OWNERS TAKING OVER MANAGEMENT?

I have been viewing comments for a while but not participated until now. I am in a situation where the management company at our property says it will not renew the lease if we do not accept a substantial reduction in rent. I am wondering if any owners have actually got together and taken over the management of the property themselves? If so, what is involved and do you think it is worth it? Our property is on the outskirts of Paris so think it is a good location with a strong potential market.