All Forum Posts by: Richard Ibeh

@Logan Allec  Fort Lauderdale is friendly once you are registered with the city. Airbnb reports the taxes in the area so it's pretty smooth sailing once you get everything up and running. No city minimum or restrictions.

@VIncent McWilliams I spoke to a few as I was going to purchase in that area. Majority charge 20% plus a monthly maintenance fee. I'd just say if you are solely doing it as an investment you may or may not break even. You can PM me for names.

@Myka Artis Hi Myka - I'd be happy to connect and discuss how I might be able to help. Managed over 300+ rentals through a nationwide VR company so I'm quite experienced in handling large accounts. Evolve is growing very very rapidly so there are experiencing growing pains as I've had many clients leave that reason. Overall they have a very good platform but not enough staff to handle the amount of homeowners they are bringing on.

@Angus Yang Hi Angus.
1. Look into the city regulations to verify if STR is allowed and what you may need to operate legally.

2. Try Wayfair for furnishing purposes. They are cost effective and interior design is free of charge depending on the scope of work. They provide everything from A-Z if you are out of state and don't have the time to project manage.

3. Research a housekeeper and if you have no luck research a vacation rental cleaning company. Normally they know all the handymen in the area or have one on staff so they can be your boots on the ground.

4. Look into getting a digital door lock(optional). That way you can disable/enable lock codes so you don't have multiple keys being cut and more security for your home. You will also know when someone is accessing the rental so they are not using your home free of charge :) You'll be surprised how many housekeepers have friends stay inside the rental when they know there are no upcoming reservations.

5. If all seems too much and you can't be bothered then hire a full-service management company to do all the above for percentage of your revenue.

@Ola Dantis The larger companies quality of service varies per location, unfortunately. A great review in one city typically doesn't carry over to another because it's a different team running the show there.

Reading the company reviews is definitely vital and if you find them on the marketing channels (VRBO/Airbnb) and read the actual guest reviews which provide 100% transparency that would be a great indicator how they are operating in your area for any company large or small.

@Michael Kugler Thanks for your feedback! I hope others pay attention to what you said as well. Many companies may have low fees but subcontract out the majority of the services. Maintenance especially is a probably the largest expense and if the management team cannot handle small handy task in-house then that 20% management fee really totals up to 60%+ fee per month.

Good thing to ask potential managers for those reading is who handles the maintenance and what are their limitations. Will you be charged per service call? or does the management fee cover regular handyman task? However, you should expect any major repairs to be done by a professional which will be subcontracted out.

@Andrew Johnson Yes, is the normal fee seems to be between 25-35% for most parts. Alot of the newer VR full-service startup companies are coming in low at 18-20% to attract homeowners saying they can do the same for less without being nickel and dimed. Thanks for your feedback!

@Michael Kugler Hi Michael - Does the 35% also cover purchasing and stocking toiletries for each booking (soap, shampoo, garbage bags...)? Also, what about credit card fees? Is that absorbed by PM or charged to the owner? 

Hi all,

What percentage/fees does your property management company charge for FULL-Service management of your vacation home? Emphasis on "full-service management" where you are completely hands-off and only collect a check each month. 

If you can share specifics that would be great for those who have used managers in the past or currently use them now.

Thanks!

@Paige Feddersohn Yes, no more fines lol..when you end up in a situation like mine you surprisingly become friends with all the higher-ups. South FL is a great place for vacation rentals though...our rates are much higher in comparison to other locations and we constantly have events popping up every month which keeps occupancy high as well as a surcharge in rates. Good Luck!