Financial Analyst to review Fes for Short Term Rentals
Budget: $25 – $50 USD
The Elektra Condominium at 1400 Hubbell Place in Seattle's First Hill Neighborhood allows Short Term Rentals (STR) also sometimes known as Vacation Rentals with a minimum 3-day stay.
We charge all STR operators a ”move-in” fee of $30 for each guest to cover costs to the condominium. This fee was established through a settlement agreement. We are interested in evaluating the accuracy of that fee. The Settlement Agreement calls for the following process for evaluating the fee.
We are looking for a qualified analyst to evaluate such fees for us.
Board modification of those fees must be based upon and reflect the actual costs and impacts to the Association from the specific type of move-in at issue. The fees are not intended to generate a profit for the Association but, instead, are intended to offset the actual costs to the Association related to the various types of move-ins, exclusive of costs that are covered by owners' monthly assessments.
Factors that may or may not result in an actual and quantifiable cost to the Association and that the financial analyst should consider include, but are not necessarily limited to, the following:
• non-routine elevator use;
• loading dock use;
• staff, property management and other outside service providers'
• administrative time and related expense related to renters/rentals for which the
• Association incurs an additional expense not covered by Association dues;
• filing and review of leases and other paperwork, and scheduling of move-ins;
• wear and tear to the building specific to move-in activity;
• whether the move-in involves furniture or not; and
• insurance costs specific to rentals and rental activity.
The costs and impacts to the Association upon which the move-in fees are based must be quantifiable and shall not disproportionally impact any particular group of owners (i.e., owners who occupy the unit they own, owners who use the unit(s) they own for long-term leases, owners who use the unit(s) they own for short-term leases, etc.).
We charge all STR operators a ”move-in” fee of $30 for each guest to cover costs to the condominium. This fee was established through a settlement agreement. We are interested in evaluating the accuracy of that fee. The Settlement Agreement calls for the following process for evaluating the fee.
We are looking for a qualified analyst to evaluate such fees for us.
Board modification of those fees must be based upon and reflect the actual costs and impacts to the Association from the specific type of move-in at issue. The fees are not intended to generate a profit for the Association but, instead, are intended to offset the actual costs to the Association related to the various types of move-ins, exclusive of costs that are covered by owners' monthly assessments.
Factors that may or may not result in an actual and quantifiable cost to the Association and that the financial analyst should consider include, but are not necessarily limited to, the following:
• non-routine elevator use;
• loading dock use;
• staff, property management and other outside service providers'
• administrative time and related expense related to renters/rentals for which the
• Association incurs an additional expense not covered by Association dues;
• filing and review of leases and other paperwork, and scheduling of move-ins;
• wear and tear to the building specific to move-in activity;
• whether the move-in involves furniture or not; and
• insurance costs specific to rentals and rental activity.
The costs and impacts to the Association upon which the move-in fees are based must be quantifiable and shall not disproportionally impact any particular group of owners (i.e., owners who occupy the unit they own, owners who use the unit(s) they own for long-term leases, owners who use the unit(s) they own for short-term leases, etc.).