Should I or Shouldn't I?

If you own rental property and manage it yourself you've probably occasionally pondered turning it over to property management.  One reason you haven't done it yet is financial.  Your immediate profit will decline once you factor in management fees.  But depending on how you're self-managing your long term profit could improve.,
Here are some thoughts to consider if you're weighing the decision again.  If you're currently doing most repairs and maintenance yourself either because you enjoy it or to save money you could continue to do that with property management.  If you have preferred vendors you can continue to use them with property management.
With management you can go on that trip and not worry about being back by the first to collect rents.  When the tenant in unit 4 has a 2 a.m. toilet emergency you can continue sleeping like a baby knowing your management company is handling it.  Your management company stays current on laws and regulations and helps you be in compliance with government agencies.  Most owners I've met who have been doing self-management are not as thorough in screening potential applicants and not as aware about the laws governing screening and applications. 
For many reasons you may not want tenants to know you are the building owner and the management company is the buffer that protects your privacy. 
No more bookeeping headaches as you'll receive a detailed monthly statement and year end statement you can just hand over to your tax preparer.
Don't engage property management if you're on the thinnest of margins and can't afford the fees, if you enjoy the 24-7 nature of tenants' calls and if you have loads of free time and want to do all repairs yourself.
But if you're ready to step back and hand over the day to day to someone else and wait  for your monthly check, property management may be just what you need.