All Forum Posts by: Karen Oduok

I am so sorry that you are dealing with this. Unfortunately is not as uncommon as it should be. Hoping you get this resolved soon and can find an integral company to partner with.

Hey Josue

First, congrats on starting out! That's a big step.

Question, is there a reason you are set on just mid-term rentals, would you be interested in a mix of both short term and mid term rentals as a strategy for your property. We do this with many of our clients and found that it works well ( short-term during the high seasons and mid-term in the low seasons ).

Hey Felicia!

I think you can't go wrong with a long term rental, but don't count yourself out of STRs because of your location. There are many STRs that do quite well in the suburbs of major cityies Off the top of my head, I can think of one of the STRs we manage that is 40 mins outside of Dallas and it has a great occupancy rate. With that home we see a lot of family visits. People coming into town to visit family, reunions, weddings or professionals on contracts.

All that to say, don't count yourself out. Use softwares like AirDNA and Pricelabs to get an estimate of what you could be making and see if it's worth it. I will say, short term rentals require a bit more work, and if you are moving out of state, you may want to take a look into getting a property manager ( take that cost into account when running the numbers ).

I hope that helps, reach out if you have any more questions.

Such helpful answers. I've been pondering the same question lately.

For items like HVAC filters, do you remind tenants when it's the time to change it, or just expect that they will do it?

Congrats on starting out! 

My husband and I started our property management business about 18 months ago and absolutely love the service and peace of mind we are able to provide to clients.

Percentage of income is often how people charge but this varies widely by location and also type of rental. With short term rentals, you tend to take a larger cut as there are many things involved in the day to day upkeep, think 12-25%. With long term rentals, the comision is a little smaller think 7 - 12%

Can't speak too much on placement fees from personal experience as we focus more on short term rentals in our business, but I have seen many people charge them... rightfully so. It takes a lot of work to find a tenant, your commision gained from the income should only be for the services rendered while the tenant is in the home ( in my opinion ).

Some additional fees I can think off, are maintenances fees, for larger projects that require a lot of management and research. Also eviction fees, because that is NOT an easy or fun process to endure.

I hope that helps!