Switch to self management of STR?

[Jennifer Moraski]

I own a single Cabin in a vacation town in WA state that I use as a family vacation home and STR. When I first bought it 5 years ago I lived 2 hours away, had never owned an STR before and worked full time so it made sense to pay 30% for a local PM to manage it. Fast forward, I now live 30 minutes away, don't work and have more experience, knowledge and local contacts. I'm not totally unhappy with my PM, but have been annoyed with little things more and more. For example, all my nice throw blankets disappeared this summer. I mentioned it to them and they said they'd look for them in the off site storage and they are still gone. I emailed them again and no response. They also put a lock on a hall closet without telling me. Last spring the grass wasn't mowed and not until I contacted them did they say they didn't have a lawn service lined up. We took over the mowing. I could go on. However, on the plus side, the place is booked solid, I have great reviews and have made a good amount of money. They take care of all the guest interaction, housekeeping, marketing, pictures, snow removal, etc.

Do I take over the management of it myself or continue using them? The hassle of switching and setting up all the services (housekeeping, hot tub service, garbage) is what gives me pause. 

Appreciate any feedback!

Thanks,

Jennifer

[Andrew Steffens]

I own a PM company with 50+ units and have had 3 people leave us for self management in 6 years.  They all left on good terms for reasons similar to what you are mentioning.  2 of the 3 I have spoken to months after they switched and they mentioned they are netting about the same as they had with us managing; i.e. doing all of the work and receiving similar payouts.  The main reason for this is our approach to revenue optimization.  Using pricing software can be replicated by the home owner but some things cannot.  Marriott Homes and Villas, JetBlue Vacations, Allegiant Vacations, and a few other OTA's now make up 30% of our bookings and they only work with Property Management companies.

Also, 30% is expensive.  We are at 20% on most homes.  Is 30% the going rate there? If not maybe renegotiate the fee.

Just some things to consider - I feel personally we add value to our clients that make up for our fee above doing the hard work.  You maybe want to ask them what they are doing for you that you could not do yourself.