What do we gain by managing our own rental properties?

[Brian Mathews]

I've listened to many of the podcasts on this site. Many recommend that a buy and hold investor should start by managing his/her own properties.  I was wondering if anyone could tell me what they have gained by managing their own properties?  If you work a full time job and are being charged a reasonable fee it seems like you would be better off letting someone else handle the land lording aspect of your business.  Right now I am viewing the time and headaches saved by hiring a property manager as being more valuable than the extra income gained. Any opinions will be appreciated.