Two owners want to go furnished at 30 day minimums. What do I charge?
I manage 40-odd doors of plain long-term rentals and my fee is 8% of collected rent plus one month leasing fee when a new tenant signs. That structure falls apart the second a unit turns five times a year, because the leasing fee would eat the owner alive and 8% of gross doesn't pay for the coordination.
Both owners have units near a medical campus. One is a 2 bed at 1,500 unfurnished, the other a 1 bed at 1,150. They think furnished 30 to 90 day stays get them 2,200 and 1,700 and they're probably not wrong based on what's listed nearby.
What I'm actually deciding this week is the fee sheet. I'm leaning toward 12% of collected rent, a flat 175 turn fee per stay covering the clean and the inventory check, and a one time setup charge for furnishing and photographing the unit. No leasing fee at all.
Where I'm unsure: whether 12% covers the extra phone time, and whether I should be quoting the owners a vacancy number up front so they don't blame me in month four when a unit sits three weeks. I'd rather set that expectation badly early than get fired later.