All Forum Posts by: Tyler Work

@John Martin I manage properties here in Denver and struggle with the same issue.  I list my properties on VRBO/Homeaway, Booking.com, and Tripadvisor/Flipkey.  Airbnb is the only platform that offers the co-hosting feature.  A property manager will have to add your apartment to their account, or you can give them your username and password so they can monitor the bookings and bill you for their PM fee.  I personally list all of my properties on my VRBO account and pay my clients at the end of every month.  This shouldn't be a big deal since most decent property managers will be using a "channel manager" that allows them to set pricing and communicate across multiple platforms via cloud based software.  

If you're local to your property and want to save some money, Evolve Vacation Rental management offers an online-only management plan for 10% of gross revenue, and there are many other PMs, myself included, that offer a communication-only plan for around 5%.  This can be a good option for owners willing to deal with minor repairs and the occasional guest issue that requires an in-person visit.  Hope this helps!

Best,

Tyler

Hi @Account Closed and figure out what the laws and regulations are in the city to figure out if it is even legal.  I can tell you from experience here in Denver that location is key is most markets.  Lean towards smaller units closer to downtown or hip areas vs. larger units further out.  Operationally from an Airbnb standpoint the small 1-2 bedrooms are the easiest to run, cost the least to maintain, and have the highest occupancy rates.  AirDNA provides great data but take it with a grain of salt since it includes all cleaning fees.  Hope this helps!  

@Tim Schroeder I host an Airbnb property in Castle Rock, would be happy to share how it went if you would like to PM me. 

Hi @Liubov Kapitulskaya.  I would ask if they have an on-staff handyman and how they handle the repairs of your home.  This I think will be the major differentiator.  Here in Denver, I've found that the more experienced property managers charge more and the "little guys" charge less.  Also consider what they are charging their commission on.  If they charge on gross revenue, 15% of gross could equal 20% of gross minus cleaning fees and Airbnb fees.  As a manager in Denver, I would be happy to help answer any further questions you have, feel free to shoot me a PM.

Best,

Tyler

Hi @Christine Prelaz I just had a coworker go under contract on a home in Sloane Lake area just off Colfax that meets your description.  It was listed about $60k higher than comparable units in the neighborhood because it had a studio apartment with separate entrance in the basement.  Shoot me a PM and I will keep you posted on how it appraises later this month.

hi @Audrey H. welcome to co-hosting! I do the same thing here in Denver, where it explicitly states that you do not need a license to manage properties rented for less than 30 days. I had my lawyer draft up a property management agreement that I get all the clients I co-host for to sign. It states that I am acting as an agent to my LLC and offers a bit more protection at least with regards to the property owners. I would be happy to share more about my experience so far, feel free to PM. Good luck!

Hey @Andy O'Neal!  I just signed a lease in Denver doing exactly what I think you are looking to do.  The landlords needed a lease signed asap in order to close on another property they were trying to buy since the bank wouldn’t consider Airbnb income.  I provided them a signed lease and avoided them the hassle of having to find a trusted tenant, they get guaranteed income, and I get to keep all profits above the rental price.  Echoing what everyone else has said, finding the right LL will be key.  PM if you have any questions about how its gone so far.  Good luck! 

@Tim Schroeder If you would like some insight managing a property in Castle Rock I can share the story of a 5 bedroom house I rented in Castle Pines.  Let me know say it did not fare well on Airbnb... I might be able to save you some time and money if you decide to go the short term route.

@Tim Schroeder To echo the others on Colorado Springs, it could potentially be a good market for STRs since they have no primary residence rule.  @James Carlson does a class down there and has been very informative about doing STRs for investors in the Springs. Here's a word of caution on the STR route: from my research I've found that prices are generally too low to get the cash flow most investors are looking for from a managed Airbnb. I recently purchased a market report from AirDNA on CO Springs and would be happy to share if you're interested. I think it is definitely possible, but you'll have to be careful because generally travelers aren't willing to spend as much visiting CS as they are Denver.

@Bill S. Thank you for your advise!  It helps tremendously.