What’s holding you back?

Question

Curious, you can consider this market research, but what's holding you back from hiring someone else to manage your STR(s)?

I know the obvious answer, too costly?

But what else? Do you just enjoy it? Maybe time isn't an issue? You don't think anyone could do it better?

Collin Hays · Answer

The most profitable way to own a rental is to manage it yourself.  That’s a pretty good reason.

John Underwood · Answer

The best reason.

John Underwood · Answer

I do what I enjoy. Money isn't a driving factor for me anymore.

Grant Woodward · Answer

If I handed over the reigns I'd do a deep dive into the other properties they are managing. I'd want to see a strong record of positive reviews and things like maintaining "guest favorite" status on Airbnb. I'd also want to see some financial performance data on other listings to ensure they are well equipped on the revenue management side of things. I would also probably want to talk to some other owners that they are working with. I'm not sure how much of this info they would be willing to share but if they are strong in all those areas and their other owner clients are happy I don't think it would be an issue.

Collin Hays · Answer

It's all a matter of how you value your time. I could save quite a bit of cash mowing my lawn, changing my car oil, and ironing my shirts. But I don't want to.

We manage properties, but I would never try to talk someone into it.  Number one, I'm a poor salesman, and number two, I only want clients that truly want someone else to fool with it.  Co-managing is the worst.

Michael Baum · Answer

I never considered management. It would kill my profitability and I enjoy interacting with the guests. Making sure they have a great time.

Daniel McDonald · Answer

I agree, it's a commitment. Running STRs or MTRs isn't a let's just test it out idea. If you don't go all in it's not going to work. That's really unfortunate about that company. I'm not in the San Antonio area, but I know someone there who would answer your calls if you ever wanted to revisit that conversation.

Andrew Steffens · Answer

some people need to control every situation and are not good prospects for management

JD Martin · Answer

Also, not listed here, but using professional property management has the capacity to eliminate some of your tax benefits depending on how your setup is structured.

What’s holding you back?

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