--- title: "Co-Hosting vs. Property Management in Wyoming — What Sheridan Owners Need to Know | Wyo Stays" description: "Co-hosting and property management aren't the same thing in Wyoming — legally or practically. A licensed Wyoming broker explains the difference, the risks, and the real numbers. wyostays.com · (307) 312-9656" lang: en json-ld: | [ { "@context": "https://schema.org", "@graph": [ { "@type": [ "LocalBusiness", "LodgingBusiness", "RealEstateAgent" ], "@id": "https://wyostays.com/#organization", "name": "Wyo Stays", "legalName": "Wyo Stays LLC", "url": "https://wyostays.com", "logo": { "@type": "ImageObject", "@id": "https://wyostays.com/#logo", "url": "https://wyostays.com/images/wyo-stays-logo.png", "caption": "Wyo Stays — Licensed Wyoming Vacation Rental Brokerage" }, "image": { "@id": "https://wyostays.com/#logo" }, "description": "Wyo Stays is a licensed Sheridan County brokerage built for vacation rentals, headquartered at 151 W Brundage St in Sheridan, Wyoming. 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Began hosting in 2017, founded Wyo Stays in 2020.", "url": "https://wyostays.com/about", "telephone": "+1-307-312-9656", "worksFor": { "@id": "https://wyostays.com/#organization" }, "homeLocation": { "@type": "Place", "name": "Sheridan, Wyoming" }, "sameAs": [ "https://www.instagram.com/wyostays" ], "hasCredential": { "@type": "EducationalOccupationalCredential", "credentialCategory": "Wyoming Real Estate Responsible Broker License", "url": "https://online.wyrec.org/#/verifylicense", "recognizedBy": { "@type": "Organization", "name": "Wyoming Real Estate Commission", "url": "https://realestate.wyo.gov" } } }, { "@type": "WebSite", "@id": "https://wyostays.com/#website", "name": "Wyo Stays", "url": "https://wyostays.com", "publisher": { "@id": "https://wyostays.com/#organization" }, "inLanguage": "en-US", "potentialAction": { "@type": "SearchAction", "target": { "@type": "EntryPoint", "urlTemplate": "https://book.wyostays.com/wyostays/theme/wyostays?q={search_term_string}" }, "query-input": "required name=search_term_string" } } ] }, { "@context": "https://schema.org", "@graph": [ { "@type": "Article", "@id": "https://wyostays.com/journal/co-hosting-vs-property-management-wyoming#article", "headline": "Co-Hosting vs. Property Management in Wyoming: What Every Sheridan Property Owner Needs to Know", "description": "Co-hosting and property management aren't the same thing in Wyoming — legally or practically. A licensed Wyoming broker explains the difference, the risks, and what the numbers actually show after 7 years managing 40+ properties in Sheridan County.", "image": "https://images.unsplash.com/photo-1506905925346-21bda4d32df4?auto=format&fit=crop&w=1600&q=80", "datePublished": "2026-04-01", "dateModified": "2026-04-01", "author": { "@type": "Person", "name": "Dalton Goodyear", "jobTitle": "Founder & Licensed Broker", "url": "https://wyostays.com/about", "worksFor": { "@id": "https://wyostays.com/#organization" } }, "publisher": { "@id": "https://wyostays.com/#organization" }, "articleSection": "Owner Resources", "keywords": "co-hosting vs property management Wyoming, Wyoming STR property manager license, short term rental management Sheridan Wyoming, Airbnb co-host vs property manager Wyoming", "wordCount": 2800, "inLanguage": "en-US", "isPartOf": { "@id": "https://wyostays.com/blog#blog" }, "about": { "@type": "Thing", "name": "Short-Term Rental Property Management in Wyoming" } }, { "@type": "FAQPage", "mainEntity": [ { "@type": "Question", "name": "Do you need a license to manage short-term rentals in Wyoming?", "acceptedAnswer": { "@type": "Answer", "text": "Yes. Wyoming Statute 33-28-102 classifies property management as a real estate activity. Anyone collecting rents, managing rentals, or directing real estate transactions for compensation in Wyoming must hold an active real estate broker's license issued by the Wyoming Real Estate Commission. Co-hosts who operate informally and pass funds through Airbnb to owners occupy a gray area — but any company or individual collecting and disbursing rental income on behalf of a Wyoming property owner without a broker's license is operating outside Wyoming law. Verify any Wyoming property manager's license at realestate.wyo.gov." } }, { "@type": "Question", "name": "What is the difference between a co-host and a property manager in Wyoming?", "acceptedAnswer": { "@type": "Answer", "text": "A