Should I Hire a Property Manager? The Pros and Cons of Self-Management vs. Property Managers

Vacation rentals have blown up over the past few years. So has the tech that helps manage them. Find out if you’re missing out on anything.

Back in the day, there were only two options: manage everything yourself or hire someone to handle the nitty-gritty for you. But now, thanks to powerful software tools like property management software (PMS), there’s a better option

Take Hostaway, for example. It’s not just another app — it’s a game-changer. With it, property owners can get the best of both worlds: they can be hands-on with their property while also using smart tools to automate processes and make everything run smoother. So, the big question is, in this tech-savvy age, should we stick to the old ways or get on board with tools like Hostaway?

It's more than just making a choice — it's about catching the wave of change in the vacation rental world.

The Digital Revolution in Property Management

Juggling a bunch of tasks at once is overwhelming.? That's how managing properties used to feel all the time.

But using a PMS changes things up quite a bit. Think of it like a handy robot assistant that takes care of the boring and repetitive tasks for you.

PMS handles stuff like sending out booking confirmations, updating when your property is available, setting the right prices, and making sure the place gets cleaned up. It's like setting your management tasks on autopilot.

The Pros and Cons of Self-Managing vs. Using a Property Manager

Pros of hiring a property manager

1. Local whiz

Property managers know the lay of the land and are clued into all the local stuff. You're not just getting a manager, but a local guide too.

2. Less on your plate

Not your circus, not your monkeys. They handle the day-to-day operations so you can keep your chill.

3. Marketing magic

These folks have the know-how to make your property shine online. They've got their marketing tricks up their sleeves to get your place seen and booked.

Cons of hiring a property manager

1. Smaller margins

Sure, a property manager handles a lot of tasks, but they don’t do it for free.

Management fees add up, and over time, you might notice your earnings aren't as beefy as they could be if you were going solo. It's a trade-off: convenience at a price.

2. The control factor

Handing the keys over to a property manager means giving up a degree of control.

This could look like a different decor choice, a rate adjustment, or even certain house rules that you might not fully agree with. While it's their job to make informed decisions, sometimes their vision might not completely match yours.

3. The middleman effect

Whether it’s feedback from guests, updates about repairs, or inquiries, there's another layer in the communication chain. This could lead to occasional delays or nuances in messages getting lost in translation.

Think of it as having an interpreter; most of the message gets through, but sometimes subtle details might get missed.

4. Standardized, not personalized

Often, property managers handle multiple properties. This means they might use a one-size-fits-all approach in some cases.

As a result, your property might lose some of its unique charm or personal touch in favor of streamlined operations.

5. Potential for mismatched expectations

Not all property managers are created equal. While many are top-notch professionals, sometimes their style or approach won’t jive with your expectations.

Pros of Self-Managing with Hostaway

1. Be the boss with less hassle

Think of Hostaway as your digital helper. You still call the shots, but it does the heavy lifting. It's like having an assistant that never sleeps, making things run smoothly without you breaking a sweat.

2. More money in your pocket

Without paying profit percentages to property managers, you save cash by opting for tools and software that charge a fixed price monthly.

Plus, Hostaway has tools in their marketplace that help set the best prices (dynamic pricing) to get more bookings. So, not only do you save money, but you can make more too!

3. Keep it personal

One of the best bits? You get to chat with your guests directly, giving your place that special personal touch.

And with Hostaway’s unified inbox, all your communications are neat and tidy and in one place, ensuring no missed messages or double bookings.

4. Grow without Growing Pains

Whether you have one place or ten, managing them all becomes a breeze with all the cool features packed into this software.

Tip: Did you know that Hostaway even has a payment system that makes it more affordable as you scale?

5. Time saver

Hostaway’s automation means less time spent on manual tasks. No more late nights updating calendars or sending reminders.

6. No more double-bookings

Hostaway's calendar sync ensures that once a guest books your property, those dates get blocked off across all platforms.

7. Streamlined reviews and feedback

Hostaway makes it easy to collect and manage guest reviews. Positive feedback gets highlighted, and any issues can be addressed promptly, ensuring a consistently great reputation.

8. Hassle-Free Coordination

Need a cleaner ASAP? Hostaway can integrate with maintenance and service tools such as Turno, making it easier to schedule and communicate with service providers.

9. Stay updated on the go

With a mobile-friendly interface, you can manage your property even when you're on a beach in Bali. All updates, bookings, and messages are right at your fingertips, wherever you are.

10. Expand Your Reach

Hostaway allows you to list across multiple platforms. So instead of appearing on just one online travel agency (OTA), your property can be everywhere and even have a direct booking site attracting a wider range of potential guests.

11. Secure and Safe

Hostaway’s systems have top-notch security features, ensuring yours and your guest’s data is safe and protected.

Cons of self-managing even with a PMS

1. The school of hard knocks

Starting with any new tool or software has its growing pains, and PMS is no exception. Before you're breezing through the features, there's a bit of a learning phase.

Think of it as riding a bike: a few wobbles and maybe a scrape or two before you're coasting smoothly downhill.

2. On the frontline

Being your own manager means you're always the go-to person. Without a property manager, there's no buffer, so you're directly in the line of fire for all the curveballs property management might throw.

Making the Right Choice for You

In the ever-evolving landscape of vacation rentals, there's no one-size-fits-all solution. It's about navigating the waters, testing different approaches, and finding what offers you the right blend of profit, peace of mind, and personal satisfaction.

So weigh the pros and cons, understand your capacity, and dive into the decision that feels right for you. Whatever path you choose, we hope your journey in the world of property rentals promises to be enriching.