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Property Management Fees Exposed: The Real Cost of Hiring A Manager

Start with these FREE GUIDES AND TEMPLATES: 🔑 STR Management Handbook 👉 🔑 Airbnb House Rules Template 👉 https://t.ly/C7G3l 🔑 16 Page Guide to Acquiring The Right Property For STR Returns 👉 https://t.ly/Ok_Cc 🚀 Get 24/7 Expert STR Management 🚀 BORROW my expert team 24/7 and improve your guest experiences without the stress 👉 https://strriches.com/management-serv... Stuck on your STR journey? Ask me anything for FREE here 👉 https://www.delphi.ai/tim-hubbard/talk MAXIMIZE your STR success with my FREE resources 👉 https://strriches.start.page As many of you know we recently starting managing other properties – we’re really excited to bring on our new partners but as I've been meeting with owners from all over the place (around the world) I’m finding that the competitive options differ quite a bit. Not just in services but in fees. Many fees that owners don’t even know are being charged. I looked up an example with Vacasa recently to illustrate the example and a $500 reservation had over $1100 in fees. So as we evaluate our options I thought it would be good to do a recap to make sure you’re totally aware of any and all “common” fees in the industry. Please note that not all property management companies charge all of these fees, and the specific fees and amounts can vary depending on the company’s policies and the services provided. It’s essential to carefully review and understand the fee structure of any property management agreement before entering into a contract. Short-term rental fees: 0:00 - Intro 1:41 - Flat monthly management fee 3:06 - Cleaning fee per guest stay 4:14 - Booking/Reservation Fee per booking 5:07 - Advertising and marketing fee 5:38 - Technology/software fee for using property management software 6:28 - Furnishing and decor setup fee 6:55 - The maintenance fee for coordinating repairs and maintenance 7:44 - Seasonal rate adjustment fee 8:03 - Guest communication fee 8:46 - Key exchange fee 9:04 - Administration fee for managing paperwork and documentation 9:25 - Monthly statement fee for providing financial reports 9:32 - Credit card processing fee for handling guest payments 10:02 - Inventory and inspection fee for conducting property inspections 10:17 - Security deposit management fee 10:42 - Late payment fee for managing overdue rental payments Cancellation fee for cancellations made by guests 11:18 - The utility management fee for managing utilities on behalf of the owner 11:54 - Emergency after-hours service fee for handling guest emergencies outside of regular business hours. -------------------------------------------------------------------------------------------------------------------- Tim Hubbard, a successful investor and CEO of a seven-figure short-term rental management shares it all in his Short Term Rental Riches Podcast. This podcast gives you the insider tips you need to know to acquiring, operating, and scaling a successful short-term rental business. #shorttermrentals #airbnb #airbnbhostingtips #rentalproperty #realestateinvesting