co-host helps manage a short-term rental under the primary host's Airbnb account — they have no independent licensing requirements and typically receive a percentage of income. A licensed property manager in Wyoming holds a real estate broker's license, operates under Wyoming Real Estate Commission oversight, maintains trust accounting for all funds, carries errors and omissions insurance, and is legally accountable for all financial transactions. The key practical difference: if something goes wrong — a guest injury, a financial dispute, a tax compliance failure — a licensed brokerage has the legal infrastructure and professional liability insurance to resolve it. An unlicensed co-host does not." } }, { "@type": "Question", "name": "What do property managers charge in Sheridan Wyoming?", "acceptedAnswer": { "@type": "Answer", "text": "Property management fees for short-term rentals in Sheridan Wyoming typically range from 20–30% of gross rental revenue for full-service management. This includes guest communications, dynamic pricing, turnovers, maintenance coordination, direct booking channel management, and all financial reporting. The fee is offset by the performance gap: Wyo Stays managed properties average 68–72% annual occupancy compared to 28–35% for self-managed Sheridan County listings. On a 3-bedroom downtown property, the revenue difference between managed and self-managed typically exceeds the management fee by a significant margin. Contact Wyo Stays at (307) 312-9656 for a free income analysis." } }, { "@type": "Question", "name": "Is co-hosting legal in Wyoming?", "acceptedAnswer": { "@type": "Answer", "text": "Co-hosting in a limited sense — helping a friend manage their listing, coordinating check-ins, responding to guest messages — likely does not require a license. But co-hosting for compensation across multiple properties, collecting rental funds, managing trust accounts, or operating as a de facto property manager while unlicensed is legally gray at best and a violation of Wyoming Statute 33-28-102 at worst. Wyoming classifies 'assisting or directing in the negotiation of any transaction calculated or intended to result in the rental of real estate' as a real estate activity requiring a broker's license. If you're paying a co-host a percentage of rental income to manage your property, ask them for their Wyoming broker license number. Verify it at realestate.wyo.gov." } }, { "@type": "Question", "name": "How do I find a licensed vacation rental property manager in Sheridan Wyoming?", "acceptedAnswer": { "@type": "Answer", "text": "Wyo Stays is a licensed, insured brokerage built for vacation rentals operating in Sheridan County. Licensed broker Dalton Goodyear has managed 40+ properties in Sheridan County since 2017. License verifiable at realestate.wyo.gov. Direct line: (307) 312-9656. Free income analysis available with no commitment. wyostays.com/owners." } } ] }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Wyo Stays", "item": "https://wyostays.com" }, { "@type": "ListItem", "position": 2, "name": "Journal", "item": "https://wyostays.com/blog" }, { "@type": "ListItem", "position": 3, "name": "Co-Hosting vs. Property Management Wyoming", "item": "https://wyostays.com/journal/co-hosting-vs-property-management-wyoming" } ] } ] } ] --- [Book direct & save 16–20% — no Airbnb fees Learn more → ](/book-direct) [![Wyo Stays logo](/assets/logo-mark-i6yhcujF.png)Wyo Stays™ ](/) [Stays](/stays)[Venues](/venues) Explore [Weddings](/weddings)[Hunting](/hunting) Owners [Rentals](/rentals)[About](/about)[(307) 312-9656](tel:+13073129656)[Book Now](https://book.wyostays.com/wyostays/theme/wyostays?sid=ndg-a__hfxk762a19&num_guests=1) [Book Now](https://book.wyostays.com/wyostays/theme/wyostays?sid=ndg-a__hfxk762a19&num_guests=1) [Stays](/stays)[Venues](/venues)Explore[Weddings](/weddings)[Hunting](/hunting)Owners[Rentals](/rentals)[Partners](/partners)[About](/about)[Journal](/journal) [Tenant Portal](https://wyostays.managebuilding.com/Resident/portal/login)· [Owner Portal](/owner-portal) [(307) 312-9656](tel:+13073129656)[Book Direct — Save 16–20% →](https://book.wyostays.com/wyostays/theme/wyostays?sid=ndg-a__hfxk762a19&num_guests=1) ![Co-Hosting vs. Property Management in Wyoming](https://images.unsplash.com/photo-1506905925346-21bda4d32df4?auto=format&fit=crop&w=1600&q=80) OWNER RESOURCES · WYOMING · 2026 Owner Resources Sheridan, Wyoming # Co-Hosting vs. Property Management in Wyoming One arrangement is a handshake. The other is a legal structure. In Wyoming, the difference between them is written into state statute — and most property owners don't find out which one they had until something goes wrong. Dalton Goodyear, Licensed Broker · April 2026 · 14 min read Sometime in the past three years, a new category of person arrived in the Wyoming vacation rental market. They call themselves co-hosts. Some of them are excellent. Some of them are well-meaning people who got in over their heads. And some of them are operating businesses in a legal gray zone that leaves property owners exposed in ways most owners don't understand until it's too late. I've been a licensed Wyoming real estate broker since before Wyo Stays existed. I've managed properties in Sheridan County since 2017 — slowly at first, then deliberately, until the portfolio reached 40+ properties and a team I trust to be on-call on a Tuesday night in October when a pipe fitting fails at a cabin in Story. I've watched the co-hosting trend develop from the inside. And I want to give you the honest account, because most of what you'll read on this topic was written by people who don't have skin in the game the way Wyoming property owners do. > Most of what you'll read about co-hosting vs. property management was written by people who have never managed a property in a place like Sheridan County — where winter storms close mountain roads and your cleaner is the one who shovels out the driveway before the guests arrive. About the Author Dalton Goodyear is the founder and licensed responsible broker of Wyo Stays LLC. Wyoming Real Estate Brokerage license — active, verifiable at realestate.wyo.gov. Managing 40+ vacation rental properties in Sheridan County since 2017. ## First, Let's Define What We're Actually Talking About The short-term rental industry has developed its own vocabulary, and like most industry jargon, it obscures more than it clarifies. So let's be precise. **A co-host** is a designation that originated on Airbnb's platform. When you add someone as a co-host on your listing, they can access your account, respond to guests, manage the calendar, and coordinate turnovers — all while the booking and financial transactions remain in your name. The co-host is compensated by you, outside the platform, typically as a percentage of income. Airbnb recently launched a formal co-host marketplace to formalize this. The arrangement is flexible and increasingly common. **A property manager** — in Wyoming's legal framework — is something more specific. Under Wyoming Statute 33-28-102, property management is classified as a real estate activity. Anyone who, for compensation, _"assists or directs in the negotiation of any transaction calculated or intended to result in the rental of real estate"_ must hold an active Wyoming real estate broker's license issued by the Wyoming Real Estate Commission. The critical word there is _compensation_. The moment a co-host receives payment for managing another person's rental property in Wyoming, the legal question of licensing becomes relevant. Wyoming Statute 33-28-102 Wyoming classifies property management as a real estate activity. The law requires a real estate broker’s license for anyone who "collects rents, manages maintenance, or assists in the negotiation of any transaction intended to result in the rental of real estate" for compensation. Verify any Wyoming property manager’s license: realestate.wyo.gov → License Search. ## The Legal Difference — And Why It's Not Just a Technicality I'm not raising the licensing issue to win a competitive argument. I'm raising it because I've seen what happens to property owners when it matters. Here's the practical difference between a licensed brokerage and an unlicensed operator: Licensed Property Manager vs. Co-Host — Wyoming Legal Framework Dimension Licensed Brokerage (Wyo Stays) Unlicensed Co-Host Wyoming license required Yes — Wyoming RE Broker License No formal requirement Financial accountability Trust accounting required by law Informal, owner-dependent Errors & omissions insurance Required Not required Wyoming RE Commission oversight Yes No Legal rental agreements Enforceable broker contracts Informal arrangements Tax compliance (occupancy taxes) Broker handles on behalf of owner Owner is responsible Guest injury liability framework Professional liability