This article from BiggerPockets discusses the importance of automating and systemizing your STR business to avoid burnout and scale successfully. It highlights the hidden costs of DIY property management and the benefits of using property management software. Hosts should consider evaluating their current workload and implementing tools like automated rent collection and maintenance requests to free up their time for business growth.
Hiring a third-party property manager can cost 8% to 12% of your gross rent. This can be a worthwhile investment to alleviate your workload, but setting up a property management software that can organize your business and articulate rental data back to you is an essential tool for scalability and cash flow growth.