There are a couple of reasons why a person may want to self-manage their vacation rentals. For many, these are the driving reasons:
More income: By opting not to hire a property manager to take care of your property, you will have saved yourself commissions and other fees associated with seeking their services.
Independent control of the property: When your property is under your care, it’s up to you to decide who stays and who doesn’t by personally vetting the prospective clients.
Past Bad Experiences with Property managers: If you fell victim to a scam or a rogue property management company which misled you, overcharged you or ran your property into theground, then it’s obvious that hiring a similar company again may no longer be an option.
There’s also the aspect of gained experience. Knowing how property management works will give you a better perspective of what’s important and what’s not, ways to improve your property’s value, amongst other great things. Besides, you could be the only one who cares more than any other person.
Nonetheless, there are a good number of challenges you will face when you decide to go down this route. You will have to familiarize yourself with tenant law and comply with every other regulation that affects you. You will as well incur extra costs if you live far away from your property due to occasional trips to inspect your property. Not forgetting to mention the task of managing the few workers taking care of your property, among other costly and time-consuming responsibilities.