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If you build it they will come (but what is Value of hands-on startup?)

MARIAM ZINN Monroe, WA

April 30, 2019

I have a question about pricing my services, Specifically ...STR Startup.

My experience has developing two STR's in less optimal " Non-tourist area" and making high 6 figure Net Profit within 3 years.

Here is the deal, I have been approached by a couple of investors who have a property in Kirkland WA It's a great place 1.6 M New construction 5 bed 3 baths. 3 stories No Zoning issues. Great place to promote close to everything.

Pricing my services has me at a loss I do not want to gouge them but I also understand this is labor intensive to do a startup from scratch

time consuming as all heck. I love the work! but as for my time and expertise I am not sure how to price my services.

Licencing LLC ENI D&B ect..

Design

Ordering Furnishings and textiles in place down to forks and pillow cases art WORK AND PAPER SUPPLIES

Licencing LLC ENI D&B ect..

Making Contracts for STR and Corporate Housing

Takes time to:

Hiring Cleaners

Handyman

-Lawn Maintenance

alarm system installation

Insurance Meeting with appraiser ocr CBIZ

Coordinating with Photographer - videographers

Building Website

Build up Platforms AIr- HomeAway Booking CHBO and so on

Print Circulations

4 Open House meetups for local corporate types FOR COMPANY CONTRACTS

Contact local VENUES for groups stays

AT THE END OF IT ALL I will do daily operation, Bookings Coordinate turnovers for about 9-12 months before hiring company.

I would like to know what to charge.

Comments

shaun g. Boise, ID

Aug 18 2019, 04:47 PM

Hi Mariam,
Great question. Often times when I don't have proven knowledge/experience in the level of effort a task will take or if the tasks may change or are unclear it's best to start out with an hourly rate (Labor Hrs Cost + Materials). This way your clients (the homeowners in this case) will be mindful if they are marketing changes in the middle of the task. For example if they said to paint some walls red and then changed to blue half way through, you would get paid for the extra effort.
Once you have done the tasks a few times you will have experience and knowledge of what the avg. project takes then can start charing by the project instead of hourly.
Hope this helps.

Thanks,