Self Property management ?

6 Replies

Hello all!  I am fairly new to the bigger pockets forum and real estate.  My family has owned a property on Tybee Island, Georgia that has been a long term rental for many years.  Last year, I did some renovations and decided to turn it into a STVR.  

I hired a property management company to take care of the property, thinking it would be a more secure way to recoup our renovation investment, since I have no experience managing properties.  After a year with this company, I have made the money  I invested back but havn’t been very pleased with the way they have managed the property.  So I want to try my hand at managing it myself but am struggling on how to start.

Should we start our own property management company? Can anyone lend some information on how to begin?

Is it necessary to start a property management company? 

I'm the guy you want but unfortunately I'm not free anymore I just don't have time to keep teaching people for free. You can search this forum for "management" or "self management" and you'll find a TON of info. 

To answer your question.... no you don't start a company. 

Listen to him ^^^.  All you really need is 3M Talent.  Mechanic, Magician, Mindreader.  I've got the first and third down pretty good, still working on the 2nd.

But your main things you'll need is someone to clean, do laundry, make beds and restock the house between vacancies.  And you'll need a handyman to do whatever simple repairs need fixing. 

I'm the handyman with 3M talent.  I've got a lady that does the housekeeping for free, and I get to sleep with her.  23 STRs with 83 beds.

You can easily do it yourself. Find a cleaner or clean it yourself, list it and you're done. It takes maybe 15 minutes to get a listing up on Airbnb or Homeaway. Just make sure to sync your calendars for all reservation sources so you don't double book and you're good. Obviously there's a lot of other things you could do but start with the basics.

You can use the tools that VRBO and Airbnb provide and add a good cleaning company to handle turnovers.
Thereby cutting out the expensive PM company.
Like the others have said, it isn't that tough to self manage. Find a great cleaner that will be your boots on the ground and a handyperson to deal with any issues.

How local are you? I am 370 miles from our STR and I self manage with little issue.

Hello all, following up on this very old thread. I am partnering with investors to buy real estate in GA and FL and would like to do the property management myself. I understand from above and other articles that I can do the PM work if I am an owner, but it's not clear about partial ownerships.

If I own 99% or 1% do I still have the same right to property manage without a realtor's license?

Any experience or knowledge on this much appreciated!!