All Forum Posts by: Cody Z.

Allen,

Thanks so much for providing this!

Do you provide consumables (toilet paper, coffee, paper towel, etc.) for your clients or do you set aside money for to replenish?

Do you own the listings you create or do you include them for your clients?

Would love to connect more and will send you a DM.

To be honest, I am surprised by the responses. They seem to be quite negative with not much intended value add.

The questions that I asked were thoughtful and were more about the composition of service offerings from folks who offer those services to property owners than just about the percentage charged for management.

The title of the thread is co-hosting and management of STR's.

I would have expected to get more feedback about the questions that I asked from people that property manage or co-host.

There are many people who have experienced down years due to poor management (listings, channels, revenue management) which means there is plenty of room for improvement and an opportunity to earn more for these clients even with the management fee ranges mentioned.

It would be great if more folks could provide responses to the survey to aid in discussion instead of just commenting on their objection to performance fees :-)

It's definitely a fair market rate in my market and the North East, but thanks for your opinion! 

Thanks for the positivity and feedback!

Yes, cash flow is hard to come by but STR management is certainly a full service offering and requires a good amount of time, energy and care to be done right. I don't dream of managing dozens and dozens of listings so this will be quality versus churn and burn service.

Thanks for the feedback! 20% just seems a little low to me for full-service (communication, revenue management, multiple channels, turnover and maintenance).  

I've had some intake calls and 25% seems to be agreeable when compared to competitors.

Do you have a minimum that you charge per month to cover fixed costs? Is there a minimum revenue amount you look to make it worth your while?

I am in the process of taking on clients for co-hosting in addition to continuing to self-manage my own portfolio want to get a feel for what folks are charging their clients.

I've spoken to a few folks already that manage between 15-30 and I've received feedback that they charge anywhere from 20-30%.

For context, I've already decided to charge a percentage of Gross Booking Revenue excluding Cleaning Fee. The Cleaning Fee will be distributed to the Cleaner 1:1.

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Here are my questions for folks here:

- What percentage of bookings do you charge your client? Gross or Net?

- What services do you include for that percentage?

- Do you offer tiered services or one flat rate?

- Do you charge a set-up fee? Any other monthly maintenance fees assessed?

- Minimum period contract term or agreement?

- Add-on services offered and how do you calculate the price?

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Thanks in advance for any insight into your business that you can provide.

I started doing this recently and it has been helpful.

Great advice!