You should hire a property manager if:
You have many rental properties. The more units you have, the more you'll benefit from a property management company.
Business is growing. Too much to handle on your own? Let us help manage everything properly.
Your time is limited. If you already have a day job, or would just rather focus your time on growing your business, a management company may be a good way to spend your money.
You're not a hands-on manager. If you view rental ownership as an investment and don't want to tend to the everyday management of your properties.
You don't want to be an employer. Because a property management company isn't your employee (it's an independent contractor), by using one you can avoid hassles like payroll.
You can afford it. Hiring a property management company is an attractive option if you can afford the fees. When interviewing companies, expect to hear quotes ranging between 5% and 10% of what you collect in rent revenue.
You live far from your rental property. Many issues will arise that you will not be able to address from afar.