While collecting monthly rent might seem like an easy task, it is far more time-consuming and challenging than most landlords anticipate. And failing to collect rent on time can lead to insufficient funds in your account, which leads to a whole host of other problems.

Fortunately, professional property management companies have a tried-and-true system for efficiently and effectively collecting monthly rents. From automated payment collection systems to clearly articulated late fees, property management companies will ensure that rent is collected on time each month and that it is deposited safely into your account.

Have you ever tried to sell something on Craigslist? If so, you might have experienced the all too common phenomenon of price slashing. People turn to Craigslist looking for a bargain, meaning they are less likely to pay the full price.

That scenario also happens to DIY landlords. Due to a lack of experience with real estate marketing and price negotiation, landlords are more likely to experience price slashing and take the first offer that walks through the door. Property managers can help you successfully market your rental properties to the right group of tenants. They can also market rental properties on a wide variety of real estate search engines, as well as the local MLS.

As a DIY landlord, you’re limited by the ability to invest in properties located within a tight radius of your home. Unless you want to spend the majority of your day driving around from property to property, you are better off hiring a property manager who specializes in the entire area. An experienced property manager will give you the flexibility to diversify your real estate portfolio without having to invest more of your valuable time.

The old adage, "time is money," is all too true in the world of real estate investments. A property manager is best equipped to handle the day-to-day aspects of managing your investment property, which means that you are free to spend your time identifying additional investment opportunities. By working with a property manager, you can increase the profitability of your time and enjoy the monetary benefits that ensue.

The bottom line? Property managers are here to help. Whether you’re having a hard time setting the right rental rate, or you’re worried about complying with the local housing regulations and laws, hiring a property manager can save you time, effort, and help you increase your ROI.