Anyone who invests in rental income property really does him or herself a favor by hiring a rental property manager. Having someone else taking care of the details like tenant management, unit preparation and showings, and low-level repairs gives the investor more time to concentrate on other things like family, or finding the next investment property deal. It can certainly prevent a few headaches often associated with owner-management.

Another reason for rental property management (often ignored by real estate investors) is privacy. Having a rental property manager field calls and meet with tenants in your stead keeps you insulated from from having to listen to tenant complaints and (well) small talk. When it is important, you can hear about it from the property management company.

Of course, it is important to hire a good property manager (yes, there are bad ones). If you are in the market, here are a few questions you want to ask the property management company.

1. How much is the fee? Fees vary around the country, and typically by the number of units. A single-family residence, for example, can be as high as 12% whereas a large apartment complex as low as 4%. Be sure the management fee is clearly stated and understood.
2. What other properties do they manage? It is best to find a property management company that handles rental properties similar to yours. Ask them about it, and for good measure, drive by their other properties to see how they are maintained.
3. Know about the person who will be put in charge of your property. Do not be timid to get their name and ask about their experience. If possible, meet with them face to face.
4. Ask about their charges. Be sure you understand whether they charge extra for showings and/or evictions. How about other extras?
5. Discuss how they plan to collect their fee and when? Will you be billed or will it be deducted from your account directly? Will they collect monthly, quarterly, or other?
6. What type of advertising do they plan for your rental property? Signs, newspapers, or other. What do they project it will typically cost you?
7. How long does it normally take them to prepare vacant units that come up? What are they planning to collect as a cleaning fee?
8. Discuss what items will need your approval and what dollar amount needs your authorization.
9. Ask them about their business hours. Who takes weekend calls?
10. Learn about their accounting system. What reports do they send (ask for a sample), and how often. How are accounts set up?

Okay, you get the idea, and may have even though about other questions you have as well.

Just keep in mind that you are the owner and CEO of your rental income property enterprise and you are hiring a service. Because no prudent employer hires without an interview, remember that you are interviewing a property manager to work for you. Ask everything up front, be direct, and clear up any misunderstandings. Real estate investing is a lot less stressful when you invest your time to hire the best property management company you can for your particular property.