The first thing you see when you start looking for a management company is a number: 15%, 20%, ¥80,000 a month. Lining those numbers up side by side is not a comparison, because what sits behind them differs by company, and because the model itself changes what you keep when revenue moves.
We run our own apartments in Tokyo and Sapporo, and manage a small number for other owners. What follows is written in the order we would check it if we were the ones signing.
Four models, and that is roughly all
| Model | Typical range | Works when | Hurts when |
|---|---|---|---|
| Fixed monthly | ¥50,000 to ¥100,000 | Occupancy and rate are high and steady | Low season, or launch. You pay it on an empty month too |
| Revenue share | 15% to 25% of revenue | Seasonal properties, and anything being launched | A property that stays full at a high rate may pay more than a fixed fee |
| Hybrid | Small fixed plus ~10% | Covers the manager's floor while keeping upside shared | Two moving parts make the true total harder to see |
| KPI-linked | Base rate plus bonus | There is a specific occupancy or rating target | Everything depends on how the metric is defined. Read the contract |
The same 20% covers different work
Before comparing rates, write down what the rate buys. This is where companies differ most:
- Cleaning and linen: paid by the guest, by you, or inside the fee
- Consumables and restocking: at cost, or with a margin added
- Photography and listing copy: usually billed separately at setup
- Pricing: moved daily, or reviewed once a month
- Guest response hours: around the clock, or office hours
- Accommodation tax filing, health centre and fire department handling
- A monthly report: whether one exists, and what is in it
- Platform fees: Airbnb's host fee and the like come off separately
Compare on what you keep
The models separate as soon as revenue moves. Here is a month at ¥500,000 and a quiet month at ¥200,000, comparing only the management fee, with cleaning paid by the guest and platform fees set aside.
| Monthly revenue | Fixed ¥80,000 | Revenue share 20% | Difference |
|---|---|---|---|
| ¥500,000 | ¥80,000 (16%) | ¥100,000 (20%) | Fixed wins by ¥20,000 |
| ¥350,000 | ¥80,000 (23%) | ¥70,000 (20%) | Share wins by ¥10,000 |
| ¥200,000 | ¥80,000 (40%) | ¥40,000 (20%) | Share wins by ¥40,000 |
| ¥0 | ¥80,000 | ¥0 | Share wins by ¥80,000 |
A fixed fee rewards a property that stays full and punishes one that dips. Revenue share does the opposite: it costs more in a good month and nothing in an empty one. Neither is right in the abstract. The test is simple: look at your quietest month of the year and ask whether you would be comfortable paying that fixed fee in it. If the answer is no, a fixed fee is the wrong shape for that property.
The costs people forget
The last two carry no price tag and cost the most. If the management company holds the listing account, the review history you spent two years building does not travel with you. Ask whose name the accounts are in before you sign, not after.
- Setup: photography, listing build, smart lock, beds and everything guests need
- Getting licensed: agent fees, fire-safety equipment, drawings. Anywhere from a few hundred thousand yen upward
- Exit terms: notice period, penalties, how the final month is charged
- Who owns the listing accounts, and therefore who keeps the reviews
- Rights to the photos you paid for
What we charge, and why it is not the cheapest
AG STAY works on revenue share, from 20%, with no fixed fee in a month without bookings. Cleaning is normally paid by the guest; linen and consumables are billed at cost with nothing added. The rate depends on the property and whether we are launching it, so we quote after visiting.
That sits at the upper end of the market, so here is the reasoning. We run our own apartments the same way we would run yours: rates and listings move daily, every turnover is checked against photos, and the numbers come to you monthly. We hold five properties at a time, which means the hours per property cannot be squeezed. If the decision is being made on price, we are not the right fit.
Five questions to ask before signing
The last one does most of the work. A company that cannot produce a sample report usually is not producing reports.
- What is not included in this rate? Answer in line items
- Whose name are the listing accounts in, and what happens to the reviews if I leave?
- How often does pricing move, and who moves it?
- What is the notice period and the penalty, and what happens to existing bookings?
- What is in the monthly report? Show me a real one