Airbnb Management Terms for Other People's Listings?

[Od Ntuk]

Hey All,

I'm a 5-star host across Airbnb, TripAdvisor, and HomeAway. I have fully optimized my own listing within my two-family home in Brooklyn and now I'm looking to make extra cash by managing other people's listings. I would like to ask people who are actively managing other people's listing what terms you have in place? Are you managing listings more as a partnership where you are taking a commission or a percentage of profits? Or, are you renting the unit and making a profit on the margin on top of the rent? If you are taking a percentage what percentage are you offering? 

I have a neighbor who has approached me about setting up an Airbnb in an available apartment within his property. The unit has been empty for 6 months or so since he had a bad tenant. I did not want to take on additional responsibilities until I fully optimized my own listing. Now that I have a solid channel manager tool, and cleaning team I feel confident that I can make it work. I just don't know whether I should set it up as a partnership or rent it out. He has quite a bit of furniture in there that would make it easier. He has a bed, couches, dining table, desk, TV, and entertainment center so it would be an easier lift. I would want to get a futon bed for hosting larger groups, but beyond that, I already have extra linen and such that I would need to get started. I would just need to spend a bit of time dressing up the place and making it more attractive and comfortable.

[John Underwood]

Have you checked into the legal aspects of managing other peoples property?

You may have to be a broker or at least have a Property Manager license to be able to legally do this.

I would check into local laws and rules before deciding to do something that could potentially get you in hot water. Then if you are legal look into after confirmation.