Remote AirBnB investing - Property Managment

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Remote AirBnB investing - Property Managment

Investor · Member since 2022 · 3 posts · 2 votes

Hello all, hoping you can point me in the right direction.

Me and my partner are looking to incest remotely outside of our local areas and one of the locations we are interested in, for various reasons, is San Antonio. We want to be pretty hands off in terms of "working" the STR, and were curious if anyone had suggestions on how to find a good STR property manager in the area.

Alternatively, are there are "name brand" companies that specialize in this (remote STR mangament)? If youce dealt with one; Who? How was teh experiences? Pros/Cons?

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John UnderwoodPro Member

Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes

I am pretty bad about not proof reading my post and hitting send. You might want to see if you can edit your post. :)

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John UnderwoodPro Member
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
4y
I am pretty bad about not proof reading my post and hitting send. You might want to see if you can edit your post. :)
9 Reply
Mark Miles
Rental Property Investor · Philadelphia, PA · Member since 2016 · 540 posts · 714 votes
4y
Quote from @Robert Keeling:

Hello all, hoping you can point me in the right direction.
Me and my partner are looking to incest remotely outside of our local areas and one of the locations we are interested in, for various reasons, is San Antonio. We want to be pretty hands off in terms of "working" the STR, and were curious if anyone had suggestions on how to find a good STR property manager in the area.

Alternatively, are there are "name brand" companies that specialize in this (remote STR mangament)? If youce dealt with one; Who? How was teh experiences? Pros/Cons?

You don’t need a property manager located in the local area of your properties - that’s the beauty of modern technology!!

It’s super easy. I use offshore assistants to manage everything, for pennies on the dollar. Works amazingly well & I rarely have to get involved. All without having to pay a hefty PM fee. My offshore assistants can:

- call someone to clear the road of snow leading up to your cabin

- call someone to remove a 50 year old tree that fell in your driveway last night and the guests can't depart.

- call someone to remove a snake from under the sofa

- call someone to remove the trash when it's piling up

- help guests find your cabin when it is 1am and they are completely lost

And much much more! You definitely don’t need to waste your money on local property management. This is a forum of highly skilled investors and very few people on here use a local property management firm, it’s just a waste of money.

Of course there are a few property managers on this forum, and they will of course tell you that you must have their services. They will tell you that they add tremendous value and that you could never operate without a local property manager. Up to you to decide.

https://www.biggerpockets.com/...
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Kerry Noble JrPro Member
Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
4y
I definitely have thought of this business model.......the STR management for OOS investors in my market.......providing a solution for those in need of that service......
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Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
4y
@Robert Keeling
In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.

It's often a case of not doing enough research, as they don't know what they don't know!

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator.

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.

EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean? What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.? You’d be shocked by how little actual screening many PMC’s do!

This also leads owners to ASSUME simpler is better when it comes to management contracts.

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord. Beyond the Monthly Management, Placement & Maintenance fees, all other fees in our contract are IF EVENT -> THEN fees.

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:

https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processes

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

P.S. If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general. Take ownership of your mistake and learn to do the proper due diligence recommended above😊
[email protected]248-209-6824
Logical Property Management4.9451 Reviews
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Derick Bonsu
Investor · Washington, DC · Member since 2018 · 93 posts · 54 votes
4y
Quote from @John Underwood:

I am pretty bad about not proof reading my post and hitting send. You might want to see if you can edit your post. :)
You got a problem with family "love" ? :)

1 Reply
Bruce WoodruffPro Member
Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
4y
Quote from @John Underwood:

I am pretty bad about not proof reading my post and hitting send. You might want to see if you can edit your post. :)

Yeah, remote incest is a bit difficult :-)
2 Reply
Corbin Loveless
Real Estate Agent · Knoxville, TN · Member since 2020 · 54 posts · 42 votes
4y
In my experience, the big brand property management companies do not provide enough value to warrant the 10-15% property management fee. I worked with Evolve last year to set up an STR and allowed them to manage my property for several months. They are great at getting the property ready for rental and optimizing the listings but don't add value on the operations side (in my opinion).
Based on my experience, my recommendation is to use Bigger Pockets forums and local Facebook groups in the area to find good people. Talk to other investors and ask for advice. Find a Superhost in the area (or 10) and see if they will offer suggestions. Then go to the property for the initial setup. Stay in the property for several nights and create your list of needs- what is this property lacking? Use that time to conduct interviews with cleaners and meet your maintenance team. Have the work done and get the property listed.
Your local relationships will determine your success at the end of the day. The way to ensure you're getting the highest ROI and that this return is sustainable year after year is by finding great people in the area and developing those relationships. I don't think it's a coincidence that this also seems to be the most challenging part when I speak with other investors.
STRs are not a set it and forget investment- that's the catch.
2 Reply
Collin HaysBusiness Member
Property Manager · Gatlinburg, TN · Member since 2020 · 3k+ posts · 4k+ votes
4y
Quote from @Robert Keeling:

Hello all, hoping you can point me in the right direction.
Me and my partner are looking to incest remotely outside of our local areas and one of the locations we are interested in, for various reasons, is San Antonio. We want to be pretty hands off in terms of "working" the STR, and were curious if anyone had suggestions on how to find a good STR property manager in the area.

Alternatively, are there are "name brand" companies that specialize in this (remote STR mangament)? If youce dealt with one; Who? How was teh experiences? Pros/Cons?

Incest is illegal in Texas, but San Antonio is kind of like another country.
[email protected]806-672-7102
SMOKY MOUNTAIN FALLS INC.51 Review
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2 Reply
Nicole Tuffarelli
Member since 2021 · 11 posts · 2 votes
4y
Quote from @Corbin Loveless:

In my experience, the big brand property management companies do not provide enough value to warrant the 10-15% property management fee. I worked with Evolve last year to set up an STR and allowed them to manage my property for several months. They are great at getting the property ready for rental and optimizing the listings but don't add value on the operations side (in my opinion).
Based on my experience, my recommendation is to use Bigger Pockets forums and local Facebook groups in the area to find good people. Talk to other investors and ask for advice. Find a Superhost in the area (or 10) and see if they will offer suggestions. Then go to the property for the initial setup. Stay in the property for several nights and create your list of needs- what is this property lacking? Use that time to conduct interviews with cleaners and meet your maintenance team. Have the work done and get the property listed.
Your local relationships will determine your success at the end of the day. The way to ensure you're getting the highest ROI and that this return is sustainable year after year is by finding great people in the area and developing those relationships. I don't think it's a coincidence that this also seems to be the most challenging part when I speak with other investors.
STRs are not a set it and forget investment- that's the catch.

0 Reply
Gregory MillerPro Member
Investor · Rochester, NY · Member since 2016 · 8 posts · 3 votes
4y
@Nicole Tuffarelli, I would suggest manage yourself, it's really not difficult at all if you work with one of the big platforms. When I first started on airbnb I had a property manager who took 10%. We had a bit of a falling out so I took over the management myself, now my rents are up over 10% (maybe because I am giving the property more personal attention?) AND I'm saving the 10% management fee too!
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Robert Keeling
OP
Investor · Member since 2022 · 3 posts · 2 votes
4y
Quote from @John Underwood:

I am pretty bad about not proof reading my post and hitting send. You might want to see if you can edit your post. :)

Hahaha, hate myself for that!
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