Property management fee

[Andrea7656]

Our family Airbnb is trying to figure out property management commissions based on roles. Our adult children will become more involved this season. My husband and I  pay all the overhead (utilizes, repairs, restocking supplies), so we need to take that into account. If it wasn't family, what are the current per booking percentages for Westchester County, NY? Based on percentages, what task should be included? 

Thanks!

[Mike-And-Jane0 · Accepted solution]

@Andrea7656 No one is going to be able to answer this question for you. 

If the ownership is equally shared then you could try the following:

Allocate a price to each task recognising that some tasks are more popular than others eg:

The price could be allocated on a bid basis with each family member 'competing' to take on the cleaning, management etc. This will then get to a price each family member is willing to be paid

Cleaning $XX per stay

Managing the listing $YY per week

Greeting guests $ZZ per stay

etc.

Add to this the cost of repairs, restocking supplies etc

THEN at the end of the year or month  'pay out' these amounts to those who have done the work. 

Let's say you have paid out $500 from a profit of say $1000. The remaining $500 could then be paid out in proportion to the monies paid out. This way those that work harder make more money!

If the property is not owned equally then the ownership costs should be taken out before the profit is calculated.

Hope this helps

[Andrea7656]

Mike and Jane, Thank you so very much for this!!!!!!!!  My next thought was a per service fee versus booking percentage!!!!  

All the best,

Andrea