Interested in an investment property? Not sure what management option is best for you?
Join us on a four part series while we discover the pros and cons of DIY management, flexible management solutions, and brick and mortar management options.
The first part of our series will discuss managing your own rental. Below are common benefits and obstacles that come with self-management.
- Income – You have the potential to keep more of the money that your property produces if you are not paying management fees.
- Customer Service – You have the ability to provide the level of customer service that you expect your guest to receive and to make vacations truly memorable with personalization.
- Online Services – There are many online options that make booking your own rental property easier and involve no middle man.
- Control – You have complete control of who rents your property and all subcontractors you use.
- Proximity – You must be close enough to your property to handle all guest requests, cleaning, and maintenance or find a reliable source to handle those request.
- Availability – You must be available to handle all guest requests or complaints twenty-four hours a day seven days a week or ensure the reliable source you hire is available.
- Implementing a Marketing Strategy – You will have to implement and maintain your own marketing strategy. This includes listing your property for booking, building a website should you choose that option, and managing your own promotional cost.
- Collection of Rent and Entry into Property – You will be responsible for collecting rent and deposits. You will also be responsible for your guest accessing the property quickly and efficiently upon their arrival.
DIY property management presents many obstacles to overcome. However if helping others experience their vacation dreams is a passion of yours DIY management presents an exciting opportunity!