Although hiring a property management company has many advantages, using one can be expensive. And, even apart from the cost, relying on a property management company is not for everyone. The following factors should be considered when determining if hiring a property management company would be the right decision for your business. You should consider hiring a property management company if: You have multiple properties or rental units. The more rental properties you own and the more units they encompass, the more you're probable to benefit from a management company. You don't live near your rental property. If your rental property is not located in close proximity to where reside, hiring a property management company can be vital in dealing with the many matters that you will not be able to handle from afar. You do not want to be hands-on. Many landlords enjoy the challenge of locating good tenants and the rewards of maintaining a safe and good-looking property on their own. However, if you view rental property ownership strictly as an investment and prefer to have nothing to do with the day-to-day management of your properties, hiring help to manage your property is probably the way to go. Your time is restricted. Even if you appreciate pro-active management, you may not have enough time to devote to your business, especially if being a landlord isn't your day job. In addition, if you prefer to devote your time expanding your business, including searching for new properties, arranging financing for renovations, or enhancing your business structure, then a management company may be a good way to spend your money. You can afford the expenses Hiring a property management company is an attractive option if you can afford the fees. When interviewing businesses, expect to hear quotes ranging between 5% and 10% of what you collect in rent revenue You are overwhelmed with management tasks. If your business is growing, at some point you may find you need a considerable amount of support to manage everything appropriately. At this point, it probably makes sense to engage a management company. You do not want to be an employer. When hiring a resident manager or other employees to assist with your property, you will need to handle payroll and deal with a multitude of other legal requirements and considerations. While a property management company is not an employee nor are the individuals who work for the company, which allows you to avoid the responsibility of being a direct employer.   Your property is part of an affordable housing program. If you participate in an affordable housing programs, management can become complex. Typically, in these programs, the landlord receives financial assistance, which can be in the form of a grants, low-interest loans, or tax credits, in return for agreeing to lease at least part of the property to tenants earning below a specific income level.  To continue receiving the aid, the landlord must comply with a intricate set of rules. With so much at risk, it's often worth the expense of hiring a property management company that has expertise, experience and knowledge with the specific housing program in question.