About Ryan Dickens Expertise I am a licensed Realtor in the state of Colorado and can help with any questions regarding real estate. I am particular knowledgeable about vacation and second homes in the booming Crested Butte economy.
Question my friend has had this buisness ( mtn memory homes)she rents them out to people on vacation,she has recently offered to make me partner,she does not charge for this service, she gets 40% of rental fees and paid an hourly rate for cleaning after they leave,this does not seem on the up and up to me and need some advise before agree to be partner, would hate to loose my home in suit of any sort,and don't understand why no monthly fee is charged,and if there was a monthly fee what should it be,we are located in clear creek county
Answer Thank you for your question. Although Renatl MAnagement is not my area of expertise, I do own a number of rental properties. They are primarily in ski areas and in my experience, I have never been charged a monthly fee. It has always been a percentage. This percentage can vary by area, but 40% is probably reasonable. In some resort areas you may see charges above 50%. Also, the hourly cleaning fee is sounds very common and fair as well. I do not want to give legal advice, but you may want to consult an attorney if you have fears of being sued. Possibly consider incorporation (much simpler than most people realize), and there are probably insurance policies that would cover this scenario.
