Is there a Rule of Thumb for STR property management % of gross?

[Mike McKeown]

I'm looking for a general rule-of-thumb for estimating the percentage of gross income used for paying for a management company to handle an STR. I realize this is likely very location specific, so I'd look at somewhere like Orlando, FL where the market is hyper-competitive as a "worst case" scenario.

As background, I am very new to the idea of STR properties as an investment option and am trying to wrap my head around how best to evaluate properties.

I tried searching for this topic but had mixed results on the site, not sure if there's any simple tips/tricks to it as i'm guessing this is only the 1,000,000th time this question has been asked...

Thanks!

Mike