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Table of contents

Cap rate calculator
The cap rate calculator is used to understand and compare the potential return on investment from an investment property.
Enter the current market value or purchase price of the property. This is the basis for determining the capitalization rate.
Input the total yearly income generated by the property, including rent, fees, and any other sources of revenue, before expenses.
Input the percentage of annual gross income that represents the property's total operating expenses. This is an alternative way to represent operating expenses if the exact dollar amount is unknown.
Enter the annual dollar amount of all costs associated with managing and maintaining the property, such as utilities, taxes, insurance, and repairs.
Input the estimated percentage of time the property is unoccupied or not generating income. This accounts for potential income loss due to vacancies.
This field displays the calculated yearly income after subtracting operating expenses and adjusting for vacancy rate. This figure is used to determine the capitalization rate and evaluate the property's potential return on investment.
Calculate cap rate
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ResourcesseparatorProperty Management

Awning vs Evolve: Which Short-Term Rental Manager Is Right for Your Property?

Key takeaways

Awning vs Evolve: Which Short-Term Rental Manager Is Right for Your Property?

Awning and Evolve are frequently compared by property owners looking for professional management — but they're fundamentally different products. Evolve is a booking service with guest communication. Awning is a full-service management company. If you're unclear which model fits your situation, this comparison will make it clear. See Awning's full-service management overview for the complete service breakdown.

What Evolve Actually Does

Evolve handles the digital layer of property management: creating and optimizing your listing on Airbnb and VRBO, managing pricing, and responding to guest messages. They charge 10% of gross revenue. Here's what's not included: finding your cleaner, coordinating turnovers, handling maintenance, or being present for local issues. You manage everything on the ground.

What Awning Actually Does

Awning handles everything — digital and physical. That includes: 50+ channel distribution, dynamic pricing, professional listing optimization, 24/7 guest communication, cleaning and turnover coordination, supplies restocking, check-in/out management, home automation setup, custom guest guidebook, and maintenance coordination. Owners receive a real-time portal and monthly statements.

The 10% vs Full-Service Math

Evolve's 10% fee is attractive on paper. But to make it work, you need: a reliable cleaner ($75–$350 per turn depending on property size), a handyman for maintenance issues, and your own availability for local emergencies. When you factor in the real cost of those local operations, the gap between 10% and full-service narrows significantly.

Run the actual math with Awning's income estimator. Compare projected net income after Evolve's fee + your local operations cost vs. Awning's all-in fee. The result often surprises owners who assumed Evolve would be cheaper in practice.

Channel Distribution: 3 Platforms vs 50+

Evolve primarily distributes on Airbnb, VRBO, and a few additional channels. Awning distributes across 50+ booking platforms — including Booking.com, Expedia, Google Vacation Rentals, and Awning's direct booking platform. More channels means more visibility and typically higher occupancy.

Side-by-Side Comparison

Factor Evolve Awning
Management Fee 10% Transparent — see awning.com
Local Operations Owner-managed Fully managed
Cleaning Coordination Owner-managed Yes — included
Channel Count 3–5 channels 50+ channels
Dynamic Pricing Yes Yes — optimized
Home Automation No Yes — included
Guest Guidebook No Yes — custom
True Passive Income? No — you manage ops Yes

Evolve is the right choice if you have local operations already covered and want a low-cost booking layer. Awning is the right choice if you want truly passive income with maximum channel reach.

📎  Awning Services Included in Full Management

Airbnb Cleaning Service

Guest Check-In / Check-Out

Supplies Restocking

Home Automation

Guest Guidebook

Airbnb Marketing & Distribution

See what full-service management looks like →

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