coverage Owner exposure What happens when it breaks Licensed team, legal recourse Personal relationship, no recourse The trust accounting requirement is the one that most owners don't think about until they need it. When Wyo Stays collects a $1,200 guest deposit for a July stay, those funds go into a trust account governed by Wyoming real estate law — separate from operating funds, subject to audit, required to be disbursed to the owner according to the management agreement. When an unlicensed operator collects that same $1,200, the funds pass through whatever informal arrangement they've set up. It may work perfectly. It may also not. > Trust accounting isn't bureaucracy. It's the legal structure that exists between a property owner's money and the person holding it on their behalf. Wyoming law requires it for licensed brokers. It requires nothing of the unlicensed. ## The Money Argument — What the Numbers Actually Show The licensing and legal framework matters. But for most Wyoming property owners, the decision ultimately comes down to performance. Does it pencil? Here's what I can tell you from nine years of managing 40+ properties in Sheridan County, with real numbers from a real portfolio: Sheridan Wyoming STR Performance — Managed vs. Self-Managed Metric Wyo Stays Managed Self-Managed / Co-Hosted Source Average annual occupancy 68–72% 28–35% Wyo Stays internal + Sheridan Press 2024 WYO Rodeo week booking window 90+ days out, routinely full Variable, often last-minute Wyo Stays booking data Direct booking rate 30–40% of bookings Near zero (platform dependent) Wyo Stays direct channel Average owner net (3BR downtown) $55,000–$76,000/year $18,000–$30,000/year est. Wyo Stays portfolio data Response time to maintenance issues Same-day (local team) Owner-dependent Operational standard Guest review average (portfolio) 4.8★ across the 3,482 rated of 4,210+ reviews Varies significantly Verified platforms The occupancy gap is the number that matters most. Sheridan County's average self-managed occupancy of 28–35% means most local vacation rental owners are leaving their properties empty for 65–70% of the year. That's not a management style difference. That's a revenue catastrophe disguised as independence. Why does the gap exist? Three main reasons. **Dynamic pricing.** Most self-managed hosts set a nightly rate in January and adjust it twice a year. Wyo Stays adjusts pricing daily — sometimes multiple times daily — based on demand signals, comparable availability, upcoming event calendars, and booking velocity. A property that should be charging $380/night during WYO Rodeo week doesn't know that unless someone is watching the data. **The direct booking channel.** When guests book through Airbnb, you pay a 3% host fee and guests pay 16–20% in service fees. Wyo Stays runs a direct booking platform at wyostays.com — 30–40% of our bookings come through direct channels. On a $60,000 annual property, that's roughly $2,400/year in saved host fees alone. More importantly, those guests belong to you, not to Airbnb. **Local knowledge and trust.** This one is harder to quantify but it's real. A guest who books a Wyo Stays property and calls at 9pm about a noise they're hearing from the water heater gets a call back from someone who was in that same cabin three weeks ago and knows exactly what they're describing. An Airbnb guest dealing with a co-host who lives in another city gets a text chain and a contractor recommendation from Google. From the Team The stat that I cite most often: only 5.2% of Sheridan County's short-term rentals are professionally managed, according to a 2024 Sheridan Press investigation. The county-wide AirDNA data (152 average monthly STR listings in Sheridan) suggests most of these are small operations with no professional oversight — exactly the market dynamic that makes professional management valuable here in a way it isn't in oversaturated markets. ## When Co-Hosting Actually Makes Sense — An Honest Assessment I said I'd give you the honest account, and that means acknowledging when co-hosting is the right answer. It sometimes is. **If you own one property and want to be involved.** A good co-host arrangement with someone you trust — ideally someone local to Sheridan — lets you stay connected to your property and your guests while offloading the operational weight of daily communication and turnover coordination. If your property is a cabin you use yourself and you want the rental income to offset carrying costs without fully handing over control, a co-host relationship can work. **If you're testing the market.