Last week I touched on the best way to put your PCB investment property on a vacation rental program as there are options out there. Before I get into that, however, let me update you on our renovation project.
Originally we had planned to renovate our PCB investment property in phases.
The first phase, bathrooms, flooring, and new appliances. Next phase painting and furniture, and following that redoing the kitchen.
Well, what is the old saying about “…best-laid plans?”
It turns out the phases have turned into one BIG project when it comes to our investment condo.
We are gutting our condo entirely and tackling it all at the onset. I have had to take a few breaths as I come to terms with the budget (more than) blown. And the timeline went from a couple of weeks… to possibly three months. Not to mention the ups and downs of the surprises we find as we get further in our condo renovation project.
Saying all that, we decided it was the smarter business decision to complete the renovation project sooner rather than stretching it out over time.
Renovating in phases could impact renting a PCB condo.
Furthermore, ultimately, we would spend more money by having to redo completed work every time we start a new project.
So, needless to say, this adventure with our PCB investment property is continuing and bound to have more twists and turns!
Stay tuned as the Panama City Beach investment condo adventures continue…
Ok, back to the subject at hand.
As a Panama City Beach real estate agent, I am often asked, “How do I manage my investment property?”
Well, there are two primary options for investment property management in PCB:
- First, you can hire a property management company.
- Alternately, you can manage a PCB investment property yourself.
If you choose to manage a PCB condo or investment property on your own, you will get a better return on your investment.
However, you will be handling reservations, cleaning, and maintenance.
If you hire a PCB property management company, you pay a fee percentage to back to the company.
However, you will not have to worry about the headaches of reservations and day-to-day management.
Another benefit of managing a PCB condo yourself (beyond the increased revenue) that you get more control over your reservations. You also have hands-on communication with your cleaning and maintenance team. You will need a reliable team, and you want to take care of that team as they are boots on the ground, helping you take care of your investment.
Ok, so then, what are the benefits of hiring a PCB condo management company?
Primarily, someone else is handling everything for you and many people prefer that approach. For those who do, it is worth it to them to pay the fee.
Here is some advice… and please take to heart if you are getting into the PCB investment property market, and especially if you decide to hire a company to manage: CHECK ON YOUR INVESTMENT PROPERTY! Don’t assume that someone else is going to take care of your property as you would. Make sure it is maintained appropriately and according to any fees charged on your statement(s). Monitor your reviews and if there are issues, address them and do not ignore them.
If you are stepping out into the emerald waters of the Panama City Beach or PCB investment property market and have questions, reach out to us. We would be more than happy to help!
And as always, if you have ANY PCB real estate needs at all, the Life’s A Beach Real Estate team is here to help.