Quote from @Adhirai M.:
Hello all, I am looking to invest in STRs out of state (from West Coast to East Coast). My biggest concern / worry is how to self-manage the property, considering that I am brand new and I have no experience in any sort of real estate niche. I want to hire a property manager but the 20-30% fee messes with my numbers.
I've read other forum posts and looks like most people successfully self-manage from out of state. My main question - What happens if there is an urgent issue with property and my handy man is not available to get there immediately? Also both my husband and I work full time jobs and we have a toddler who keeps us occupied as well.
I really don't want my venture into short-term rentals and real estate investment to turn sour. Please advice how you all successfully self manage STRs from long distance.
Hi Adhirai,
Two main things that are absolutely crucial to your success managing long distance.
1. A rockstar "boots on the ground team"
2. Very robust systems and processes
To answer your question about when an urgent situation arises; you need to have a built out team of vendors that will be able to help in any "urgent scenario" You should have a backup, a backup to the backup, and then even a 3rd backup to that backup. You should also have people on your boots on the ground team to accomplish small tasks that we call "runner tasks" things like restocking, building furniture, bringing boxes into storage, ect. You can accomplish these things by very detailed interviews to see who is a good fit.
Robust systems, automations, processes that you repeat with every guest to create that 5-star experience is also very important. A couple bad reviews could make or break your listing and your profitability. If you have any specific questions for me I'm happy to help!
