All Forum Posts by: Courtney Middlebrook
Courtney Middlebrook has started 1 posts and replied 2 times.
Post: Best Practices for Managing Booking Payouts as a Short-Term Rental Co-Host in Texas
- Bangs, TX
- Posts 2
- Votes 0
Quote from @Allen Duan:
Hey Courtney! I made a video response for you since this is a pretty involved question =)
https://www.loom.com/share/a3736c9f04a14d96ac3392c66eec07dc?...
Thank you SO much for the information, Allen! I'm so appreciative for your insights and taking the time to respond!
Thank you SO much for the information, Allen! I'm so appreciative for your insights and taking the time to respond!
Post: Best Practices for Managing Booking Payouts as a Short-Term Rental Co-Host in Texas
- Bangs, TX
- Posts 2
- Votes 0
Hi everyone,
I'm currently managing short-term rentals for myself and a family member in Texas. I'm wanting to scale and add other clients to my portfolio. However, I'm not a licensed real estate broker, which means I can't legally hold funds in the state. I currently am using two different property management softwares, one for my properties, and one for my family member's properties and send a weekly invoice for my commission. I know this is not ideal and I need to streamline into one PMS for future growth but am at a loss at what is available for different payout accounts to be associated with particular listings on OTAs. Considering Airbnb has the co-hosting feature, they're really a non-issue.
I'm looking for advice on best practices for managing booking payouts in this scenario. Specifically:
- Is it possible to have multiple checking accounts linked for payouts on OTAs other than Airbnb if I were the listing holder on these platforms? How do you manage this across different clients? Is there another method that ensures transparency and compliance with state regulations?
- What are some recommended platforms or tools that help streamline the payout process for multiple clients while keeping everything organized?
- What is the best property management system (PMS) for handling multiple owner accounts efficiently?
If these options are not a possibility, should I partner with a broker to comply with the state regulation? If so, do I form a JV or how would that work exactly?
I'd appreciate any insights or experiences you can share!
Thanks in advance for your help!