Property Management Or Self Management?

Question

Hi friends, I would love to share my situation with you and hear your opinion from your experience.

I live in South Florida, 31 years old, I bought my first house about six months ago, four bedrooms and 2 bathrooms, too big for me of course but I want to put the property on AIRBNB.

My situation is,

I got a job offer in Colorado from the end of November to the middle of April.

The salary is almost double than the one in Florida. In addition, the company will take care of housing and a car for me, so my expenses there will be almost zero.

I am debating the offer,

On one hand, I love my life in South Florida, I'm near my friends and relatives, and living by the ocean makes me feel good.

In addition, I planned to put the property for the first time to AIRBNB, rent an apartment to myself and manage the property myself, an apartment for me would probably cost me around 2200$ a month.

I'm afraid if I'm in Colorado I won't be able to give the property enough attention that it deserves... So I'm thinking to put a property management there...

On the one hand, I'm thinking of maybe taking the job offer and sacrificing my warm winter for more money that could help me purchase another property,

On the other hand, I like living near the beach, and maybe money isn't everything in life? Plus, if I stay near my property I could self manage and make the extra money from the property.

What would you guys do?

Brooklyn McCarty · Answer

Self manage all the way! No one will ever care for your place like you:

Read Avery Carls book - Short Term Rental, Long Term Wealth. Everything you need to know will be covered in there

Sarah Kensinger · Answer

So, reading over your post I get the feeling this doesn't exactly come down to self-manage or not, but should I move to CO make whole lot more money and buy another property. Forgive me if I'm wrong. What I would do is think of where I want to be in 5 years, and even write it down! As I'm thinking about my goals and where I want to be, it would help me decide if a move to CO would help work towards that goal or move me away from it.

Can you self-manage from CO, absolutely! Can you hire a great PM in FL to look after your property while you're gone, absolutely! You could do either if you stay in FL too. But what are your goals, and which move will get you closer to reaching them??

Michael Baum · Answer

At least once a day @Collin H..

The answers from each of us is usually the same. I am with @John Underwood and @Lauren Kormylo on it. You can do it if you get all your ducks in a row ahead of time. You have plenty of time to get it all setup.

John Underwood · Answer

Get a cleaner and handyman lined up before you leave and you can easily self manage from your phone.

Lauren Kormylo · Answer

Besides having a reliable cleaner and handyman, put in a smart lock, smart thermostat, and a Ring doorbell or other outdoor camera. Also go through the house and change toilet flapper valves if needed, air filters, batteries in remotes and smoke detectors, anything that might need attention in the next year. All of these really help me manage my listing myself from the other side of the country.

Collin Hays · Answer

This same question gets asked about once per day.

Andrew Steffens · Answer

This is a personal question, and your experience will vary based on your location, expectation, and who you hire, etc.  If you are going to hire a PM, I wrote this for another post a few months back but I think it could be helpful here should you decide to go the PM route:

Just a quick run down on my thoughts for people looking to hire PM (from a PM):

1. Go local; not too big not too small. I would say 50-150 units is sort of the sweet spot but may vary based on what options your market has. You do not want to go with a one or two man show as this business has too many moving parts. Too big and you are just a number and will probably not get the attention your property needs/deserves.

2. Make sure they are listing you on as many channels as possible. We are currently at 15+. They should also be marketing for direct booking.

3. BEWARE OF FEES - Also of the %'s. On average we charge 20% for full service and are up front about fees. However, we have some competitors who charge say 15% and they jack up your cleaning fee an extra $100+ to make up for it. They may also fee you to death on your statement, again to make up for the fee. Make sure you get a very clear understanding of pet fees, extra person fees, early check in/late check out, cleaning fees, pool heat fees etc and who keeps what and why.

4. Vet them online, ask for client references etc.

This is a big decision in time and money. It is a pain to switch and your listing and bottom line will suffer so take care on who and how you choose. Feel free to DM me with any questions, best of luck!

Pete Appezzato · Answer

Once you have your ground team in place, great cleaners and handyman etc., self managing is the way to do it.    All my clients self manage and they outperform PMs.

Michael Smythe · Answer

take the money and hire a PMC

Property Management Or Self Management?

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