When you own property that you rent out, there can be many headaches and issues and unless this is all you have to do, hiring a property manager may be worth the money.Just right from the beginning when renting a property, there are laws and restrictions which can vary from city to city. Landlords have responsibilities and tenants have rights. Knowing those details can be overwhelming for some people.If your rental property is hit by a natural disaster or man-made disaster, a property manager will have the information and skills to handle the matter for you.This would include finding the tenant temporary housing if needed, finding contractors to make repairs or replacements if needed and in some cases, you can arrange for them to handle any insurance claims for you as well.When it comes time to finding tenants, a property manager will have necessary forms and procedures in place to screen prospective tenants. This screening process will make certain that your property is protected by doing background and reference checks.A property manager will know the questions they need to ask as well as what answers may be cause for concern.In some cities, a rental property must go through an inspection prior to renting it out.A property manager will know what needs to be done to pass those inspections. If there are things to be fixed up that don’t pass the inspection, they will get picked up and the manager will have a list of reliable contacts they use to get those items corrected so that they will pass inspection.A property manager also handles all financial matters with the tenant so that you don’t have that headache.From collecting the initial deposit prior to new tenants moving in and thereafter being responsible for collecting the rent each month and making sure the tenant stays paid up current.It is often the case when you manage your own property and you are faced with the situation where the tenant is behind in the rent. They will come up with all the excuses in the book and if you have a good relationship with that tenant or your personality is more inclined to be a bit gullible you can get caught out.This is a situation where a property manager comes from an unbiased position and will stick to the guidelines you set forth and not have these problems with late rent.Property managers also keep maintenance up on your rental property, both inside and outside.Keeping your property in top condition is a must if you want to protect your investment.When electrical or plumbing problems are addressed and repaired in a timely manner, it is a far better thing than letting something drag on that will cause further damage and cost you more money in the long run. And of course you are unable to rent the property out until it’s in A1 condition and passes the inspection report.In the winter, properties need to be winterized and property managers will have a crew that keeps everything neat and tidy so the property maintains or increases its value.Repairs and maintenance are put on a routine schedule, whereas a property owner will have to make time to inspect the problem, make time to purchase supplies and arrange a tradesman to get the job done.A property management company will have a crew in place to do the job quickly and efficiently thus protecting your property from further damage.For example having pipes burst can cause a lot of damage to a property and in turn decrease the value of your home until it has been repaired or replaced.By letting a property manager handle your rental property, you are putting a little bit of money into one of the largest investments you have, as well as saving yourself aggravation and mental stress.