On paper, property managers save you time on vacation rentals by taking care of day-to-day tasks. You can then reinvest that time into your other assets or have the flexibility to live far away from your vacation rental property. But that doesn’t mean using a property manager is right for everyone.
If you are willing and able to do the daily tasks surrounding your vacation rental, cutting out property managers can save you money. Even if money is not an issue, there are other reasons why a property manager may not be a perfect fit. Here’s a look at our top four reasons why you should consider not hiring a property manager.
#1 Property Managers Cut Into Your Return on Investment
The first reason many vacation rental owners consider not using a property manager is to save money. iGMS says property managers could cost you anywhere from 20% to 40% of your rental’s monthly income. As broad as that range is, it’s clear that property managers take a substantial cut out of your earnings.
If you live far away from your property or do not have the time to handle upkeep, then a property manager will provide you with an essential service. But if you are in the area and can do the work, it’s worth taking a moment to consider keeping that 20% to 40% for yourself.
#2 Harder for You to Add the Personal Touch
In our list of why you should hire a property manager, we mentioned that these professionals bring decades of experience to your vacation rental. There is a downside to that, though, because your property could lose its personal touch.
Many vacationers want to have a unique, once-in-a-lifetime experience during their trip. Often, they book a vacation rental to get away from the cookie-cutter nature of hotels. You may be able to offer guests a more unique and creative experience than a property manager thinking inside the box.
#3 Harder to Understand the Needs of Guests
From booking guests to helping them during their stay to following up for reviews, property managers handle most of your guests’ needs. It’s tempting to hand these tasks off to a manager. But you should also consider the important conversations you’d be missing with your renters.
At most vacation destinations, your guests have a lot of options on where to stay. Understanding why they chose your property and where they see room for improvement can help you make more informed decisions going forward. Even minor complaints, like dim lights in a particular room, can give you easy, actionable steps to improve your rental.
#4 Learn Skills Yourself Instead of Delegating
Many property managers will help you market your rental by creating online listings and social media accounts. But in a growingly digital world, it’s crucial for you to at least know how these online platforms work. If you delegate these tasks to a property manager, you could be endlessly dependent on this high-cost, skilled labor.
There are many reasons why you should save money and manage your vacation rental property yourself. These include keeping the personal touch and having a direct line of communication with your guests. Just make sure you have the time necessary to dedicate yourself to maintaining your rental.