** Before committing to a full management agreement, some owners use a co-host arrangement for a season to understand what the property can produce and what the operational demands actually are. That's reasonable. **If you have a local person you genuinely trust.** The word "genuinely" is doing a lot of work there. The co-hosting model works best when it's built on an existing relationship — not a stranger from a platform marketplace. The accountability in a co-host arrangement is personal, not institutional. Where co-hosting tends to break down in a market like Sheridan County: Where Co-Hosting Fails in Sheridan County 1\. The co-host moves away — this is Wyoming, and people move. The arrangement dissolves with no formal transition, no client file, no documentation. 2. The property underperforms and nobody knows why — a co-host helping you manage your Airbnb listing usually doesn't have access to market-wide pricing data. 3. Something breaks and the co-host isn't licensed or insured — a guest slips on ice, a pipe bursts the night before WYO Rodeo week. No institutional recourse. 4. Tax compliance falls back on you — Wyoming's 4% state sales tax and 5% lodging tax apply to STR stays. A licensed property manager handles this. A co-host typically passes the obligation back to the owner. ## The Wyoming-Specific Complication That Nobody Talks About Here's the part of this conversation that doesn't appear in generic STR blog posts, because it requires knowing Wyoming law specifically. Wyoming Statute 33-28-102 defines "real estate activity" broadly. The definition includes: _"collecting rents,"_ _"managing maintenance,"_ and _"assisting or directing in the negotiation of any transaction... intended to result in the rental of real estate."_ The statute has an exemption for owners managing their own property. It has an exemption for salaried employees. It does not have a broad exemption for compensation-based co-hosts managing other people's properties. This creates a situation where an informal co-host who is paid a percentage of rental income to manage multiple properties in Wyoming is, by the plain reading of the statute, engaging in unlicensed real estate activity. The Wyoming Real Estate Commission has enforcement authority over unlicensed practice. I'm not a lawyer, and this is not legal advice. But I am a licensed Wyoming broker who has read the statute. If you are paying someone to manage your Sheridan County vacation rental property, the question of whether they hold a Wyoming broker's license is not a technicality. It is the question. Ask for the license number. Verify it at realestate.wyo.gov. The search takes sixty seconds. > Ask for the license number. Verify it at realestate.wyo.gov. The search takes sixty seconds. What you find — or don't find — tells you everything you need to know about who is actually holding your asset. ## What Professional Management Actually Looks Like — A Real Week Abstract arguments about licensing and occupancy percentages are easy to make. Here's what the difference looks like in practice. It's a Tuesday in late October. A guest at one of our Story properties — a 4-bedroom cabin booked through WYO Rodeo and now into its third week of fall occupancy — sends a message at 10:48pm. There's a sound coming from the water heater. Not a drip. A sound. By 11:15pm, our on-call team has messaged back, identified the likely cause (a sediment buildup common in Story properties drawing from mountain water), confirmed the heater is not at risk of failure, and dispatched our local plumber for a 7am assessment. The guest goes to sleep. The owner, who is in Denver and would otherwise have received a text saying "hey your cabin has a problem, what should I do," doesn't hear about it until the morning report: issue identified, assessed, work order submitted, no guest impact. The property's 5-star review stays intact. The fall booking continues. A co-host in this situation — depending on who they are, where they live, and what their arrangement covers — might handle this exactly as well. Or they might be asleep when the message came in. Or they might not have a plumber they can call at 7am. Or the owner might be the one who ends up fielding a guest complaint on a Tuesday night in