My family purchased a coastal condominium in Carolina Beach, NC about 18 months ago. We are now looking to rent the property. We will use a property management company for the first year, at least. The fee charged by the PM often depends on the services provided and the costs absorbed.
Since we've owned the vacation property for a bit of time now, we are very clear on many of the operating expenses (utilities, real estate taxes, property insurance, HOA fee, etc.). I'm less clear on some other expenses we will now have to incur, or may have to incur, depending on the PM we select. The main costs I have questions about are linen services, consumables (toilet paper, trash bags, paper towels, tissues, shampoo and other amenities such as coffee/tea) and repairs & maintenance (R&M). Better understanding the expected cost for linens and consumables will also help me distinguish between the true PM costs (some provide and other do not). With respect to R&M, the HOA covers yard/landscaping and common element maintenance, so I'm looking for a reasonable way to estimate other R&M type costs (I already know HVAC and elevator annual maintenance).
Would greatly appreciate any insight through either comparable rule-of-thumb metrics, specific regional/STR knowledge or guidance on a methodology for determining the costs on my own.
Thanks so much for the help,
Jeff
