evolve or Turnkey who will manage (in different ways) short term rentals do the same for extended stay? I mean it makes sense but since I do not actually have a unit up right now I don't want to call them so if you know I would love to hear what you have to say.

Luke Carl · Answer

@Wade Alderson Just manage it yourself all you need is a smart phone. I self manage 13 properties in 3 different markets; 5 of which are vacation rentals. I’ve run 22 full marathons, I have a family and a day job. I also eat thunder and crap lightning.

Julie McCoy · Answer

I thought you ate lightning and crapped thunder?

Seriously, though, I agree with Lucas - during the time you're living there get a couple of good housekeepers lined up and a handyman, put up an electronic lock and off you go.  No need for a property manager, especially for longer term rentals.  You even have the luxury of being nearby in the beginning - you'll work out all the kinks with the first couple of guests, after that it's just keep doing what you're doing.

Ethan Cooke · Answer

@Wade Alderson - Yes, I think Evolve and Turnkey will do this for you. Last I checked, Evolve charges 10% of total revenue to manage marketing and guest bookings, and you can pay extra for them to also manage cleaners, re-stocking, etc. I imagine they would love to take 10% on a long-term rental since it’s less work for them.

I encourage you to look for local property managers since you can probably find a better deal. I run several furnished rentals in San Francisco and just south, and I charge about 10% of revenue for marketing, communications, booking, maintenance and coordinating the cleaners.

Good luck!

Ethan

Paul Sandhu · Answer

@Lucas Carl is also a reverend.  I hear his sermon every day.

But seriously, I would make sure that there are spare LED light bulbs, two toilet plungers (kitchen sink), an extra flapper for every toilet, a working vacuum cleaner, mouse traps, etc.  Before you move, I would cut back any encroaching trees, repair any masonry or concrete, and do any preventive maintenance on the septic or sewer system.  Also, change out all you light bulbs to LED bulbs.  If you can get your hands on some Chlordane, treat the exterior for bugs.  If you can't, well, that's too bad.  Treat it anyway with something that will last 5 years.  Also replace any borderline shingles and make sure the guttering is in top shape.  Water is one of your worst enemies, so are insects and rodents.

I've gained 1.0" on my arms since I started lifting weights in September.  My loose shirts are now tight shirts.

Paul Sandhu · Answer

@Wade Alderson I hate to be the bearer of bad news, but this pool of nurses, FDIC agents and oil workers is not that big and they don't make as big of a buck as you think.  I've rented to travelling nurses, I personally know 2 FDIC agents, and I've rented to about 1400 people associated with the oil and energy production industry.  There have been about 20 people out of those 1400+ that I have rented to that make "BIG BUCKS", as you say.  Of those 20 people, half of them travel with a $80,000 camper but they had mechanical issues with it when they rented from me, and that is why they rented from me.

98% of the people I rent to want something better than a motel that costs less money.  That is what I give them.  23 STRs, 82 beds.

Rhonda Blue · Answer

Short term property management is a reality. Just like Long term rental property management. I have 4 Long Term Properties in Huntsville, AL and use Dietrich Rentals from the beginning for 10% management. I know the amount of effort managing my 5 STR is way more effort then year long leases that they manage.

Find a local company if you can.

Joe Lee · Answer

Thanks Paul. I had put it on the back burner for past few months, been very busy with my rentals. Last quarter of 2018  and first part of this year has been brutal maintenance wise  but I'm going back to work on the site.

Paul Sandhu · Answer

I'll vouch for @Joe Lee.  He has a good website that is very specific to traveling refinery workers.  It just needs more traffic.

Joe Lee · Answer

Hi Wade, I just signed up here, and did a few searches and came across this. Sorry to bump an old thread, but Lucas is definitely right about managing yourself. There really isn't much to it. Especially if your gonna rent to the same crew Paul does. I rent to the same guys down in Texas and they want exactly what he said. Something better than a hotel, and a little bit cheaper. If your still getting into this, check out my site www.bluecollarhousing.com and give me a call. I'll put your places on there it wont cost you a penny. We aren't huge but working on it.

Ken Latchers · Answer

The average American makes over $40,000 I am pretty sure.

Extended Stay Short Term Rental Property Managers?

Most Popular Reply