October. The difference is not always visible. Until it is. ## Choosing: A Framework for Sheridan County Owners Before you decide, answer these questions honestly: Which Management Model Fits Your Situation? Your Situation Likely Best Fit Live more than 2 hours from the property Licensed property management Own 2+ properties Licensed property management Self-manage and haven't hit 50% occupancy Licensed property management Generating less than $40K/year on a 3BR property Free income analysis first — likely managed Have one property, use it yourself, want offset income Co-host may work if person is local and trusted Want to be involved in day-to-day decisions Co-host or hybrid arrangement Had a maintenance or guest issue you handled at 10pm Licensed property management The honest version: most Sheridan County property owners who are self-managing or informally co-hosted are leaving significant revenue on the table. The performance gap between professionally managed and self-managed properties in this county isn't a rounding error — it's the difference between a property that pays for itself and one that doesn't. ## The Numbers on a Specific Sheridan Property Let me make this concrete. These are real Sheridan County numbers, anonymized. A 3-bedroom house in Sheridan, purchased as a vacation rental investment in 2022. Owner self-managed for 14 months before approaching Wyo Stays. **During self-management:** - Annual occupancy: ~34% - Average nightly rate: $195 - Annual gross revenue: ~$24,000 - Owner time investment: approximately 8–12 hours per week - Guest review average: 4.3★ **After 18 months under Wyo Stays management:** - Annual occupancy: 68% - Average nightly rate: $237 (dynamic pricing optimized) - Annual gross revenue: ~$58,000 - Owner time investment: less than 1 hour per week - Guest review average: 4.8★ The management fee at Wyo Stays paid for itself approximately 4× over in additional gross revenue. The owner now uses that time for the next acquisition. For a detailed look at what Wyo Stays management includes, read [What You Actually Get When Wyo Stays Manages Your Property](/journal/sheridan-wyoming-property-management-what-owners-get). > The management fee paid for itself approximately four times over in the first year. The owner uses that time to research the next property. That's the actual return on professional management — not just the revenue, but the hours. ### See What Professional Management Delivers Every property in the Wyo Stays portfolio is managed to the standard described in this article. Browse 40+ properties — book direct and see the experience that comes with licensed local oversight. [ ![Downtown Sheridan Apartment](https://images.bookhostai.com/?url=https://photos.bookhostai.com/clients/properties/wyostays/JrQITrHAnWeMWWZsGQsS/65e81218fe8819b96f1f2d22/original.jpeg&f=webp&w=800) #### Downtown Sheridan Apartment Sheridan, Wyoming · ★ 4.9 ](https://book.wyostays.com/wyostays/property/JrQITrHAnWeMWWZsGQsS?tid=wyostays)[ ![My Story Creekside Cabin](https://photos.bookhostai.com/clients/properties/wyostays/H7D8HrPbPFklc2AST5VV/698687e674886f001b37f12f/original.jpeg) #### My Story Creekside Cabin Story, Wyoming · ★ 4.7 ](https://book.wyostays.com/wyostays/property/H7D8HrPbPFklc2AST5VV?tid=wyostays) [For owners: Get a free income analysis](/owners) Contents - [First, Let's Define What We're Actually Talking About](#definitions) - [The Legal Difference — And Why It's Not Just a Technicality](#legal-difference) - [The Money Argument — What the Numbers Actually Show](#money-argument) - [When Co-Hosting Actually Makes Sense — An Honest Assessment](#when-cohosting-works) - [The Wyoming-Specific Complication That Nobody Talks About](#wyoming-complication) - [What Professional Management Actually Looks Like — A Real Week](#real-week) - [Choosing: A Framework for Sheridan County Owners](#choosing-framework) - [The Numbers on a Specific Sheridan Property](#real-numbers) Key Facts Wyoming Statute 33-28-102 Defines property management as a real estate activity requiring a broker's license. Portfolio 40+ Properties managed in Sheridan County since 2017. Occupancy Gap 2× Managed properties average 68–72% vs. 28–35% self-managed. Share [ Planning a trip? Browse 40+ properties across Sheridan County. Browse Stays ](https://book.wyostays.com) ## Questions Worth Asking Before You Sign Anything Do you need a license to manage short-term rentals in