Do I need a management company?

[Chelsea Price]

My goal is to purchase my first STR this year or early next. The location I have my eye on is a 3 hr drive from my home in a vacation destination. My question is: How do you know whether to hire a management company or whether to just gather your own vendors (cleaners, handymen, etc) I'm confident in my ability to assemble my own team but doing it all remotely scares me a bit. Yes, hiring a company to do it all for me will take a big bite out of my profits but could it save me from huge headaches since I don't live there and not very familiar with the area? Any insight from your experience would be very helpful. Thank you!

[Collin Hays]

DIY vacation rentals are great if you have TIE.  Time, interest, and energy.  If any of the three are missing, you need a manager to realize the property’s potential.

It’s not unlike any other DIY endeavor:  You can save a bundle doing your own nails, coloring your own hair, mowing your lawn, changing your car oil, and ironing all of your apparel.

Most of our clients would rather watch paint dry than manage a rental.  Doctors, lawyers, retirees, etc.  Several of our homeowners haven’t even seen their rental in person, a few have never even been to Tennessee - ever!

Only you know if you have TIE.  Well, on the other hand, you might pose the question to your spouse - to get a more truthful answer.  🤣