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!
