While property managers are an extremely useful tool, most landlords simply can't afford to hire them. They can be very expensive. However, it can be more expensive not to hire one, depending on how many properties you have, and how much time you do or don't have to dedicate to those properties.
There are tons of landlords who are able to juggle everything. If you aren't one of them, its time to start considering hiring a helping hand. Property managers have lots of tools available that can help them keep properties running better than you can. For example, they have access to marketing tools that you don't. For example, they can list your property for rent in the MLS, which you cannot access. Hiring a property manager is a big decision. Here's how to know if this decision is right for you.
Property managers meet with prospective tenants for you. They advertise your property, show it for you, collect the rent for you each month, and even deposit it directly into your bank account. Property managers are meant to make your life much, much easier. If a tenant needs any repairs, they'll call the property manager, who will handle it for you. The only phone calls you'll ever have to receive art short ones from your property manager simply to update you on how things are going every once in a while. If you have to evict a tenant, they'll do it for you.
That being said, realize that property managers should make your life easier. They should not be calling you about problems and asking you what to do, or anything of the sort. If you find that you are more stressed out, then you have a bad property manager, and need to find a new one.
So how do you know when it's time to hire someone? Well, you should probably hire a property manager to help you if you have an abundance of properties that you do not have the time to care for. If you live far away from the property, you'll want to hire someone that lives close to that area, so that they can get there quickly when you can't, should trouble arise.
If you aren't a detailed person, property management will probably be the way to go. Being a landlord requires organizational skills, as there are many documents that need to be saved and referred to later on. A typical property manager takes 1 month’s rent as their flat fee. Others take a monthly cut of 4-10% of the rental income.