As you sign on the bottom line and take the keys to the Port Aransas beach vacation property you purchased, you are probably already thinking about all the ways this investment is going to change your financial life. Knowing that the real work starts now, however, you sit down and make a list of all the things you must do to get this property ready and you may start to cross through one of the most important items on the list, that of teaming up with a vacation property management company. We at On Island Time understand the temptation, especially as it may appear that the costs involved will just harm your bottom line, but first, let’s discuss the pros and cons of self- managing your Port Aransas rental.
Pro: Obviously You Will Spend Less Money
As much as we love our jobs, we do have to charge for our services, having families to support ourselves, and we understand how it can seem that because you are paying out less, your income will be more. This means that financial security is certainly going to happen even sooner than you originally planned and you can sleep better at night.
Con: But Will You Spend Less Money?
When you add up the dollars and cents going out versus what is coming in, it certainly appears that self-managing is a wise financial decision, but is it really? When you pay for a property management service, you aren’t just paying for the work we do, and there’s a lot of work involved. You are paying for our knowledge of the business, for our expertise in protecting your investment, and for our dedication to making you the highest return on your investment.
Pro: You Will Know About Every Potential Expense Before Spending Any Money
A lot of times a vacation property management company will take care of the problem, fixing it before it becomes an issue and billing you at the end of the month, but if you self-manage, you can determine whether it truly is a problem and how much you are willing to throw at the problem to solve it, if there really is an issue.
Con: Those Middle of the Night Emergency Phone Calls Aren’t Going to Answer Themselves
Advance knowledge is wonderful, but no matter how carefully you maintain the property you have invested in, there are going to be emergencies that arise. Storm damage, electricity outages, or something as simple as a guest forgetting the keycode to get into the rental almost always happens in the middle of the night, and your guests will expect someone to be on the other end of the line when they call to get their issue resolved, meaning that without a property management company, that duty will fall on you.
Pro: You Will Have Total Control Over Aspect of the Business
It can be hard to hand over control of something you spent so much money on, and if you self-manage, you won’t have to. You will have total control over every aspect of owning a vacation rental, ensuring that you don’t spend too much money on repairs, design, or décor, and you will always know that every bill was paid on time. You won’t have to be reliant on the time management skills of others to ensure that everything is done promptly.
Con: Do You Really Have the Time to Deal with Every Detail?
Total control is wonderful, but unless you make this rental your full-time job, are you really going to have the time to deal with all the nitty gritty details? From vetting potential guests to maintaining air conditioners, answering middle of the night phone calls, and paying the mortgage, the HOA fees, even the taxes that may or may not be due at the end of every year, there is so much more that goes into managing a vacation rental than you originally realized, and without a property management company, you will be handling it all yourself.
Con: Do you Know the Laws, the Rules, or the Regulations Regarding Short Term Rentals?
As the police will always tell you, ignorance of the law (rules or regulations too) is no excuse, and if you make a wrong move, there can be financial penalties that will hurt the bottom line you are so worried about.
Con: Housekeeping and Maintenance
There aren’t enough hours in a day to be both maintenance worker and housekeeping, and if you can’t do it all, who will? You can hire your own teams, but finding trustworthy and committed maintenance workers and housekeepers is a lot tougher than it looks, especially in a small town like Port Aransas.
For Every Pro, There Are Many Cons
As you can see, self-managing a vacation rental business may end up costing you more than you realize, and for many of the pros, On Island Time has solutions that will work for all parties. Give us a call today and let’s work together to find a management policy that works best for you and your investment!
