All Forum Posts by: Leon Lee

 If it is strictly rental revenue, make sure that the total revenue from a booking from the direct booking website or VRBO has cleaning fee, guest service fees, sales tax all removed before multiplying 20% for commissions. 

This question, though seemingly straightforward, actually requires careful consideration: When a management company charges a 20% fee, what exactly does this percentage apply to? Does it refer to the gross income alone, or does it include additional components like cleaning fees? Is it calculated on the gross income inclusive of varying sales taxes which vary from different counties and cities? And does it factor in both guest and host service fees? It's important to note that the definition of gross income can include all different things across different booking platforms such as Airbnb, VRBO, Booking.com, and direct bookings.

 Just checked online that Nest Thermostat and Nest Thermostat E can be locked within a range. Google Nest Thermostat can NOT be locked. I have about 40% units having Google Nest Thermostats. 

Thanks

Lee

 Isn't any stay (MTR) longer than 28 days considered LTR and should fall under landlord tenant law? Just curious, as we ask any guests staying longer than 30 days to sign a lease. 

We've seen that when guests stay for more than three months, the wear and tear on the house starts to resemble that of a long-term stay. That advantage of less wear and tear we usually see with short-term rentals? It kind of disappears. While we do appreciate the steady income from mid-term guests (which is a real plus in these economic times), we're trying to strike a sweet spot between our short-term and mid-term rental approaches. 

What are your thoughts?

Hi, All

Some follow ups: 

To promote responsible utility usage and maintain fairness, we're introducing caps on utility bills. Moving forward, we'll cover up to $180 each for electricity and gas, and up to $80 for water. Any usage beyond these amounts will be the responsibility of our guests.

We're also implementing two new policies:
1. We're setting a maximum lease duration of three months. This change aims to prevent the locking in of lower rent rates during our less busy periods.

2. We will conduct monthly inspections to maintain the quality of our properties, which will include regular pest control.

@Sarah Kensinger, we understand your concerns. We've equipped all units with smart thermostats for efficiency. However, we've encountered situations where guests have set the temperature to extremes, like cooling the house to 70°F in 35°F weather. Recently, while I was updating the Wi-Fi in one of our units, I noticed the sound of water running in a pipe behind the wall. Upon investigation, it turned out that the hallway toilet had been running continuously for an extended period. It appears this issue wasn't reported to us, likely because our guests aren't responsible for the utility bills. 

We're cautious about setting locked temperature ranges to avoid (incidental) damage to the thermostats.

We appreciate all the feedback we've received so far and welcome further suggestions.

Lee

Hi, Fellow BPers

So, I was doing a little happy dance because we finally got stable mid-term guests in about 30% of our units. But then, bam! I get hit with this nearly $400 power bill for a 1200 sqft townhouse for last month (It was cold, but not that cold in Atlanta). Yeah, not so happy anymore. I'm thinking of tweaking the rental agreements for the future. Like, putting a cap where I'll cover up to $200 for electricity, water, or gas, and if it goes over, that's on the tenant. Does that sound fair?

I'm curious, how do you guys keep a lid on utility bills with your mid-term guests? And any tips on handling this with guests who've already signed the contract?

Thanks a bunch!

Lee

 They are VERY expensive and be careful about the duration of their contract as well

 This is genius! I was literally searching for a lockbox for modem and router online: guests do all kinds of stuff and they did not spare the modem and router!  

Hi, All

Thanks everyone for your insights! We've had a few bumps with our internet setup. Here's the main reason:

1. We used to have our own modem and router because Comcast charged for theirs. Whenever there was a problem, they'd blame our equipment.
2. Sometimes guests would reset the modem, which defaulted all the usernames and passwords.
3. In our small multifamily buildings, we shared one or two internet connection, and some units used TP-link Extenders. These TP extenders weren't always reliable, and some smart devices struggled to connect.
4. Our smart locks, garage openers, security cameras, Google Nest, and leak detectors really depend on a stable WIFI, so any glitches caused a bit of chaos.

We're shaking things up now, moving to Comcast modems and Google Mesh WIFI. This mesh setup seems to really gel with smart devices, and we're seeing fewer issues.

Thanks again for your inputs!

Lee