When it comes to buying your first rental property, it’s easy to assume it’s all downhill from there. Owning a vacation rental is very different than managing your own vacation rental. It’s important to take all factors into consideration when trying to decide if you should hire a property manager or to just do it yourself. Here are some pros and cons to help you navigate your decision if you would like to manage it yourself.
Pros of Self Managing Your Vacation Rental
There are some advantages to managing your property yourself, including:
Managing your vacation rental property on your own can give you a higher degree of control over the daily operations. You’ll be the one who will make all necessary decisions. If you have trouble delegating, then you may feel more comfortable being in control of every detail of how your vacation rental properties are run.
Closer Relationships With Visitors:
You can also expect closer relationships with the visitors staying in your vacation rental since you will be their point of contact. Of course, these relationships can turn sour at times with unruly vacationers, so in these cases, you may wish you didn’t have to be the one to handle issues of noise complaints or unhappy beach-goers.
You will also learn a lot about property management by doing it yourself, which some vacation rental owners may consider an advantage if they want to eventually focus more on management in their real estate career than on ownership. Expect to experience some hiccups along the way, though.
One advantage that can be the determining factor in some property owners’ decision to manage the property themselves is that it can possibly save you money. Typically, if you have a property management company, a small percentage of your income will go to pay for their services.
Cons of Self Managing Your Vacation Rental
While there are some advantages to self management, there also are a number of disadvantages, as well. These include:
A Lot of Time Required:
There are a lot of responsibilities that come with managing your own vacation rental property. And that is just for just one property. If you have multiple properties, then your duties will multiply. The time it takes to take care of all these responsibilities can be significant, and it could certainly keep you from pursuing other business ventures. If the work load seems too heavy, it may be a good idea to have a professional property management company take over for you.
Source of Stress:
You may also cause yourself a lot of stress by taking on some of these responsibilities. If a vacationer has a burst pipe at 2 a.m., you’ll be the one taking that call and figuring out how to get it taken care of as soon as possible. If a vacationer is not complying with a policy, you’ll be the one confronting them with the policies agreed upon in their vacation rental agreement and taking any necessary follow-up actions. When you allow someone else to manage your property, they handle the day-to-day stresses of having to deal directly with tenants or with the property itself.
Lack of Expertise:
Another issue is that, if you’re just starting out as a vacation property owner, you are sure to encounter issues that have to do with legal regulations or best practices that you are simply unaware of. It can take a long time to gain the experience and expertise necessary to manage a property well without running into problems. A property management company makes sure owners have confidence knowing that their investment is in the care of able professionals as well as minimize owner liabilities by making sure every property and lease is in compliance with the law to protect owners from legal complications.
Lack of Advertising:
A lot of self-managing vacation rentals have a hard time advertising the right way. If you enlist the help of a professional, they usually can market your rentals across all top rental sites. The property management company can also help with photography and other aspects to get your rental property seen on the internet. The more your vacation rental property gets out there, the more you will be able to book it.
Yes, self managing your vacation rental can possibly save you some money and be a fulfilling experience. However, if you lack the experience, the knowledge, and the time to handle it, leaving your vacation rental management to a professional may be the better move.
Sand Seeker Vacations are here for all of your Panama City Beach vacation rental property management needs. Whether you’re looking to turn your home into a vacation rental or annual rental, we have you covered. It is our job to provide property owners the highest possible profit and return on their investment.
Give us a call at (850) 234-2151 or visit our website for more information!