All Forum Posts by: Gi'angelo Bautista

@Michael Baum sorry, I was driving around town too much earlier today and I couldn't find the information right away. The company was KeyData.

@Michael Baum I got it from one of the sessions at a vacation rental conference.

We own a licensed short term rental property management company in an Urban market. 

Here are fees from property managers you can expect (but do note that it will vary):

- Property Management fee: 20-30% (depending on the market and I think I've seen higher than that)

- Repair Management Fees: Fees are tacked on top of actual cost

- Setup Fees (getting the unit ready)

- Design Fees (hiring a designer)

- On-boarding Fees

- Linen Fees

- Cleaning Management Fees

- Any other fees (i.e. resort fees)

Expenses to expect (may vary):

*Some may be covered by the property manager*

- Supplies & Linens, Propane tank replacements, Water filters, 

- Utilities (water/sewer, garbage, electricity, WiFi)

- Permit fees, TOT (local and/or state), business license fees, HOA fees, and any other local fees

- Maintenance (air filters, touch up painting, plumbing issues, and etc)

- New Amenities/furniture to improve listing as time passes 

- Upholstery cleaning

- Pool & Hot tub cleaning

 - Gardener 

- Security Camera subscription
- Noise / Smoke / etc monitoring 
- OTA service fees

- etc

I hope this helps!

We paid for Sean's Airbnb Automated course. He focuses on Arbitrage, but we focus on property management. His coaching helped us a lot and we asked a lot of questions. It was definitely worth it.

I was wondering if anybody knew of any short term rental masterminds with 50+ unit operators or at least 30+ units?

Do note that there is a big difference between Leisure markets vs Urban Markets.

Examples of Leisure Markets:
Gulf Shores, AL / Park City, UT / Maui, HI

Examples of Urban Markets:
San Francisco Bay Area, CA / Seattle, WA / Los Angeles, CA

Share of Guest Reservations in US Urban Markets (2023)

74% Airbnb / 5% Booking.com / 7% Direct / 15% VRBO

Share of Guest Reservations in US Leisure Markets (2023) 

15% Airbnb / 1% Booking.com / 55% Direct / 29% VRBO

Urban markets tend to have more Airbnb guests whereas Leisure markets might have more VRBO / Direct booking guests.

I hope this helps!

@Cheryl Schuck SOW is the scope of work

How much do you charge for midterm rental property management/co-hosting? We have a STR property management company (70 listings) and we want to on-board more mid term rentals.

That sounds fair to me because you are doing most of the work, raising the money, and you are doing literally all of the construction. Maybe play it safe and stick with it and raise it for the next deal if she provides more value.

If you aren't experienced in construction, than flipping will take way longer and it's more worth it to just wholesale. If you are experienced flipping, you'll have to look at time versus money.  For your example, it's better just to wholesale. If there are any mistakes on your estimates, your profit is gone.

haha was that chat gpt you used? @Juan Hasbun