All Forum Posts by: Marie Thomas

There are several types of fees on Airbnb specifically: 

-Airbnb service fee, cleaning fee, extra guest fee, pet fee, security deposit, VAT (if applicable), and local taxes. 

There are also 2 different types of fee structures - a split fee and a Host-only fee. 

1. Split-fee: most common and split between the Host and guest. 

Host fee= 3%, but some pay more depending on the location of rental. It's calculated from the booking subtotal but excludes the guest service fee and taxes but is automatically deducted from Host payout. For any cross-currency bookings, the guest service fee will include additional charges which could be as high as 16.5%. 

2. Host-only fee - the entire fee is deducted from Host payout (~14-16%). Depending on the booking VAT fees may also be applicable. 

Take a look at the screenshot below as an example to help you better understand, this is a listing in CT. 

If you are worried about fees and occupancy rates, I would suggest flipping back and forth between traveling nurses. There's a great site called Furnished Finders.

Hope this helps!! 

@John Underwood that's a great idea!

So many great comments here! I agree with a lot of what has been said. I have a very similar property, it's technically 2 parcels together with a 2 family in front and an 800 Sqft ADU cottage in the back, they share same driveway and I have parking in the front.

What I have done in the past when setting up a short-term rental is to use a spreadsheet and go room by room. It will help you think of all the little and big things. Always include pillow and mattress protectors; if you plan on scaling it, always have at least 3 sets of sheets/pillowcases. That way one can be at the laundry, one on the beds, and a backup in the house just in case for the guest. If you are into it I say DIY furniture but if you're not Goodwill or a local thrift shop is a great solution. By creating a spreadsheet you can estimate costs prior to puchasing and create a full shopping cart for yourself. I would also recommend buying paper goods/cleaning products from a WB Mason or something like that for the best savings.

For mattresses, I use Lucid - they are so comfortable and affordable, they also get delivered in a compact box which makes it easy.

Have some type of signage out front and make sure the numbers are easy to differentiate on the property, that way its is clear and straightforward for guests. If you create some type of Canva book for your property you can include most instructions and quirks in there and send to the guest prior to the arrival. You will learn as you go along but anything you can do to be as prepared as possible is best! 

Before I opened my STR, I actually booked an Airbnb and stayed in it to get the "consumer" perspective and saw what other people did which was a great way to prepare for running my own!

If you have any other questions feel free to message! Good luck!

@Rudy Hayden have you considered joining a local BNI group? It’s the best way to build strong relationships with contractors and other businesses relevant to the real estate process! 

@Andre Brock Hey there! I am not an investor in Milwaukee however I have spoke with property managers in my market to get an understanding of what the process would look like and these are some of the questions/ criteria worth considering! Hope it helps! 

1. Experience and Expertise:

- How long have you been managing properties in Milwaukee?

- What types of properties do you specialize in (residential, commercial, multifamily)?

2. Services Offered:

- What specific services do you provide (tenant screening, rent collection, maintenance)?

- Do you handle evictions and the legal aspects involved?

3. Fees and Contracts:

- What are your management fees and how are they structured (flat fee, percentage of rent)?

- Are there any additional costs for leasing, maintenance, or other services?

4. Tenant Screening Process:

- What criteria do you use for tenant screening?

- How do you verify income and background checks?

5. Maintenance and Repairs:

- How do you handle maintenance requests from tenants?

- Do you have an in-house maintenance team or do you use third-party vendors?

6. Communication:

- How do you communicate with property owners regarding updates or issues?

- Will I have a dedicated property manager or rotate through a team?

7. Performance Metrics:

- What metrics do you track to measure the performance of my property?

- How often do you provide financial reports to owners?

8. Vacancy Rates and Rent Rates:

- What is your average vacancy rate for properties you manage in the area?

- How do you determine the appropriate rental rates for my property?

9. Legal and Regulatory Compliance:

- How do you stay updated on local laws and regulations affecting property management?

10. Termination of Management Agreement:

- What is the process for terminating the management agreement if I’m not satisfied?

- Are there any penalties for early termination?

11. References and Reviews:

- Can you provide references from other property owners you manage for?

- check their online reviews if any 

12. Local Market Knowledge:

- What can you tell me about the Milwaukee rental market trends?

- Which neighborhoods do you recommend for investment, and why?

@William Silva yes! I grew up in the area and live here now but I had moved away to NYC and came home during the pandemic. When the opportunity came available it was a no brainer. This was a property with a duplex and an ADU cottage in the back.

Every state is different but what if you added additional egress doors/staircases? Did they tell you why? Does it have separate meters? Good luck!

Hi Ben! Nice to meet you. I started my journey about 3 years ago and you definitely learn a LOT in the process! I'm a CT investor, we focus on the New London County area. I would say the quality of life here is high and so are the rents. With Electric Boat being a main employer in the area, along with the Coast Guard and Navy Base, it makes it a great place to invest!

Hey Dayana! 

Depends on your market. However, you could do a mix of both, for example you could create paid advertising to promote specials/rates, partner with a local restaurant to have some type of a collaboration that includes a free drink with a stay, or you could switch to longer rentals.

There's a website called Furnished Finder that traveling nurses use a lot, it is also for anyone looking to relocate or who needs an interim solution. Has a host you pay ~$50 for the yearly membership for 1 listing, and can list your proximity to hospitals, calendar availability, photos, details etc. It will then provide you with a dashboard of all travelers coming to the area during that time frame. 

Hope this helps!! Best of luck.

Hey William! I started my investing journey ~3 years ago in CT. I found it a great place to invest in because of it's location to major cities and the quality of life, especially with all the coastal towns along the shoreline which creates high demand and high rents. 

I have 3 apts and I started out with furnished rentals as I am an Interior Designer. It allowed me to differentiate myself in my market (Mystic, CT) and flip between Airbnb weekend stays and longer stays for Traveling Nurses. I found a LOT of success with a site called Furnished Finder as well. 

I will say, with furnished rentals, it takes time and money to fully furnish them with all the bells and whistles but it did allow me to get higher rents... only downside is, if you are out of state, it is not easy to manage remote unless you have a good property manager/company.

I have personally started to transition out of STRs due to zoning/town regulations and have already unfurnished one of the apartments to turn it into a long rental for more stable residual income.

My furnished rentals include: 2bd 1 bath - $2,500/m, 3bd 1 bath - $3,000/m and then an unfurnished 3bd 2bath - $2,500/m long term lease.

Hope this helps! Happy to chat further. Best of luck!