Do I Need a Property Manager?

As the owner of an investment property, you may be wondering if you need a property manager. It can certainly be tempting to want to take care of everything yourself, but it's also important to know the specifics that go into managing your home. An investment property is an incredible opportunity, and it takes a world of expertise to manage everything from maintenance and housekeeping to guest expectations and advertising.

Take a look below at some things to consider when weighing the pros and cons of self-management.

ADVERTISING

What sites will you partner with? Are you prepared to optimize your listings for ever-changing algorithms to achieve maximum exposure?
Will you be setting up your own website and social media accounts?
Will you accept instant online bookings? If so, how will you handle this process?
How will you update your rental calendar across multiple sites?
Who will handle your property photography and description?
How will you solicit reviews and respond to positive and negative reviews?

PRICING

What tools will you utilize to identify travel demand and booking trends?
How often will you adjust your rates?
What fees will you charge for your reservations?

MAINTENANCE & HOUSEKEEPING

Who will be responsible for maintenance and housekeeping? How will you identify credible and insured companies? Who will you use as backup when your chosen companies are unavailable?
Who will ensure that your property is being fully cleaned and disinfected between reservations? Will your chosen company handle special cleans (spot cleans for guest complaints, refresh cleans, construction cleans, etc.)?
How will you handle linens? Will you use a service or wash linens in your property?
Who will be handling routine maintenance needs (changing lightbulbs, unclogging drains, resetting blinds, etc.)?
Who will be handling preventative maintenance?

GUEST EXPECTATIONS & SATISFACTION

How often will you be available to answer questions from guests and potential guests? Will you be available 24 hours a day to field requests from guests?
How will you handle special requests (early arrival, late departure, service animals, grocery delivery, etc.)?
How will you handle guest complaints?
How will you handle closures that require cancellations? Guests expect amenities to be available, will you be able to notify them in a timely manner?

ACCOUNTING

How will you collect payment for confirmed reservations?
How will you handle collecting and remitting sales taxes, county taxes, and local taxes?
How will you handle chargebacks and refunds?

EMERGENCY MANAGEMENT

How will you handle storm prep? This includes physically prepping the property, helping in-house guests, and managing communication for future guests.
How will you handle any storm damages?
Who will be checking your property between reservations for guest damages? How will you be collecting funds for guest damages?

Pros of self-management:

Full control of branding your property – listing description, photos, social media accounts, etc.
Speak to the guests directly
Determine your own pricing and advertising strategy
If you live locally, you can assist guests instantly

Cons of self-management:

Self-management is a full-time job. In-house, future, and potential guests want immediate responses and the ability to communicate with someone 24 hours a day
Out of town owners cannot help as readily as local ones
Lots of moving pieces – advertising, guest services, accounting, etc. How will you juggle it all?

Need to have eyes on rates, travel trends, guest needs at all times