What could possibly better than sitting on the sofa watching a movie, and reading a book after your workday when you own several properties? When you do own a lot of properties, chances are that your free time is spent dealing with them. When you hire someone to manage your properties for you, your life becomes much more similar to that when you didn't used to own them. The only difference is, your property is always rented, rent is collected and deposited to your bank account on time, repairs are scheduled for you and all you have to do it write a check. This is the luxury of having a property manager. They wear all of the hats so that you don't have to. If you ever have to evict a tenant, they'll help if not do it for you.
Property managers do not do all of this work for free. They
charge a fee that differs from one another. Each company will charge a different amount; of course. Generally, it is always a flat fee, such a percentage of rent each month.
They will always keep you up-to-date on what is going on with your properties. Sometimes, they will schedule dates to talk that way your own personal schedule is never interrupted. The point of hiring a property manager is so that you can sleep sound at night, without having to worry about your property. However, read reviews and check each company out carefully, as if you end up with a poor one, you'll have more stress than you did before you hired him or her.
Whether to hire a property manager or not really depends on your own means, and needs. If you don't feel like dealing with it yourself, and have the money to have someone take care of it for you, go for it. However, if you really don't want to spend the money, its up to you to decide what you can do to change. Perhaps you're having difficulty with organizational or communicational issues.
Perhaps you're ignoring repair requests over and over to where your tenant is calling 30 times a day. Sometimes, a lot of your stress can actually be being caused by you. Take some time and think about how you can do better than you've been doing. If you're having trouble renting the property, think about why. Did you just put a "For Rent" sign out front, but not post it on popular websites such as Hotpads, Zillow, RentJungle, or Trulia? These are very important places to advertise your property. Post the listings, with excellent photos, and watch how fast they go!