All Forum Posts by: Chelsea Price

I'd like to go on record as saying self-managing remotely is not that difficult.  What CAN make it overwhelming is trying to add a bunch of technology on top of learning HOW to self-manage.  You have plenty of time to learn property management software, dynamic pricing tools, etc. - save that for when you have multiple properties (if you still want to have that technological help), and even then, you can go slowly. 

When I started out 9 years ago, I ONLY listed my property on Airbnb (and still do).  I ONLY used that platform (which continues to be upgraded to add helpful features) to manage pricing and guest communications, and you really CAN do fine with just the OTA (online travel agency) tools.

Now that there is so much tech, new buyers get analysis paralysis and have fear about managing it all.  I'm here to tell you, just do the next thing and the next thing and the next thing, and you will be fine. 

Happy to answer more specific questions as well, but the bottom line is:  Manage it yourself and keep the 25% fee in YOUR pocket.  If you decide self-managing is not for you, at least you will know what a PM SHOULD be doing if you've done it all yourself first.

GOOD LUCK TO YOU!

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.  🤣

This is a personal question.  Neither answer is wrong.  There are already a lot of great answers above, I just want to add some lesser mentioned things to consider:

- Self Managing pros: Since your place is in a vacation destination there should be reputable cleaning companies, handymen, etc to help you manage and finding them should not be hard.  You make all decisions and keep all funds.  I know of people managing across country and even internationally, 3 hours is not that bad, you can check in monthly (if time allows).

- Self Managing Cons: Limited reach/experience already.  You are running a 24 hour business.  I am not sure if you have familial or employment engagements already but Murphy's Law states your phone will ring with "emergencies" at the worst possible times.

- Property Management Pros: A good PM can get you on a lot more booking channels.  We are on 16 currently including Marriot Homes and Villas which has been a great plus for a lot of our clients.  The extra exposure can make up for a lot of the fee.

- Property Management Cons: If you are the type of person who wants control, this may not be good.  Also a lot of PM are not great, you will really want to be careful who you choose.  I recommend going with a mid size (50-150 units).  Small enough to care/big enough to have reach and have employees (not a 1/2 person show).  Also be clear with PM who keeps what fees etc.

all depends on your appetite. we bought our first STR in Panama City and i live in Atlanta. hasnt been an issue so far remotely managing

 The concept of "space" is very cultural . Being human has nothing to do with this LOL. In some asia place, private space is simply not available, and extreme private space like you described above, is western culture invention. In some asia country, it is common for the whole big family with 3-4 couple is living in the same living space. 

Hence the confusion LOL maybe If I come from the same background like you, then I do understand the question LOL sorry, it's the question seems so weird coming from different background LOL but that's okay haha...

and we still human I guess LOL.

 as asian we found this question to be funny, for us what matter is price, even 0/0 is okay LOL seriously i was confused reading it if it's actual question.

We have little (2/1, but <600’) STRs <100’ from the beach and larger STRs (3/3, >1300’) about 1 mile from the beach (but closer to zoo, sea world, downtown, and airport than the beach units). We have 2 of each  

Their rents are close to the same and they have very similar values per unit (~$800k/unit). 

The STR units 100' from the beach have noticeably higher occupancy and income than the STR units about 1 mile from the beach.

My experience is location trumps size.

<100’ from beach: https://www.nancysvacationrentals.com/520905/

~1 mile from the beach: https://www.nancysvacationrentals.com/552244/

Hey @Chelsea Price, for a couple traveling, I don't think the 2/1 would add any value for the most part. If you had a couple of kids then yes.

I love my wife and more importantly I like her. We just got back from Bend, OR for our anniversary and we stayed at a very small studio condo. Queen size bed and that is about it. We were out and about all day every day so we didn't need much space at all.