20-year-old landlord trying to understand STR property management
I am 20 years old and already a landlord, and I have been looking more seriously into short-term rentals and property management.
One thing I am trying to understand is when STR owners actually decide it is worth hiring a property manager versus just self-managing.
For owners who use a property manager: what made you hand it off, and what do they still not do well?
For owners who self-manage: what is the main reason you have not hired one? Cost, trust, wanting control, bad past experience, margins, or something else?
I am also curious about the fee side. If full-service STR management were closer to 5-10% of revenue, would that change your answer, or is the bigger issue trust and execution?
Not looking for vendor recommendations. Just trying to learn how more experienced owners think through this.
Most Popular Reply
Why would you manage STRs for 5-10% when you could manage long term for the same? There's a reason STR managers charge much higher rates. It is a lot of work.