By Joseph Kalaydjian, Founder & CEO, Cheez Hospitality
Ask five Athens operators what they charge and you get five numbers. The headline percentage is the easy part. What it is a percentage of, and what sits outside it, decides what you actually keep.
The market rate
Full-service short-term management in Athens runs 20 to 30% of rental revenue. Premium operators charge up to 40 to 45%. Below 20% you are usually buying a listing service: someone answers guests and you handle the rest.
Cheez charges 20% of rental revenue for stays under 12 months. For a long-term lease of a year or more: one month's rent to place the tenant, then 10% a month.
The question behind the percentage: 20% of what?
Two operators can both say "20%" and cost you very different amounts.
- Rental revenue is what guests pay for the stay itself: nightly rates and extra-guest charges, before the platform takes its commission, excluding cleaning fees and taxes. This is our basis.
- Gross booking value includes the cleaning fee and sometimes taxes. A fee on gross is a fee on money that was never yours to keep.
- Net can mean anything. Net of commission, net of cleaning, net of "operating costs". Ask for the definition in writing.
If a proposal does not define the base in one sentence, it is not a price.
What the fee should cover
For 20% of rental revenue, these should be included, not invoiced on top:
- pricing, set every day, so the calendar earns the most it can
- listings on Airbnb, Booking.com and a direct booking site, on one calendar
- every guest message, screened bookings and check-in
- coordinating maintenance, with quotes before any work
- keeping the short-term registration, insurance and the rules current
- one statement and one transfer a month
What sits outside it, and should
Some costs are real and belong to the property, not to the manager. They should be shown at cost, against receipts:
- Cleaning and linen per stay. Most of it is paid by the guest through the cleaning fee.
- Bills, building fees and repairs. Yours, as owner, with receipts in your name.
- Furniture and works. Bought at cost. A manager that adds a margin on goods is earning twice.
The hidden costs to ask about
- A margin on cleaning, supplies or repairs.
- A "setup" or "onboarding" fee with no list of what it buys.
- A minimum term with a penalty to leave.
- Payouts held for 30 to 60 days.
- A fixed rent instead of a share of revenue. It looks safe. It is the model that collapsed Sonder and others when bookings fell.
A worked example
An apartment earns 24,000 in rental revenue over a year. At 20%, the management fee is 4,800. Cleaning is largely covered by guest cleaning fees. Bills, insurance and repairs are yours either way. The question to compare operators is simple: what does each one leave you with, after everything, in the same twelve months?
If the property is not ready yet
Most Athens apartments need work before they earn. Furnishing and renovation are a separate, one-off job: we charge
20% of the budget, goods at cost, and the estimate visit is free.
The short answer
Expect 20 to 30% of rental revenue for full service in Athens. Ask what the percentage is of, what it covers, and what is marked up. Our prices are published on property management in Athens, and the
estimate visit is free.
This is general information, not legal or tax advice. Confirm your property's position with your lawyer or accountant.
Designed Living. Operated by Cheez.
