Hiring STR Management

[Mason Weiss]

Hey BP, curious who has experience hiring a short term property management company for their Airbnb? Was it worth the management fee? What were the cons if any?

[Alex Scattareggia]

Very open-ended question, which will be entirely dependent on how you value your time. 

If you wanted to dive into the business and be hands on, the con would be that you are giving up 20-30% of your revenue for something that can absolutely be done by yourself. 

If you do the calculus and your time is worth giving up that 20-30% than you will be quite happy you went with a managed approach. 

People love to talk about passive income, but the only way to make a STR truly 100% passive is through a PM. Your time contribution is basically the hour or two a month to go over the financial statement that they give you and make sure that everything is penciling out.

The real key factor will be in selecting a good PM that has a solid track record in your market and asset class.