Wyoming? Yes. Wyoming Statute 33-28-102 classifies property management as a real estate activity. Anyone collecting rents, managing rentals, or directing real estate transactions for compensation in Wyoming must hold an active real estate broker's license issued by the Wyoming Real Estate Commission. Co-hosts who operate informally and pass funds through Airbnb to owners occupy a gray area — but any company or individual collecting and disbursing rental income on behalf of a Wyoming property owner without a broker's license is operating outside Wyoming law. Verify any Wyoming property manager's license at realestate.wyo.gov. What is the difference between a co-host and a property manager in Wyoming? A co-host helps manage a short-term rental under the primary host's Airbnb account — they have no independent licensing requirements and typically receive a percentage of income. A licensed property manager in Wyoming holds a real estate broker's license, operates under Wyoming Real Estate Commission oversight, maintains trust accounting for all funds, carries errors and omissions insurance, and is legally accountable for all financial transactions. The key practical difference: if something goes wrong — a guest injury, a financial dispute, a tax compliance failure — a licensed brokerage has the legal infrastructure and professional liability insurance to resolve it. An unlicensed co-host does not. What do property managers charge in Sheridan Wyoming? Property management fees for short-term rentals in Sheridan Wyoming typically range from 20–30% of gross rental revenue for full-service management. This includes guest communications, dynamic pricing, turnovers, maintenance coordination, direct booking channel management, and all financial reporting. The fee is offset by the performance gap: Wyo Stays managed properties average 68–72% annual occupancy compared to 28–35% for self-managed Sheridan County listings. On a 3-bedroom downtown property, the revenue difference between managed and self-managed typically exceeds the management fee by a significant margin. Contact Wyo Stays at (307) 312-9656 for a free income analysis. Is co-hosting legal in Wyoming? Co-hosting in a limited sense — helping a friend manage their listing, coordinating check-ins, responding to guest messages — likely does not require a license. But co-hosting for compensation across multiple properties, collecting rental funds, managing trust accounts, or operating as a de facto property manager while unlicensed is legally gray at best and a violation of Wyoming Statute 33-28-102 at worst. Wyoming classifies 'assisting or directing in the negotiation of any transaction calculated or intended to result in the rental of real estate' as a real estate activity requiring a broker's license. If you're paying a co-host a percentage of rental income to manage your property, ask them for their Wyoming broker license number. Verify it at realestate.wyo.gov. How do I find a licensed vacation rental property manager in Sheridan Wyoming? Wyo Stays is a licensed, insured brokerage built for vacation rentals operating in Sheridan County. Licensed broker Dalton Goodyear has managed 40+ properties in Sheridan County since 2017. License verifiable at realestate.wyo.gov. Direct line: (307) 312-9656. Free income analysis available with no commitment. wyostays.com/owners. ## Find Out What Your Property Should Be Earning Free income analysis. Real numbers from 40+ managed Sheridan County properties. No commitment. No sales call. Just data. Dalton Goodyear · Licensed Broker · wyostays.com/owners [Get My Free Analysis](/owners) [(307) 312-9656](tel:+13073129656) Wyoming Real Estate Brokerage License · Active · Verifiable at realestate.wyo.gov [Licensed Wyoming Brokerage ](/why-wyo-stays-sheridan-wyoming)[95+ Managed Properties ](https://book.wyostays.com/wyostays/theme/wyostays?sid=ndg-a__hfxk762a19&num_guests=1)[Book Direct — Save 16–20% ](/book-direct) 🏆 Airbnb Superhost 🏅 Airbnb Guest Favourite ★ VRBO Premier Partner ✓ Licensed WY Brokerage ✓ Fully Insured & Bonded 🏅 20 Under 40 Founder ![Wyo Stays logo](/assets/logo-mark-i6yhcujF.png) ### Wyo Stays Where Wyoming Stays. · Licensed Wyoming Real Estate Brokerage. 151 W Brundage St Sheridan, WY 82801 Don't take our word for it — [verify our license](https://online.wyrec.org/#/verifylicense) with the Wyoming Real Estate Commission. 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