It depends on the individual complex.  Not all property management companies are equal.  Nor all self-managed complexes.   

  How much control does the PMC have?   Read the docs and financial statements carefully; have an attorney review.   Condos present more legal problems in Florida than any other real estate.

I lived in a small condo building 94 units) and it worked well. however, the problem I have run into with 2 smallish self-managed units is limited reserve funds which was a problem for both buyers' lenders. Self-managed are rare in my area

Absolutely but I am very late to this question and all the cool answers are taken ;-)

Self managed means the place is controled by a wild herd of cats. Usually unprofessional but there is always an alpha to control the rest. I always suggest that there could be problems because they have no reference or suggestions from an outside party unless they have a lawyer on staff.

I've also had management companies say that FHA approval is a bad thing but they can't tell me why. So go figure.

I've never come across a self-managed condo, but once. I prefer professional management.

I like dealing with professionals

Independent HOA that employs an association management consultant to keep the Board on track with all legal requirements.

I'll take any. It is not who is managing the community, but an individual client. Yet, I have to admit, I prefer to work with management companies, since they are better organized. 

Never had to deal with condos here.  However, I did sell them for developers back in the 80's.  Professionally managed properties seemed to be better presented. 

Good and bad in both

Self Managed. PM companies are the worst here when it comes to HOA's. That said, I have a great PM but they do not manage HOAs.

Both have problems. Self managed have lots of in-fighting. Professional management need to be watched for follow through and cost control.

Well, I will say that the self-managed ones don't charge the exorbitant fees for Condo Questionnaires as the property management companies do!

And, they most often answer their phones and are quite responsive...compared to the alternative crickets from the property management companies!

Results tell the story...

Not a fan of self-managed buildings unless they are small! And, then they can be easy or real problems!

It depends upon their record.

In our market, professional management is the common practice.

Linda Mindock Michael Jacobs has a good response.

I agree with Michael Jacobs .  However,  it would take a lot of self-motivated conscious people to self manage.  A

Every situation is different, so can't answer this one.

Which do I prefer? Managed

However those who seek the lowest out of pocket living expenses like self-managed. But when the facade is discoved to be completely compromised and must be fully replaced due to water intrusion and a $60,000 per unit assessment is imposed...they cry foul.

Then a whole bunch of new condo listing come on the market.

Michael Jacobs nailed this one!

If it is short term rentals like VRBO, self managed

Property management companies are... well I won't say

Property management

Depends.

It all depends on HOW they are managed... and their financial status.

I stopped by.

Linda Mindock - getting information where the condo is managed by the resident members is easier.

However, it really does not matter for me - both are fine as long as I get that listing.

Michael Jacobs said exactly what I was thinking.

We do not have self managed condo buildings in our area - at the very least there is a COA which manages the maintenance of the building

If you are speaking of rentals that is an entirely different subject

I'm going to second Michael Jacobs response.

I always prefer a property management company; they are profesional.

always managed by a professional propery management company....  more organized and fewer conflicts....

professionally managed always better

Self managed condos are highly dysfunctional.  Financial are generally a mess. That is my experience.