Mastering Serviced Accommodation: A Head-to-Head Comparison of Self-Management versus Professional Management

Owning and managing a serviced accommodation property presents property owners with a pivotal decision: do you self-manage or enlist the services of a professional management company? Each approach has pros and cons, and understanding these factors is crucial in helping you make an informed choice that aligns with your goals, vision and circumstances.

Self-Management Pros:

Full Control

Self-management provides you with complete control over every aspect of the property, allowing for personalised decision-making and a unique guest experience.

No Fees to Pay

Choice of Suppliers

Creative Freedom

Developing New Skills

End-to-End Processes

Marketing Autonomy

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Self-Management Cons:

Complexity

Self-managing is more complex than most people anticipate and demands a comprehensive understanding of the industry.

Time-Consuming

Total Responsibility

Limited Delegation

Regulatory Challenges

Skills Gap

Marketing Challenges

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Professional Management Pros:

Delegation to Professionals

You can delegate tasks to full-time professionals, reducing the burden of day-to-day operations.

Trusted Supplier Network

Performance Enhancement

Industry and Local Knowledge

Objective Decision-Making

Network

Workload Reduction

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Professional Management Cons:

Choosing the Right Company

Selecting the right management company is crucial and requires careful consideration. Don’t assume all companies will offer them the same services or have the same level of experience and expertise.

Dependency on Suppliers

Management Fees

Accountability and Performance

In Summary

Deciding between self-management and professional management for serviced accommodation units is a highly personal choice. Both approaches offer unique advantages and challenges. For those with limited time or motivation, professional management may be a wiser choice. However, self-management presents an invaluable opportunity to understand the market, the sector, guest behaviours and the property itself. Regardless of your chosen path, strict due diligence and expert advice are essential for success in the competitive landscape of serviced accommodations.

Please visit www.selectandstay.co.uk  for more information about the Services we offer to our landlord clients. We also run regular fortnightly webinars on Thursdays at 1pm and 7pm where we talk with Landlords about how we may be able to help them.